BetterFi is an American consumer lender based in Tennessee that has recently become a CDFI. As a non-profit economic justice enterprise, the team’s mission is to provide affordable loans and financial coaching to unbanked and underbanked populations. The end goal is to get their clients out from under the onerous terms of predatory lenders.
Borrowers can use the funds to cover emergency cash needs, strengthen their financial fitness, improve their credit scores, and increase access to conventional financing.
BetterFi’s credit counselors were spending the majority of their time manually processing applications, instead of working with clients. They believed they could help many more people, if they could replace outdated technology with modern cloud-based tools.
A list of business requirements was compiled in order to kick-off a technology search, including some needs that were unique to non-profit corporations. For example, a small staff, a limited budget, and specialized government reports for registered charitable organizations.
BetterFi chose the award-winning TurnKey Lender as their technology platform partner.
The majority of requirements were already included as part of the pre-programmed functionality in the consumer lending platform. Several unique features, and the system’s integrations, were easily coded to create a custom solution. The customer front-office was white-labeled with the BetterFi brand to weave the lending module into the website for a seamless user experience.
This custom, comprehensive, cross-platform lending system was fully deployed within weeks.
With TurnKey Lender, the entire origination process is automatic and takes about 15 minutes. It works great for us and lets us be really transparent with our borrowers.
Founder and Executive Director