Fully Automatic Loan Application: How to Apply for a Loan witn TurnKey Lender
Quick, easy to use, and efficient interfaces have gone from nice-to-have options to a key factor for lenders’ success in the current economy. The good news is that business doesn’t need to create a custom in-house solution for borrower onboarding.
TurnKey Lender comes with both a sophisticated back and front-end built-in. The borrower portal and separate workplaces for employees check off all the boxes of what the lender and borrower need for a smooth digital lending experience.
TurnKey Lender lets businesses provide borrowers with a 1-minute loan application process.
The first step of the loan application process is the loan terms selection.
- By default, the loan terms selection is where the borrower chooses the loan type and specifies the basics of their financial needs. At a glance, the borrower can see the calculations for their loan. Default TurnKey Lender functionality also allows businesses to offer promo codes for custom terms and special offers.
- For the second step, the borrower needs to create an account that the loan application will be connected to. The system needs their email to confirm they are a real user and not a robot. The customer can easily use Google or Facebook authorization if the business allows this form of authentication verification.
- The third step is the final and the most important one in this process. The vast majority of financial institutions still rely on manual labor to rekey the application data or pass it between departments. This is not the case with TurnKey Lender.The data entered in the application form will be analyzed by the TurnKey Lender Decision Engine. This Decision Engine applies deep neural networks and machine learning to determine the creditworthiness of this particular borrower and the risk group they belong to. A business can customize the loan application form, scorecard, and the decision rules to make sure the criteria for reliable borrowers is met and exceeded.
Once the borrower fills in all the required fields, they need to accept the disclaimer(s) which a business can create in the TurnKey Lender portal and then submit their application.
That’s it! The System will automatically fill the borrower profile with their data and show them the current status of their application.
Borrowers have come to expect intuitive online interfaces from their service providers. If you choose TurnKey Lender, you’re providing your exceed the expectations of your customers.
Want to learn more? Schedule a personalized TurnKey Lender demo today.