Online Lending Software for Lending Cooperatives, CDFIs and SACCOs
CDFIs (community development financial institutions) as well as lending and loan cooperatives – with borrower friendly financial vehicles like SACCO loans – work together to create a safety net in local communities that are underserved by traditional big banks. It’s admirable work. These are some of the toughest financial institutions to keep afloat with a large number of personal and small business loans being managed with the least amount of automation in the financial services industry.
Turnkey Lender is here to change this operational model, by replacing manual processes with loan origination and loan processing software that’s surprisingly affordable and accessible.
Speed, Accuracy & Efficiency
Our cloud-based platform streamlines loan origination, account management, and payments processing with a single stack origination and processing system. This software acts like an extra pair of hands for your loan managers, by bringing in much needed automation. These efficiencies can also take the pressure off tight profit margins.
The Turnkey Lender Solution
Turnkey Lender provides state-of-the-art software that supports community based banking at an affordable cost, which means your CDFI or lending coop gets the level of automation and credit scoring that reduces processing time from days to minutes without compromising security or pricing accuracy.
Here are some of the key factors to consider when choosing a loan origination and servicing software that delivers long-term benefits to your community banking operation.
It’s important to get your staff up-to-speed quickly in order to gain the most from your new system. The Turnkey Lender platform provides an all-in-one loan origination and servicing system, so there’s no need for the IT department to integrate separate software into the existing origination platform. And our intuitive workflow acts like a built-in training tool.
IT support and customer service is available 24/7 to answer all your implementation and training questions getting you up-and-running fast.
Automation & Workflow
Turnkey Lender was created with the end-user in mind. It creates efficiencies by automating multiple mundane tasks, so your loan servicing managers can focus their best efforts on high level evaluation & decision tasks. Your business and your servicing managers are individuals. We start with a rules based foundation system with pre-sets based on lending industry best practices – that’s easily customized to meet individual needs.
Comprehensive Origination & Servicing Functionality
- Automated decision-making and borrower evaluation cycle
- Automated calculation of optimal loan parameters: loan amount, term of the loan, interest rate, etc.
- Customer risk segmentation
- Flexible management of the lender’s credit rules, credit policies and scoring models
- Remote access for distributed sales points
- Setting individual evaluation processes for different products, portfolio segments and business lines
- Evaluating the efficiency and adequacy of the loan origination system’s performance and staff productivity
- Ability to swiftly adjust credit policy (new lending rules, changes in lending rules, appropriate risk margin)
- Digital statement capability to supplement or even replace high cost paper statements
- Automatically tracks all interactions between lender and borrower, including payment history and customer service queries
- Automatically updates borrower credit bureau data
- Push communications via SMS, text and/or email for account alerts and payment reminders
- Customers can upload documents for fast, easy application review
- Customers can make payments via direct debits and auto-pay features
Interface & Integration
Simplicity is key when you’re designing a software solution that creates measurable efficiencies. The Turnkey Lender interface is clean and clear. It was designed to be understood intuitively with little or no cross reference to cumbersome manuals or pop-up screens. It easily integrates with multiple outside providers, so all the loan servicing tasks can be completed without the need to exit the loan servicing environment. This outside vendor integration also allows numerous data fields to be auto-populated, saving substantial time and energy by reducing the need for manual data re-entry. This process also reduces processing time by reducing human error during the data re-entry process.
IT Support & Customer Service
As a small to mid-size lender you don’t often enjoy the luxury of an internal IT department that manages all your technology needs in real time. At Turnkey Lender you (and your customers) get the next best thing. A team of technical professionals who are on-call and at your disposal 24/7 via online chat, email, live telephone call, or online Q&A. Whatever communication channel works best for you.
One with all the functionality reserved for big financial institutions, but specially designed for a small to mid-size lender?