Step-by-step commercial loan application process powered by TurnKey Lender 

Business lending automation has never been this flexible and easy-to-use. Neither for the lender nor the borrower. First, let’s go through the commercial loan application process with TurnKey Lender Commercial and how your borrowers will interact with your new platform.  

Commercial loan application process with TurnKey Lender

1. The borrower chooses the business credit product. 

Business lending starts with commercial credit products. All the common business credit products are preconfigured, and you’ll be able to launch new loan products in a matter of minutes.  You can use them as the basis for your own programs or create new ones from scratch. Once the credit product is published, it instantly works on the fully white-label front-end.  

 2. The borrower indicates the required loan amount, terms, and sources of income.  

Once the system receives the user’s personal details, it can start the analysis. Depending on your process, the loan decisioning can be fully automated, or all the insight and data can be passed to a credit officer for manual review. 

Before we proceed, we wanted to check if you (or your staff) would like this document with a detailed guide to automating all parts of the commercial lending process.

Download full whitepaper: Automate-every-part-of-commercial-lending-process

3. The borrower provides business details and documents. 

Every industry and jurisdiction has requirements for the data lenders need to collect and process. Luckily, in the 50 countries we work in, TurnKey Lender hasn’t found a lending process it wasn’t able to handle.  

As you can see, the platform allows borrowers to add documents that increase their chances of approval on better terms. It will process these documents based on the criteria you set.  

TurnKey Lender’s proprietary self-learning decision engine studies borrower’s behavior, financial statements, credit bureau data, and other reports to ensure good terms for the borrower and low risks for you. 

To achieve accurate credit scoring and high level of lending automation, the platform integrates with bank statement providers, credit bureaus, payment systems, e-sign, your accounting system, and much more. 

Our team can provide you with extended assistance in setting all those up, so you’re never alone in this. 

4. Business details gathering.

Once the borrower has provided their extensive business details and uploaded the supporting documents, they can review terms&conditions, complete the captcha, and apply.  

5. Borrower onboarding process.

At the same time, the borrower receives the borrower portal activation email. They onboard the web portal to track loan progress, supply additional files if needed, communicate with your team, repay the loan and apply for new credit in the future. 

6. The loan decision is made, and funds are deposited to their account.

Many lenders use the fully automatic loan decisioning process in TurnKey Lender. But you can also set business rules that send loan applications to manual decision processes. In this case, your loan officer gets all the data and insight we have on the borrower and their business in an easily consumable form.  

It is that simple. 

With TurnKey Lender, you can configure and launch any kind of commercial lending products. Some of the most commonly used types of financing include:

• Term Loans: The conventional loan. Businesses receive a lump sum upfront and repay it over a set period. 
• SBA Loans: With the backing of the U.S. Small Business Administration, these loans are designed to assist small businesses. Platforms like TurnKey Lender play a pivotal role in helping traditional players make emergency SBA loans. 
• Invoice Factoring: Businesses sell their unpaid invoices to a third party to secure immediate capital. 
• Lines of Credit: More flexibility than a term loan, businesses can draw from a set amount as needed. 
• Merchant Cash Advances: Businesses secure an upfront sum and repay it via a portion of their daily credit card sales. 
• Equipment Loans: For businesses needing machinery or technology, these loans help purchase the necessary equipment.

TurnKey Lender offers the first ever one-stop SaaS for commercial lending automation. It’s the only lending automation system you’ll ever need. 

Schedule an intro call to see what the platform is capable of today.