Software System for Alternative Lending, Financing and Funding
Alternative lending has emerged as the “go to” financing option when business loan applications get declined by big banks. And in today’s lending environment that’s more than half of all business loans. Non-bank lending or alternative financing is a broad category, so many lenders specialize in order to avoid juggling a wide variety of funding options for very different sizes and categories of business and consumer lending, including: invoice financing, merchant cash advance, accounts receivable financing, asset based lending, equipment lease financing, microfinance funding, etc.
The increasing demand for alternative funding vehicles has triggered a tremendous level of competition, especially in the online lending space for financing vehicles like microfinance lending, accounts receivables lending, asset based financing and invoice lending. It’s a category that’s still largely unregulated with wild marketing promises that range from “$500K in as little as 1 day” to “91% approval” to “lowest rates in the industry”.
The challenge of making the right approval and pricing decisions in real time requires asset based lending software, merchant cash advance software and/or invoice factoring software that’s highly specialized for each lending category.
Speed, Accuracy & Efficiency
You already know that speed and accuracy are critical when it comes to alternative financing. Regardless of whether you’re processing and closing new applications, managing the portfolio, or launching the type of leading edge financial vehicles that differentiate your business from the myriad of new financing instruments that crop up every week.
Turnkey Lender provides an advanced lender software and system that delivers the level of automation and credit scoring that minimizes processing time without compromising security, pricing accuracy or risk tolerance.
Here are some of the key factors to consider when choosing an origination and servicing software that delivers long-term benefits to your alternative 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?