Fully digital loan origination and disbursement in under 20 minutes for a microlending company
- September 23, 2020
Founded
2016
Lending model
Microlending
Lending model
Payday Loans
Employees
5
Purchased Product
TurnKey Lender Box
Background
Ultra Finance, an online lender founded in 2016 in Ukraine with a focus from the start on payday loans with a prolongation option. From its offices in Kharkiv, the company planned to cover the entire country with its fully digital credit products via a cloud-based lending technology provider.
Challenge
Ultra Finance selected TurnKey Lender as the core lending automation platform to run its lending business on. Ultra Finance used TurnKey Lender to implement a new and superior digital credit product called Ultracash. This would provide borrowers with a payday loan option that required nothing else but a smartphone to apply for a loan and receive the funds.
Ultra Finance was looking for a solution that would allow for the following lending program functionality:
– Loans had to be processed, approved, and disbursed in less than 20 minutes
– Loan term of up to a month
– Minimum required cybersecurity repercussions: Secure Socket Layer (SSL), Verified by Visa and MasterCard SecureCodе, Payment Card Industry Data Security Standard (PCI DSS)
– Functionality for automating payday and consumer lending lifecycle with adjustable credit terms for restructuring/prolongation.
Ultra Finance was looking for a solution that would allow for the following lending program functionality:
– Loans had to be processed, approved, and disbursed in less than 20 minutes
– Loan term of up to a month
– Minimum required cybersecurity repercussions: Secure Socket Layer (SSL), Verified by Visa and MasterCard SecureCodе, Payment Card Industry Data Security Standard (PCI DSS)
– Functionality for automating payday and consumer lending lifecycle with adjustable credit terms for restructuring/prolongation.
Solution
The best solution for the needs of Ultra Finance was the TurnKey Lender Box for Payday Lenders. The integrated nature of the solution ensured that all the built-in functionality and the required third-party payment providers, CPA networks, SMS, and email providers would be connected in a single solution through an intuitive and powerful API. The data that the Solution collects is formatted to fit custom reporting requirements for simple accounting and compliance.
Ultra Finance collaborated with TurnKey Lender to optimally utilize the built-in end-to-end functionality and deploy unique configuration options specific to the client’s niche and clientele. Having started issuing loans with the built-in TurnKey Lender credit scoring models, the models were then updated to reflect upon the increasing market risks and the target audience of the business.
To achieve this, Ultra Finance scored borrowers based on customers’ behavioral factors. The current solution combines credit history and custom scoring factors to create the creditworthiness score upon which credit decisions are based. The company can now quickly set up new credit products with granular settings and promote them through integrated CPAs to reach the right audience with the right credit product, a win for any lending company.
Ultra Finance collaborated with TurnKey Lender to optimally utilize the built-in end-to-end functionality and deploy unique configuration options specific to the client’s niche and clientele. Having started issuing loans with the built-in TurnKey Lender credit scoring models, the models were then updated to reflect upon the increasing market risks and the target audience of the business.
To achieve this, Ultra Finance scored borrowers based on customers’ behavioral factors. The current solution combines credit history and custom scoring factors to create the creditworthiness score upon which credit decisions are based. The company can now quickly set up new credit products with granular settings and promote them through integrated CPAs to reach the right audience with the right credit product, a win for any lending company.
Testimonial
“We were able to go remote almost instantly when COVID hit. All of our operations were already online thanks to TurnKey Lender and it’s easy to control the performance of my team with built-in analytics.”
Dmytro Markus
CEO
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