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Turnkey Lender
What Is Turnkey Lender?
Banks and lenders can rely on TurnKey Lender to provide reliable, secure, and efficient loan origination services. Our innovative AI-driven Decision Engine uses machine learning and deep neural networks to automate credit scoring and provide near-instant credit decisions in just 30 seconds, allowing borrowers to get an unparalleled customer experience.
Who Uses Turnkey Lender?
Consumer and commercial lenders, including traditional creditors, alternative finance providers, and embedded lenders. The geography of the solution covers North America, Europe, APAC, and EMEA.
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Reviews of Turnkey Lender
Alternatives Considered:
Improved Workflows and Decreased Manual Processes
Comments: Prior to using Turnkey Lender, we managed our loan program through Google Forms and spreadsheets. Our processes were quite manual and our growing business needs could not catch up with this. We needed a way to automate some workflows, consolidate all data into one system, and have a one-stop-shop where we can manage the program effectively. Turnkey Lender has proved to be a good solution to that problem. As with other software and products, our initial launch did not come without any issues but the Turnkey team was quick to help out and provide timely resolution. After two months of using the platform, I must say that things are quite easier now for me and my team, and using Turnkey Lender was a welcome update from having to do things manually.
Pros:
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.
Cons:
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.
Alternatives Considered:
Time saving automation
Comments: Overall the functionality has been a big positive. The initial set up fees were a bit steep but the ongoing rate is comparable.
Pros:
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.
Cons:
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.
I do not recommend
Comments: The worst system/platform I have ever worked with. Even if we stated everything in the original documents, they still managed to take 1,5 years to get things starting, and when they started it all went down every day. All things have two sides, but in this matter, I will blame everything over on Turnkey. They have cost us so much money and we have had problems from day one. Nothing has worked, we have found bugs every day for 1,5 years even if they tell us they have fixed it. I know they will reply that "this is due to client functions and xx xx xx" (as they do for all that complaints) but I am willing to document it all, for those who are interested. I respect some of the workers there, but I will never ever again have something to with them again. The management completely ignores you when you complain, they point the fingers on you and they say it´s your fault, no matter how often you document that, it´s not our fault. For companies that needs a stable broker/application/fintech service, stay away from them and their solution. I do not recommend them.
Pros:
There was NO pros with this software at all
Cons:
Slow system, not flexible, server crashed, no understanding
Very User Friendly Software to Grow Your Business
Comments:
Software Capability wise is unquestionably great but for any new potential customer who are interested in this solution, these would be my advise to you.
1) Trial the software as much as you can in order to understand how the entire system works. Best is if you form a team dedicated in testing the software and all the nitty gritty details, documenting how the behaviors works. If you are not sure about how it works, ask plenty of questions and follow up questions. They are very professional on this.
2) Make sure you evaluate well whether this software can fit into your company business plans or not. It may take longer time for you but it will save you a lot trouble in the long run.
3) Ask lots of questions during the initial phase and requirement phase. Its very important.
Our experiences with Turnkey Lender is they tend to be open for negotiation on most things in regards of pricing, requirement and support. Kindly negotiate.
Pros:
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
Cons:
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.
Turnkey has all the options!
Comments: I recommend to not take short cuts with initial onboarding and training of the software. We've had a bit of a rocky start, but likely due to admin and employee transitions on our end. Difficult to get help from the service desk. But I found it helpful to make the ticket and then also reach out to other contacts within the company. It's generally user friendly for someone with little-to-no background as a loan officer. But I feel there is a lot more I can learn to make Turnkey more successful for us. We did not receive Sandbox instructions until very late into our setup process, and the database cannot be reset. So we are stuck with a lot of "test loans" and other test information in our reports. [SENSITIVE CONTENT HIDDEN] was helpful to find ways around this so we can have correct and current data for our reports. Onboarding with [SENSITIVE CONTENT HIDDEN]. was extremely helpful, I highly recommend him. He was very attentive to my questions about specific scenerios. If he didn't know the answer or was at all unsure he was quick to get help. Very knowledgeable and a patient trainer. I greatly appreciate him, and also [SENSITIVE CONTENT HIDDEN], for their guidance and assistance.
Pros:
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/
Cons:
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.
