Turnkey Lender™ Software Helps Both Borrowers and Lenders by Facilitating Faster Approval and Making Data-Driven Decisions

In a Nutshell: Companies that provide in-house financing often find the credit and lending process beyond their expertise. Turnkey Lender offers a fully automated lending software platform that allows those companies to lower costs, gain efficiency, and improve service. Through its cloud-enabled platform, Turnkey Lender provides an end-to-end solution that can help underserved borrowers get loans by reducing the cost to lenders. It can also help new fintech startups and subprime lenders better serve people who can’t qualify for traditional loans.

Imagine you own a small condominium complex, or a few commercial buildings that you lease to small businesses. Now imagine you want to install solar panels on the buildings to cut electricity costs and increase the value of your property. That could be a smart move, but there’s a big hurdle — the cost of a project like this can run in the hundreds of thousands of dollars.

Companies that develop high-dollar capital improvement products, including solar panels, need to offer potential customers flexible and attractive financing, or deals may not get done. One such company is EcoVolt, a commercial property management company that provides solar electrical installation to owners of multitenant properties. EcoVolt operates its own financing program so owners of commercial properties can access funding and complete projects while dealing with only one company.

TurnKey Lender’s robust software helps companies that provide in-house financing make better — and quicker — lending decisions.

But financing was not an area of expertise for EcoVolt, and the company struggled with credit assessment and a slow and complex loan decision process. That’s when the company turned to the experts at Turnkey Lender for a solution.

“We provide an end-to-end platform that covers all stages of lending and has built-in decision agents,” said Anastasia Pona, Sales Manager at Turnkey Lender. “All of this helps our clients make much more successful lending decisions.”

Turnkey Lender develops award-winning lending software for use by financing providers in a wide range of industries. The advanced technology and proprietary credit and risk assessment built into its platform allow in-house lenders of all types to improve both their efficiency and profitability. By streamlining and automating the lending process, EcoVolt reduced its lending costs and improved the services it provided to its clients.

A recent report by Transparency Market Research predicts a meteoric annual growth rate of more than 48% for this global alternative lending market over the next few years. That would mean an increase from $26.16 billion in 2015 to $897.85 billion by the end of 2024.

Turnkey Lender is based in Singapore and serves small and alternative lenders — which include any lending sources outside of banks and traditional financing — around the world. The company has been operating independently since 2014, after it branched out from the Scorto Corp, a leader in credit processing for the retail lending industry.

Development of the Turnkey Lender platform began with the recognition that smaller lenders require the same comprehensive tools as larger retail lenders; however, they lacked the resources to develop those tools on their own. Over the years, the platform’s technology has been enhanced and can today be adapted to lenders in any industry or segment.

“All of our software platforms are white-label and have open API, so we can integrate with the credit bureaus, payment providers, with email services, SMS services, with banks for automated payments,” Pona said.

A common problem with many lending software packages is that they include only part of what companies need. Integration with existing systems can be cumbersome and require plenty of in-house IT expertise. The solution offered by Turnkey is a comprehensive end-to-end platform that includes all stages of the lending process.

The company’s Advanced Lending Software product can be customized to any size lending program. It is suitable for consumer lending, SME lending, and even for banks and large financial institutions that have very complicated business processes.

Anastasia Pona, Sales Manager at Turnkey Lender, told us how the company’s software can help both SMBs and consumers.

Another component in Turnkey’s solution is its Loan Origination Software, which allows companies to automate borrower evaluation and underwriting. This software uses machine learning and advanced data analysis to offer advanced credit scoring and decision analytics.

The final piece is Turnkey’s Loan Servicing Software, designed with speed and accuracy at its core. This comprehensive servicing software is what allows the platform to serve client needs quicker, increase productivity, meet compliance requirements, and improve communications at all levels.

Through this comprehensive suite of products, Turnkey can inform lending decisions in a wide range of industries, including retail, medical and dental, mortgage, and, of course, alternative lending.

“Our original idea was to provide unbanked consumers with better access to financing,” said Pona. “This helps broaden the range of people who can apply for a loan, not necessarily from a bank, but from an alternative lender that is willing to focus on their unique situation.”

Alternative lending is a large and growing segment of the capital market. These lenders tend to offer a wider variety and more creative loan terms than traditional lenders. They are also increasingly the source of capital for underserved and subprime borrowers. As a result, these lenders also face higher costs and higher risk than more traditional lending sources.

Turnkey understands that increased exposure and is working to help level the playing field for risk-taking lenders. By reducing the time it takes to make a lending decision, improving the accuracy of the underwriting process, and lowering the cost of making loans, Turnkey helps alternative lenders quickly identify the right — and wrong — borrowers.

“The speed with which the process works is due to our decision agent,” Pona said. “It consists of two parts — the first being integration with the credit bureaus or other data providers, and the second part is the automated business roles.”

Turnkey Lending software can help a variety of alternative lenders in many industries.

If a lender wants to lend to borrowers with subprime credit scores, but who meet a set of requirements not typically considered by traditional lenders, Turnkey technology can quickly and easily find those who fit that profile.

“We make the list of rules for our decision agent software so that the system automatically sends a request to credit bureaus, receives these reports, checks for certain parameters, and also applies certain rules automatically,” Pona said.

By setting up these rules, Turnkey helps lenders avoid processing of applications that don’t meet their requirements. In doing so, the time to identify and qualify a borrower can be reduced to as little as 30 seconds — as opposed to hours or days through other methods. That speed can also significantly reduce costs.

The lending landscape continues to evolve and offer new opportunities for alternative sources of capital and financing. And Turnkey Lender will contribute to the tremendous growth potential in the market in the coming years.

By providing enterprise-level automation and risk assessment for loan approvals and borrower to lender matching, Turnkey is making it possible for these new lenders to ramp up their operations quickly.

Robust and scalable lending software solutions, like those offered by Turnkey, are just one of the factors in that explosive rate of growth. By allowing new peer-to-peer and other fintech companies to be more agile, efficient, and profitable, new opportunities for lending are created across the entire spectrum of borrowers.

As more institutions — from hedge funds to insurance companies to sovereign wealth funds — enter the alternative lending market, the demand for proven and secure lending software will also increase. One thing that Pona made clear is that Turnkey Lending is prepared to meet that challenge head-on.