Peer-to-Peer Lending Software for P2P, Person-to-Person and Marketplace Lenders
Remember when peer-to-peer lending was the wild west of online credit? The industry has evolved substantially since the first peer-to-peer loans were issued by Zopa in 2005.
This category of lending started as a grass roots phenomenon that leveraged the “crowd”, so today it’s still commonly known by a number of different names, including: peer-to-peer lending, P2P lending, marketplace lending, market place lending, and person-to-person lending. And just to confuse the issue there can be a substantial overlap between P2P loans and crowd funding. It may be several years before the category embraces a standard terminology.
P2P Lender Acting As Loan Intermediary
As a marketplace lender you act as both a lender and a loan intermediary. This intermediary aspect of the business requires specialized peer-to-peer or P2P lending software in order to run your highly complex operation efficiently. You start with all the typical requirements of an online lender, and then layer on additional processes for tracking a large number of borrower payments and income disbursements back to individual investors. And all with the highest level of speed, accuracy and security.
In addition the competitive environment continues to evolve with new entrants throwing their hat in the arena on a regular basis. Today many peer-to-peer lenders are actually big banks acting behind the scenes to take advantage of the fact that peer2peer loans have become so mainstream.
Simplify Complex Requirements
Turnkey Lender brings you the level of automation and security that reduces processing time from days to minutes without compromising accuracy or security.
Here are some of the key factors to consider when choosing a peer-to-peer loan origination and servicing software that delivers long-term benefits to your peer-to-peer lending operation.
It’s important to get your staff up-to-speed quickly to get 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?