Turnkey Lender

Vorteile

Turnkey Lender allowed us to improve our processes and workflows after having to manage our loan program manually for months. They were able to capture all the basic things and features we needed to get some automation started, and we are able to request further customization as needed. It was easy to use and, if we needed assistance, support was immediately available. Our project manager was also very helpful and we have continued to have a good relationship.

Nachteile

The price for automation and organization is not cheap. And this holds true for Turnkey Lender. Their existing platform already offers a wide range of functionality, but further improvements to the product may come at a steeper price. Additionally, the platform can sometimes be a bit slow which can affect one's productivity and efficiency. Getting any custom changes in the application form out of the system via standard reporting requires additional development.

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Gründe für den Wechsel zu Turnkey Lender

Vorteile

I like the automation, it saves a lot of time moving the loan from origination to servicing and prepopulating the necessary documents. I also like that it has a customer portal where customers can see their balance, update payment methods, and upload documents to us, like proof of insurance. There are a lot of automated emails that help customers stay on top of getting us the required documents, which saves time.

Nachteile

Some of the set up was awkward. In one area it would have you use one code and then on the help page it would be a different code for the same item. The help team set up some of my codes because I didn't know which one I was supposed to be using.

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Gründe für den Wechsel zu Turnkey Lender

Vorteile

There was NO pros with this software at all

Nachteile

Slow system, not flexible, server crashed, no understanding

Vorteile

What I like most about Turnkey Lender is that the team really takes the time to understand exactly what your platform requirements are, and then works to customize the solution to exactly what you require. Working with my previous platform, we were always told "No" when we had a request for a solution or an adjustment that would positively impact our work flow. With Turnkey, the answer is always "Yes, we will create a solution for you"

Nachteile

In the beginning, it was quite "glitchy" with the launch. It took a while to get all the bugs worked out.

Vorteile

The Collection feature was the most helpful for our business use case. This feature was able to manage our loans and manage plans to push payments when needed. The UI is user friendly and easy to make updates to loans. Lastly, the service desk

Nachteile

Turnkey Lender is unfortunately not flexible to handle some niche requests from our side to handle flexible scenarios for consumers.

Vorteile

We needed many unique features and required custom development, I was thoroughly impressed with the team's work in building out our requirements to spec.

Nachteile

I feel they can improve their graphics and design to deliver a more cutting edge look and feel.

Vorteile

The thing that I like the most about Turnkey Lender is that their API is easy to integrate into your own platform and everything that is possible in their UI is possible through the API as well.

Nachteile

The only thing that I would say is missing that there are fields that are available in the platform and through the API, but are not available as merge fields when creating System Documents.

Vorteile

Turnkey offers a full packaged lending platform solution that is rapid to deploy, affordable and customisable. This generic platform covers most customer journeys - from loan application processing to account management and collections - with many configurable features. This makes it easy to start testing a new lending product without having to build the foundation infrastructure of core lending processes and ledger.

Nachteile

Because this platform is designed to be a standardised lending capability, it can sometime prove difficult to expand the product beyond the readily parameterisable features.

Vorteile

The automation is great. From notifications to contracts being able to be emailed to customers. All can be done online without any problems.

Nachteile

Decision levels could be object driven. Authorizations have been implemented lately to address this, but a little bit more automation and customization on this area would be great.

Vorteile

Its very simple to use and very easy to follow the screen prompts. In our case, we are offering investors the possibilty to invest in consumer loans in Africa. The system splits the users into 3 user categories and does not confuse each user with tons of functionality which in the end confuses them and does not necessarily add much . We wanted a simple and straight forward system and that is what we got especially since our requirements were slightly fuzzy to begin with. So not giving you too much too early made our job a lot easier.

To add to the pros of the software is that the team behind it really know their stuff so you dont waste time in system specs being implemented incorrectly. The other pro is the the manner in which faults are tracked and solved. Its a clear tracking system which makes your job a lot easier.

Nachteile

The software does not have a lot of reporting functionality or at least does not come with it as a menu item but must be paid for additionally.
That was our only issue which we will address with asking for that as an extra. However given the overall cost effectiveness of the product, this is more than compensated.

Vorteile

Turnkey is Very user friendly for the people that has to work with it. I like the support we receive from their executives.

Nachteile

There are no physical offices near our headquarters.

Vorteile

The box solution offers a lot of "turnkey" features for a lender. The onboarding and setup process for the box solution was quite thorough. There are quite a few pre-built integrations for credit pull, bank analysis, payment processing and e-sign. Customizations require a thorough requirements analysis and gathering phase. The default decision engine is quite impressive and intuitive.

Nachteile

The box solution is at a good price point, but once you start building customizations, it can get expensive. Some of the UI language and labeling needed to be customized to proper verbiage for the US market. There are a few common features for the Borrower Portal that are missing but they have added them to their product roadmap for future release.

Vorteile

Product is very easy to set up and user friendly.Credit products are well build and offer a vast variety of settings to build the perfect product based on our need.

Nachteile

Limitation to some of the investor module functionality.

Vorteile

When you trial the software, you can know that they know their stuffs well. If your current solution can only gives you a 10 million portfolio monthly max and you would like to grow it to 100 million portfolio and above, this is the one that can give you the power to achieve it
1) Ease of Use. From Customer's Origination status to Bad Debt Status, the borrower will move into the relevant status automatically
2) Notifications to customers can be via SMS or Email. Customizing your notifications to your borrowers is very easy.
3) Easy File Export. File export can be easily exported by stating the correct status and the dates, available in excel and csv
4) Flexible customization for your credit products. Credit products can easily customized with your own interest rate, min and max loan amount and etc
5) fast customization and deployment
6) Scoring modules
7) Can launch a new offering easily

Nachteile

1) Stock version is mostly based on US requirements. For organizations not based in US which would like to use it, some customization will be needed in order to meet their needs. I would hope for more regional requirements will be appearing in the solutions
2) Many Processes are automated. Not exactly a con but more like a mental preparation for Organization that wants to grow from 10 million to 100 million monthly, some existing flexible processes that assist you to grow from 0 to 10 million will need to be discarded and this software will help you in a great way.
3) Most of the new updates done by Turnkey Lender will only be applicable to users who are using the stock version. If your solution is heavily customized, receiving new updates will be very subjective or not available. Its very important to include this into your initial contract negotiations on how this can be done.
3) Pricing is only in USD. Hope to see charging in regional currencies instead of USD.

Vorteile

How easy it is to automate processes and the consistently great support from Turnkey Lender when you have questions or issues.

Nachteile

We had no cons to note since any issues that come up are quickly resolved by Turnkey's team

Vorteile

After a bit of research for lending software - Turnkey Lender was the one for us because it starts with Origination of loans and takes you through the Underwriting/Servicing/Collection. It has all our desired features. Collateral/

Nachteile

Integration has been a little rocky. The Customer Support has been difficult to work with, specifically to get the attentive help and solutions we have requested. But onboarding team has been eased that challenge.
We have looked into switching companies since starting with Turnkey because of its lack of customer support, but ultimately couldn't find an alternative that fiscally made sense.
This issue was resolved with onboarding training.

Vorteile

Overall value proposition. One system from POS, Origination, Funding, and Servicing. Great implementation team, customer service fast and friendly.

Nachteile

Some desired modifications were not easy and require customization.

Vorteile

It's a very easy to use system, and easy to configure and make changes. It makes the loan process much easier and you feel more confident with loan approvals because the decision making is right there.

Nachteile

Integration with various components versus having everything built into the system is a challenge.

Vorteile

It is a very versatile tool, easy and practical to use, our clients have inclined to make it a fundamental part in their administrative environment in view of the fact that the flow processes of origin, loan and payment can be monitored in a well-disaggregated manner.

its relation of cost by investment is quite low compared to other applications since it does not generate large impacts of application to a medium company or to a personal level if it is worked directly with loans, advances and short term promissory notes.

it is possible to have multiple users, in which each one can manage their functions separately and without invading the privacy or administration level of the current assets, it is important to recognize that to create such a complete software, the corresponding studies on the matenan and It is a very important point to highlight, which speaks very well of an application with a tendency to evolve.

Nachteile

It only needs an improvement to be able to carry out credit lines online, which would make the client-supplier personal time and interaction more manageable.

Vorteile

The software is very easy to use and our processes are now much quicker thanks to the automation that the software allows.

Nachteile

Because our processes are so much more automated now with the software, we cannot do as many individual changes as we used to before. This just meant that we had to slightly adjust our processes to be in line with the new software capabilities.

Vorteile

As a nonprofit organization, efficiency and price are critical to us when serving our sponsors and business owners. The built-in design helps us streamline our work in creating new products for new programs. I especially like the customer interface and ability to collect documents during the application process to review in one step.

Nachteile

Because we work with small businesses in providing grants and microloans, it would be helpful to include some features for this segment since some lending features don't always align with our needs

Vorteile

The Ease of use, Customizations that we can achieve with the help of the TKL's Project Management and Accounts team and Suitability to our Business Requirements

Nachteile

the ability to change the logo at the bottom of the redirected Browser. But this isnt a show stopper as we can still provide our company logo at the top and customize that page

Vorteile

None, there are errors and issues with everything and getting things fixed is a hassle. Seems most things are outsourced.

Nachteile

There is a number of limits to document automation that is very frustrating and requires additional software to work around TN. When issues arise, ex. payment schedule miscalculated, you can't fix them yourself, so you need to reach out to them to fix the problem ($$$). They don't have the team necessary to automate tasks, the high rating is shocking.

Vorteile

This software is really user friendly, and great to use.

Nachteile

Sometimes there are bugs in the software but the team at turnkey is always alert and stay on top of things.

Vorteile

It the easy to use for staff and customers. And the quick response from the Turkey team.

Nachteile

Nothing for now. The software is good and we're satisfied with it.

Vorteile

Support team has been amazing and ease of system use

Nachteile

Best to get a proper training when you first use, as I started late in my company i missed the initial onboarding and functionality training

Vorteile

Turnkey Lender is extremely flexible and you can launch new credit products very quickly and easily. You have the ability to credit very detailed credit products that are you can really fine tune to target particular borrowers.

Nachteile

The reporting can get messy if you do any live testing and you can't remove the entries due to very strict audit controls. I know it's not really a con, more a feature.

Vorteile

We love the ease of use with this product. The team at Turnkey have obviously reasearched the market well to porvide relevant features with many unexpected extras, only those invested in the industry and its requirements would understand.

Nachteile

Simply that the 'off the shelf' product reflects more typiclaly US format and terminology. However, the team will and have worked to update this to meet our requirements.

Vorteile

Solid COTS product and very customer oriented support team.

Nachteile

While they do offer a SAAS model, pricing seems to be slanted toward outright licensing of the product. This might be something to refine.

Vorteile

Good product with solid features for straight out of the box implementation . It has a low entry price point

Nachteile

The team lacks integrity. Several times they stated one thing and then reneged . This increased my costs, delayed revenue and negatively impacted my clients .

Vorteile

Online access for both back end and front-end(Loan Origination). Role matrix back officer users and multiple Lona products.

Nachteile

limited to multiple clients(client1, client2, client3) cannot filter applicants by clients. example: client1 should see only client1's customers. Client2 should only client2's customers. And Client3 should only client3's customers.

Vorteile

One system for POS, LOS, Servicing
Easy to customize and deploy

Nachteile

POS was limited in ability to add questions
Not fit for where our company wanted to take our strategy

Vorteile

I start by saying THIS IS SECURE AF!
I thrust this app with half-of my heart and my other half is my girlfriend!
Research have shown that this app is trusted in hundreds of businesses in 50+ countries
It is very easy to borrow A loan and very simple too or even banking on a whole Turnkey Lender is your best choice.

Nachteile

I find nothing wrong with this site and I love it