Microfinance and payday loan software
Provide fast and flexible loans with a platform that reliably automates every element of the microfinancing process.
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Zero-hassle payday loan software
End-to-end lending automation
Replace 3-5 separate solutions for credit automation with a single platform that covers all parts of the loan’s lifecycle from origination and servicing to collection and reporting.
Instant AI-driven loan decisions
Loan decisions are backed by fully configurable scorecard and decision rules. Proprietary AI aIanalyzes traditional and alternative credit scoring data to provide you with a credit decision you can trust.
Origination and underwriting
Borrower information gathering, processing, scoring, decisioning, AML&KYC, loan agreement signature, and much more used to occupy whole departments. Now it runs on autopilot.
Loan servicing
Our intuitive loan servicing workspace enables and records every interaction between your employees and borrowers. Manage every aspect of active loans from one interface, and enjoy all the benefits of a fully integrated system.
Easy debt collection
Fully automated collections and payment reminder system allow you to only focus on collections when warned about a potential problem you need to act upon.
Built-in compliance
TurnKey Lender’s system is GDPR-ready. And thanks to advanced reporting and intelligent origination, regulatory compliance for lenders is a virtual walk in the park.
Reduce credit risk
Manage your portfolio to the highest standards of credit-risk management using customizable scorecards based on proprietary models combining traditional and alternative borrower-evaluation techniques and data sources.
A cloud-based solution
Borrowers and staff can access your system equally fast from any location or device. The solution is deployed in minutes and as a SaaS, it is regularly updated.
Streamline processes and grow your portfolio with the world’s smartest payday loan software
Intelligent payday loan software, powered by award-winning AI
Overcome traditionally high rates of default and delinquency by making the right decisions, supported by TurnKey Lender’s proprietary AI. We specialize in fast and accurate decisioning and exceptional usability, helping you enjoy better completion rates in record time. With our intuitive microfinancing software, you can reduce credit scoring and decisioning time by up to 95%, and get fully automated loan approvals in a matter of seconds.
Convert more borrowers by providing an unmatched short-term lending experience
We’ve helped lenders in 50+ different markets to grow their loan portfolios – with minimal risk, overhead and costs. TurnKey Lender’s easy-to-use microfinancing software lets you reach new groups of customers, offer them better terms, serve them from more intuitive interfaces, and maintain lasting borrower relationships – helping you boost borrower lifetime value by over 67%.
Get up and running fast and start focusing on profitable customers
Our experts are on hand to guide you through every phase of set up; from an initial tailored proposal development to complete customization and implementation, and ongoing support and advice. You can count on TurnKey Lender to put you on the path to payday loan software success – in weeks, not months – and help you deliver results long-term.
Educational Resources
White paper: All you need to know to become a consumer lender – the ultimate 2024 guide
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Part I: How to automate 90%+ of an existing or new consumer lending process
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Part II: 6 biggest consumer lending automation mistakes and how to fix them
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We help you get payday lending right
Making payday loans easy for borrowers and lenders
- Automate 90-100% of your 7 most time-consuming credit tasks
- Auto-process loans in 1 second or less
- Boost borrower lifetime value by 67%+
- Eliminate human error and operational inefficiencies
- Replace 3-5 fragmented solutions with one streamlined platform
Payday loan software built with your growth in mind
- Reduce time required to manage a loan by over 260%
- 25%+ decision accuracy improvement
- 40%+ increase in average lending program’s profits
- 44%+ better sales conversion growth
- 35%+ lower bad debt rate
Market-leading payday loan software
TurnKey Lender was selected as top software choices for SME lenders based on banking capabilities typically required for SMEs and ease-of- use.
Gartner featured TurnKey Lender in a recent report researching automation use cases aimed at modernizing loan origination and improving lending processes.
The Everest Group announced that the TurnKey Lender Loan Origination Software (LOS) leads the market in terms of market vision and capability. According to the study, Turnkey outperforms competing products in terms of ability to deliver complex loan origination…
According to a performance test by Hewlett Packard, TurnKey Lender is a flexible configuration choice on a highly scalable and reliable infrastructure.
Competing in one of the most challenging categories, TurnKey Lender has been selected as the winner of the New Product Innovation Award.
Praised by lenders in 50+ different markets
FAQs
Q:
What is payday loan software, and what are its features?
A:
TurnKey Lender’s payday loan software streamlines and automates the management of payday loans and microfinancing, with a range of built-in features to help lenders efficiently handle the end-to-end process of payday lending while ensuring regulatory compliance and giving borrowers their best customer experience yet. Some of our software’s stand-out features include:
- An AI-powered decisioning engine
- Advanced reporting
- Automated workflows
- All of lending running from a unified infrastructure
- Streamlined document management
- Loan performance and borrower data live tracking and analytics
- Efficient collections with due date reminders and automatic fees
- Simplified AML and KYC compliance with enhanced security of sensitive customer data
Q:
What are the benefits of using payday loan software?
A:
Using payday loan software offers a wide range of benefits for lenders, such as:
- Enhancing operational efficiency by automating manual processes, reducing errors, and saving your employees hours of time each work.
- AI-powered payday loan software software provides robust credit scoring capabilities based on both traditional and alternative evaluation approaches, allowing lenders to make more accurate lending decisions.
- Payday loan software like TurnKey Lender also ensures compliance with industry regulations and reduces the risk of non-compliance penalties.
- TurnKey Lender’s intuitive payday loan software also enhances the customer experience by offering self-service borrower portals, online applications, and faster loan processing, leading to increased customer satisfaction.
Q:
What are the best practices for choosing a payday loan software solution?
A:
When selecting a payday loan software solution, it’s important to consider:
- Does the software offer comprehensive features that meet your specific lending requirements, such as loan origination, credit scoring, and compliance management?
- Does the solution provide robust security measures to protect sensitive customer data? Is it AML and KYC compliant?
- Consider the software’s scalability and flexibility to accommodate future growth and adapt to changing business needs.
- Evaluate the vendor’s reputation, customer reviews, and support services to ensure you receive reliable assistance when you’re implementing and getting started with using the payday loan software.
Q:
What is the difference between payday lending and microfinancing?
A:
Payday lending and microfinancing are both forms of short-term lending, but they generally have different scopes and target markets. Payday lending typically involves offering small, short-term loans that are intended to cover borrowers’ immediate expenses until their next paycheck. These loans often come with high interest rates and are commonly repaid within a few weeks. On the other hand, microfinancing refers to providing individuals who lack access to banking and other financial services with small loans, to help boost financial inclusion.
Q:
Who uses microfinancing software?
A:
Microfinancing software is primarily utilized by microfinance institutions (MFIs) and organizations involved in providing financial services to individuals or businesses in underserved communities. This includes non-governmental organizations (NGOs), microfinance banks, credit unions, cooperatives, and other entities involved in microfinance initiatives. Microfinancing software helps these organizations manage loan portfolios, track client information, automate loan processes, handle repayments, generate reports, and monitor the overall performance of their microfinance operations. It plays a crucial role in improving efficiency, scalability, and transparency in MFIs, helping them to better serve their clients and achieve their social and financial inclusion objectives.