Safely disbursing a loan in the shortest time possible and with minimal risks is a constant race for lenders. To this day, it takes lending companies anywhere between 24 hours to a week to analyze the loan application, do the borrower evaluation, gauge the credit risks, decide on the interest rate, and finally, to disburse the loan.
And while technology today has made enormous strides in the recent past, for the most part, the lending industry is still reliant on the same processes and techniques that were around years ago. But for each industry, there comes a time when a disruptor changes the way things are done. In 2004, Shopify launched and changed the way e-commerce works. Today, TurnKey Lender is doing the same for the lenders worldwide (50 countries and counting).
At TurnKey Lender we help companies disburse loans faster and safer with our advanced AI-driven platform and all without the middleman in the form of a bank or a credit union. Yet even more importantly, the lending process with TurnKey Lender is not just quick (a typical borrower evaluation and risk assessment take as little as 30 seconds), but also superiorly secure with traditional and alternative borrower evaluation approaches enhanced with proprietary machine learning algorithms.
But, a picture is worth a thousand words, right? Let’s take a look at how it works and how you can safely disburse a loan in less than 2 minutes using our platform.
So, that was fast! Let’s go over what happened step-by-step.
1. We start in the Loan Origination workspace of the TurnKey Lender solution. Here we can see all the loan applications that were created by either one of your borrowers from the front-office or by your loan originators.
The application form is fully customizable, so you can collect the exact borrower data you need.
Once you have all the data, the first step is to review an application. Once the loan originator is ready to proceed, press Send for approval.
TurnKey Lender allows for work with multiple credit products that follow different business rules. For example, you can offer personal, SME, and secured loans from a single portal and they still will be sorted in an orderly manner.
If it’s a secured loan, it will go to the Сollateral workplace. In this case, it is a personal unsecured loan, so it goes straight to the Underwriting workspace.
TurnKey Lender uses integrations with credit bureaus and proprietary AI-driven technology to instantly evaluate the borrower’s profile and the loan application. An advanced scorecard and meticulously adjusted decisioning rules come built-in with the system. In addition, you can fully customize both to meet your business needs.
2. Next up the underwriter reviews the application approved by the loan originator, gauges credit risks (evaluated by the system), and if they see that the reward outweighs the risks, clicks Approve.
If the loan application strikes a match with the Systems’ or your own decisioning rules, it can be filtered out automatically or you will get a warning.
If an underwriter greenlights the application, they click the big, green Approve button.
3. The application then moves forward to the Servicing workspace.
In the Servicing workplace, the lender easily disburses funds (both manually (in the branch) or digitally, given that they’ve integrated their TurnKey Lender portal with a payment provider of choice).
That’s all, you have safely dispursed a loan in less than two minutes. It’s that simple. The loan is processed, analyzed, evaluated and disbursed usually with extra time to spare.
Want to learn more? Reach out to our team for a detailed demo tailored to your business!