Microlender Safely Issues High-Risk Loans In Under Thirty Minutes

Our closest competitors take three days to disburse funds. With TurnKey Lender, we’re able to safely issue a loan in under thirty minutes. That’s a huge competitive advantage!

Chilufya Mutale

Founder and CEO

Background/Opportunity

Premier Credit is a financial institution that focuses on consumer and business microloans. The company works with people and businesses that are not eligible for loans from commercial banks. Even though Premier Credit opened only recently, they are already experiencing dramatic growth. Premier Credit has expanded from Zambia into Zimbabwe, and it plans to launch in five more countries within the next few years.In order to support a rapid rate of expansion and service Premier Credit’s target audience without running a high risk, the company needed a scalable, flexible system that would:

1. Enable intelligent, automatic credit decisioning
2. Adjust to the regulatory requirements of different jurisdictions
3. Possess all the functionality needed for a lending operation out of the box
4. Provide a competitive edge in terms of credit decisioning speed and quality
5. Reduce human error and lower operational expenses

Solution

Having studied the local competition, the Premier Credit team understood that the efficient and intelligent automation of lending would position them far above the other lenders in their market. It was crucial that the system they ended up using would support ambitious growth plans and ensure that the loans would be issued to the people most likely to pay them back.

Premier Credit did not want to leave the decision-making to its employees. The company needed a fully integrated automated solution that would only require humans to put in the data, and would take care of the rest of the process on its own.

The TurnKey Lender team provided the client with a turnkey solution tailored for payday loans. To make the onboarding process simpler, the Premier Credit team was offered a test environment, product demos, and in-depth documentation of the platform.

TurnKey Lender GO! for PayDay Lenders addressed all of Premier Credit’s needs in a lending automation solution, including:

1. Solid end-to-end system architecture
2. Automatic upcoming and overdue payment reminders
3. Cloud-based infrastructure
4. Advanced AI-driven intelligent scorecard
5. Automated underwriting
6. Integrations with credit bureaus, banks, and payment providers

 

 

TurnKey Lender provides software for financial companies that can be relied on in terms of response time and the quality of the product. It is scalable enough to support our growth and is easy for both our borrowers and employees to use. Every business changes over time; TurnKey Lender’s system is able to adapt to that change.

Chilufya Mutale

Founder and CEO

Results

With the help of TurnKey Lender’s automation, Premier Credit:

1. Issues loans in minutes (it takes competitors three days)
2. Integrates with local credit bureaus and payment providers
3. Has automated the entire lending process, from the loan application and credit decisioning to servicing, collection, and reporting
4. Avoids bad credit thanks to intelligent proprietary credit decisioning algorithms
5. Eliminated corruption and human error from the lending process

Just a few months a!er the launch, Premier Credit had established a solid presence in two new countries, with further expansion imminent. Powered by TurnKey Lender, the company stands out among its local competitors and is quickly gaining traction and proving itself to be a reliable and efficient business partner for both businesses and consumers.