Payday Loan Software for Pay Day Lenders
Payday lending may be the most difficult financial category to manage successfully, but the revenue potential can outweigh the complexity and risk for savvy lenders. According to Google, more than 670,000 potential borrowers search online for these types of loans each and every month. That’s 670,000 new borrower prospects every 30 days.
The competition is fierce with marketing promises ranging from “instant decisions” to “bad credit approved” to “$100, $1,500 or $20,000 in your account within 24 hours”. And the regulatory environment has become more restrictive as the bad apples generate negative press and unwanted legislative attention. Plus there’s the additional technology required to integrate your payments processing system with your clients’ individual bank accounts.
In this complex and highly competitive environment one of your best investments is a sophisticated payday loan software & system.
Speed, Accuracy & Efficiency
Pay day loan software or cash advance software generates the high level of automation you need to gain efficiencies and improve margins.
You already know that speed and accuracy are critical, regardless of whether you’re processing and closing new loan applications, managing the loan portfolio, or launching the type of leading edge financial vehicles that differentiate your business from the myriad of new online lenders that enter the marketplace every week.
Turnkey Lender brings you an advanced payday lending software & system. It delivers the level of automation and credit scoring you need to reduce processing time from days to minutes without compromising security or pricing accuracy.
Here are some of the key factors to consider when choosing a payday software for loan origination and servicing that delivers long-term benefits to your lending operation.
It’s important to get your staff up-to-speed quickly in order to gain the most from your new system. The Turnkey Lender platform provides an all-in-one loan origination and servicing system, so there’s no need for the IT department to integrate separate software into the existing origination platform. And our intuitive workflow acts like a built-in training tool.
IT support and customer service is available 24/7 to answer all your implementation and training questions getting you up-and-running fast.
Automation & Workflow
Turnkey Lender was created with the end-user in mind. It creates efficiencies by automating multiple mundane tasks, so your loan servicing managers can focus their best efforts on high level evaluation & decision tasks. Your business and your servicing managers are individuals. We start with a rules based foundation system with pre-sets based on lending industry best practices – that’s easily customized to meet individual needs.
Comprehensive Origination & Servicing Functionality
- Automated decision-making and borrower evaluation cycle
- Automated calculation of optimal loan parameters: loan amount, term of the loan, interest rate, etc.
- Customer risk segmentation
- Flexible management of the lender’s credit rules, credit policies and scoring models
- Remote access for distributed sales points
- Setting individual evaluation processes for different products, portfolio segments and business lines
- Evaluating the efficiency and adequacy of the loan origination system’s performance and staff productivity
- Ability to swiftly adjust credit policy (new lending rules, changes in lending rules, appropriate risk margin)
- Digital statement capability to supplement or even replace high cost paper statements
- Automatically tracks all interactions between lender and borrower, including payment history and customer service queries
- Automatically updates borrower credit bureau data
- Push communications via SMS, text and/or email for account alerts and payment reminders
- Customers can upload documents for fast, easy application review
- Customers can make payments via direct debits and auto-pay features
Interface & Integration
Simplicity is key when you’re designing a software solution that creates measurable efficiencies. The Turnkey Lender interface is clean and clear. It was designed to be understood intuitively with little or no cross reference to cumbersome manuals or pop-up screens. It easily integrates with multiple outside providers, so all the loan servicing tasks can be completed without the need to exit the loan servicing environment. This outside vendor integration also allows numerous data fields to be auto-populated, saving substantial time and energy by reducing the need for manual data re-entry. This process also reduces processing time by reducing human error during the data re-entry process.
IT Support & Customer Service
As a small to mid-size lender you don’t often enjoy the luxury of an internal IT department that manages all your technology needs in real time. At Turnkey Lender you (and your customers) get the next best thing. A team of technical professionals who are on-call and at your disposal 24/7 via online chat, email, live telephone call, or online Q&A. Whatever communication channel works best for you.
One with all the functionality reserved for big financial institutions, but specially designed for a small to mid-size lender?