TurnKey Lender and REPAY: Instant Disbursement and Repayment Capabilities – Step-by-Step Demo

Articles Financing Automation & AI

To create lifelong consumer advocates in the digital age, you don’t need to spend more on advertising.  What you need is a quality product and to provide a superior user experience. In this video, we’ll show you how easy digital lending can be for your customers. 

Below is a demo of how the TurnKey Lender Unified Lending Management solution integrates with REPAY, which allows for instant loan decisioning and funding as well as fully automatic repayments.  

First, let’s login to the TurnKey Lender dashboard and see that the REPAY integration is active. Navigate to the System Workplace > Integrations.

Find the payment processing section and check the: 

  • API Login
  • Secure Token
  • And Merchant ID

Note, you can get these details from your REPAY account.

Next, let’s proceed with creating a loan application in this TurnKey Lender Portal as a borrower. 

This is the starting screen your borrower sees when they want to apply for a loan and that’s where they specify the basics of their funding needs. 

The borrower needs to provide an email and a password to create a profile in the lending portal.

Next up, the user needs to fill out the form with their personal details that will help make a credit decision. You can edit this form from your TurnKey Lender Dashboard to collect custom data points. 

Please note that we’re using automatically generated customer data for demo purposes. 

The user needs to accept the disclaimer and they can then submit the application for credit scoring and decisioning. 

The next screen that opens is the TurnKey Lender Borrower Portal which is already populated with the data that has been provided in the previous step. 

While the loan request is being processed, the borrower needs to add the Bank Details for disbursement and repayment to their account.

Next, open the loan application we’ve just created and click I accept to sign the electronic loan agreement. You can attach a custom agreement from the System Dashboard.

As you can see, our borrower here has qualified for the loan they requested, it has been approved, they can see their upcoming payments and the funds are being transferred to their bank account. 

The borrower can repay the loan in full or just the upcoming installment at any point of time from the borrower portal if that’s permitted in your credit product. 

The payments are processed and the schedule updates with new payments’ data instantly.

Lender’s Side of The Deal

Now let’s switch back to the lender’s side of this deal. We’re back now in the TurnKey Lender Dashboard Servicing Workplace. Let’s see what this loan looks like from the backend. 

You can see that the same payment details are available to the Servicing Officer in the Borrower’s Loan Application. You can also check the specific transaction data in a dedicated tab.

In case you need to export this data to excel, the export feature is located right there. 

And if we set this example for the loan repayment to a month from now, when the next payment is due, we’ll see that the System charges the bank account automatically having warned the client about an upcoming payment beforehand.

TurnKey Lender Payments’ Reporting

Now, let’s see how the payment data looks in the Reports Workplace. 

The TurnKey Lender system provides lenders with a number of built-in reports. It also processes the borrower data and the performance of your operations to present in an easy-to-understand and analyze manner so you can present it to stakeholders, investors, auditors, or for any other purposes. 

In case you need to create a custom report for your business, TurnKey Lender comes with a powerful Reports Builder that allows you to build informative and dynamic reports right from the System Dashboard. 

Exporting Payments’ Data

Next, let’s navigate to the Tools Workplace > Export > Payments Export. As you can see, you can filter and sort the payments’ data to your liking and analyze it from the workplace or export it into your preferred format. 

That’s all there is to it!  Instant Loan Disbursement and Repayment Capabilities with TurnKey Lender and REPAY.  Reach out today and talk to us about automating your lending management.

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