How to Launch a New Credit Product with TurnKey Lender
The ability to easily and safely create and manage credit products is crucial in today’s rapidly changing business climate. Different credit products are used to address the needs of individual and SME borrowers who are looking for various loan types and terms in different locations.
The TurnKey Lender System comes built-in with functionality that allows for the simple creation of custom credit products tailored to your business objectives. Out of the box, you can offer:
- Personal Loans
- Corporate (SME) Loans
The interest, terms, periodicity, calculations, grace periods, and more are fully customizable.
Traditional banks take weeks and months to develop and roll out new credit products. With our solution, all it takes is five simple steps to launch a new fully functional credit product that you can start using immediately!
1. In order to work with new credit products, your TurnKey Lender Portal Account needs to have System Administrator Access Permissions. Once enabled, navigate to the System Workplace and find the Credit Products tab on the left-hand navigation.
2. Click “Add New Record.” A window with a new credit product options will open.
3. Select the loan options that you would like to enable for this credit product.
4. Next, fill out the basic credit product information:
- Loan Type (personal, corporate, mortgage, payday or installments)
- Description (optional)
- Calculation Type (annuity, classic, flat interest)
- Periodicity (monthly, semi-monthly, weekly, biweekly, quarterly, annually, semi-annually)
- Min and Max Sum of the Loans Allowed for this Credit Product
- Min and Max Terms
- Interest Rate
- Write-off Tolerance
5. The only thing left now is to set up the late payments’ parameters.
Simply save the changes by clicking “OK.”
Your credit product is ready for use!
Next, let’s go over to the Origination Workplace and create a loan application using this new credit product.
Click New Application in the Origination Workplace. In the window that opens you can select your new credit product that is now available for use for your borrowers from the front-office and loan originators from the back-office.
That’s all there is to it!
You can create as many credit products as your lending operation needs to outperform your competition and offer an unmatched experience to your borrowers.
Get in touch with our team for a detailed demo tailored to your business to see how we can help you grow.