TurnKey Lender Reviews & Product Details

AF
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Organic
What do you like best?

With no financlial background to aid in complex calculations for a short term loan business, this software makes you an expert at the click of a button. From origination, underwriting, servicing and collection. It also reduces staff costs and unecessary human error. Review collected by and hosted on G2.com.

What do you dislike?

The translation to Portuguese could use some improvement. This has already been discussed with the vendor and we are working on it. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

At the moment we have no problems. There so many benefits with the platform. At first I under estimated the power of this platform. As a short term loan business in a market that has so many informal money lending services, I did not expect the Turnkey Lender platform to be a marketing tool. It's so user friendly and clients started flowing in by reference from previous clients. What I had budgeted as a startup capital to lend out was finished within two months. In the near future, we are expecting to increase the loans and get additional services from TurnKey Lender. Review collected by and hosted on G2.com.

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TurnKey Lender Overview

What is TurnKey Lender?

TurnKey Lender is a global ULM (Unified Lending Management) leader. The company designs and develops intelligent award-winning software products that automate the entire lending process. The solution's capabilities cover traditional and alternative lending, SME financing, grant management, money lending, leasing, trade finance, in-house financing, and more. TurnKey Lender serves customers in 50+ countries, and the list keeps growing. As a pioneer in the development of AI software for lenders, TurnKey Lender is quickly gaining traction within regions like the United States, APAC, and the EU. All types of lenders are already using the company's solutions ranging from large/mid-size banks, digital lenders, and multi-finance companies to trade finance operators, traditional and non-traditional lenders, and telecoms. Reach out and request a free personalized demo from the TurnKey Lender team.

TurnKey Lender Details
Languages Supported
Danish, English, French, Indonesian, Norwegian, Polish, Portuguese, Russian, Spanish, Swedish, Ukrainian, Vietnamese
Product Description

TurnKey Lender is a cloud based system for evaluating borrowers, decision-making support, and online-lending automation.

How do you position yourself against your competitors?

Unlike competitors, Turnkey Lender offers advanced AI-powered credit scoring, adjustable fraud prevention tools, intelligent reporting, modular end-to-end structure, simple white-labeling, etc. Simply put, it is more intelligent and feature-rich than any other solution on the market. It uses proprietary AI to automatically reduce unnecessary portfolio risk while increasing overall profitability. TurnKey Lender is a robust, accessible, intuitive, and easy-to-deploy solution that doesn’t break the bank. Try it today with a free, no risk, trial.


Seller Details
Seller
TurnKey Lender
Company Website
Year Founded
2014
HQ Location
Austin, Texas
Twitter
@TurnkeyLender
1,435 Twitter followers
LinkedIn® Page
www.linkedin.com
111 employees on LinkedIn®
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TurnKey Lender Reviews

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Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best?

Significant number of settings that allows you to adjust for different products.

API documentation is excellent and allows for quite flexible building of additional services.

Multiple types of users, allowing split responsibilities and overall automate workflow.

Flexibility in creating different reports for organizational needs.

External integrations with sms, email and payments services.

Possibility to use in different countries (local integrations available)

Faster and more reliable way to jumpstart operations (vs in-house development) Review collected by and hosted on G2.com.

What do you dislike?

Some features are still in development but expected soon: more reporting options, even more API methods

Would like to make certain changes even faster

Limited to private clients (lenders) only - would be great to have some SME functionality Review collected by and hosted on G2.com.

Recommendations to others considering the product:

Go ahead if you are small company, check if you need any advanced options Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Managing loans, make credit decisions, managerial reporting for financial company, implement risk scorecard, client portal Review collected by and hosted on G2.com.

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Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best?

Customer service of the team management as well as the usability of their platform. Review collected by and hosted on G2.com.

What do you dislike?

There is nothing that I dislike about Turnkey. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

Turnkey is a great option for those who want to get into the lending business. From loan origination til the end of a loan cycle, Turnkey has all the features you need for your business. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

TurnKey has helped my lending business be more efficient as it provides everything we need in a loan cycle. Review collected by and hosted on G2.com.

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Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best?

The interface is easy to use for us and for consumers. The platform easily integrates with multiple payment processing and electronic signature companies. Review collected by and hosted on G2.com.

What do you dislike?

Setting up the populations on the loan agreement had differing merge fields for the same thing. Luckily the turnkey staff were able to help me get it corrected for me. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

We use turnkey for loan origination and servicing. It seemsly moves the loan from one area to the next and allows us to review all the information we need to make a decision in a logical format Review collected by and hosted on G2.com.

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Founder and Executive Director
Financial Services
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best?

Love the true cloud-based approach. Accessibility and flexibility with users is great, and the base setup is pretty close to perfect for general use. No-nonsense and built-in restructuring is great. Simple setup for loan products and key integrations out-of-the-box (ACH payments, SMS and email updating) make it easy to deploy and get running. Out-of-the-box fraud checks and some limited loan application customization out of the box is nice. Looking forward to seeing the risk analysis as we develop our portfolio. The Turnkey team has been great to work with.

Updating the score upward as the last time we requested additional customizations they rolled out some of the features to the default box solution which is great. Review collected by and hosted on G2.com.

What do you dislike?

Customization capability out of the box is somewhat limited with regards to customizing the loan application -- any customizations that you want to be included in the risk analysis require the Turnkey team stepping in. Using a custom loan agreement template also is extra (theirs is probably not adequate for use as a licensed lender in the US). That being said, the Turnkey team has been extraordinarily helpful in helping roll out customizations and working with us on timelines and unique customizations that we requested. Would have liked integrations w/ cloud-based accounting software out of the box -- not critically important, but I expect more orgs that want to utilize true cloud-based lending platforms probably don't want to be tethered to the traditional on-computer Quickbooks.

After using for a while I have a few other caveats: default portfolio exports are limited, reporting page is very limited (no way to run various reports), automatic loan document generation does not apply to restructured loans for some reason (fixed now), payment integrations only work with automatic scheduled payments (you cannot simply run a payment -- you have to go to the payment processor itself, manually run the payment, then manually log in Turnkey).

Last caveat was issues w/ technical help. Was having problems running ACH payments manually through Turnkey: the system appears to allow this (and even says that it *will* use the payment integration). We would submit the payment in Turnkey and it would register a successful payment, but was never uploading the ACH payment to the processor. After going back and forth in circles for weeks the tech help eventually said that processing payments manually just isn't supported (and used a graphic showing that manual card payments weren't supported -- not what I was trying to do). Frustrating but not a deal breaker. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

If you are looking for a focused, affordable, flexible, true cloud-based loan management platform then this could very well be it. Lacks some of the extras that other lenders have but has the core functionality down pat. Exhaustively test w/ free version before migrating to make sure missing caveats won't disrupt workflow. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

We are trying to expedite our lending process, make it more efficient, and give ourselves greater automation and flexibility in processing, disbursing, and restructuring loans. We are mostly looking forward to the benefits of setting up automatic ACH payments via one of the Turnkey integrations, which we expect will help us greatly reduce our delinquency rate. We serve the riskiest segments of the consumer loan borrowing population so are trying to reduce opportunities for borrowers to become delinquent however possible. Review collected by and hosted on G2.com.

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Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Organic
What do you like best?

Déploiement facile et rapide du pack de base. Le fait que TurnkeyLender intègre l'origination jusqu'au recouvrement et propose un outil robuste d'évaluation du risque sont aussi des points forts de l'outil. Review collected by and hosted on G2.com.

What do you dislike?

Certaines intégrations ont pris du temps. De plus, une flexibilité au niveau de la production des rapports serait un grand plus. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Nous voulions accélérer le processus d'octroi des prêts qu'on émet et TurnkeyLender nous a permis de réduire drastiquement le temps d'évaluation des risques liés à ces prêts. Review collected by and hosted on G2.com.

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National Director of Finance & Risk
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best?

- Online applications eliminated about 400 hours of data entry on paper forms

- Much simpler than the legacy software. Things that took 100 steps previously are now done in 10.

- Automated notifications

- The Turnkey team has been very responsive configuring the solution to our needs

- Plays nice with other software - we are able to connect it to our Business Intelligence software, and will be integrating with our CRM Review collected by and hosted on G2.com.

What do you dislike?

- Reporting is basic, but we always intended to connect it to a business intelligence software, so doesn't impact us

- Limited task management. You can't assign tasks to specific team members, for example.

- CRM functionality is limited as well, but again, we are going to connect it to our CRM. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

Spend a bit more time planning. The dev team is in Ukraine, so factor in some language barrier issues. Our PMs english is great, but I think it's natural to have mis-communication when discussing things not in your native tongue. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

- Between online applications, e-signature on loan docs, process simplifications - we've saved 1,000 man hours processing loans last year.

- The speed and consistency of Turnkey is much better than the legacy system, which means less staff stress due to systems not working

- Our loan volumes have almost doubled in the past 2 years, and we are targeting 50% this year. We achieved this without adding any staff. Without an efficient back office system, this would not be possible. Review collected by and hosted on G2.com.

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Loan Officer
Mid-Market(51-1000 emp.)
Validated Reviewer
Review source: Invitation from G2
What do you like best?

It is easy to utilize and extremely simple to pursue the screen prompts. For our situation, we are putting forth financial specialists the possibilty to put resources into shopper credits in Africa. The framework parts the clients into 3 client classes and does not mistake every client for huge amounts of usefulness which at last befuddles them and does not really include much . We needed a basic and straight forward framework and that is the thing that we got particularly since our necessities were somewhat fluffy in any case. So not giving you an excessive amount of too soon made our activity much simpler. Review collected by and hosted on G2.com.

What do you dislike?

it's a great program, Honestly, I can't think of much I don't like about Turnkey Lender.

Review collected by and hosted on G2.com.

Recommendations to others considering the product:

On the off chance that you are searching for an engaged, reasonable, adaptable, genuine cloud-based credit the board stage then this could in all likelihood be it. Comes up short on a portion of the additional items that different banks have however has the center usefulness under control. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

We are attempting to speed up our loaning procedure, make it progressively productive, and give ourselves more prominent robotization and adaptability in handling, dispensing, and rebuilding advances. We are for the most part anticipating the advantages of setting up programmed ACH installments through one of the Turnkey reconciliations, which we expect will help us incredibly decrease our wrongdoing rate. We serve the most dangerous fragments of the purchaser credit obtaining populace so are endeavoring to diminish open doors for borrowers to end up reprobate anyway conceivable. Review collected by and hosted on G2.com.

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Chief Executive Officer
Banking
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Organic
What do you like best?

It is 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. Review collected by and hosted on G2.com.

What do you dislike?

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. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

We are planning an African focused market place lending platform and this software has given us the functionality to give to our clients to invest in consumer loans across a number of Banks we have accredited as banks that have a robust and solid loans to re-finance.

We wanted a software that was simple and cost efficient and that we could build on as we expanded. TKL gave us that . Whlst we have still not gone live, as this is oending regulatory approval, we are confident that the software will serve us well for at least 24 months before we start to tweak it and add to its functionality. Review collected by and hosted on G2.com.

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EF
Enterprise(> 1000 emp.)
Validated Reviewer
Review source: Invitation from G2
What do you like best?

How quickly it pulls requested/needed information. How we can received FICA scores immediately which makes our review process much quicker. It allows us to notify those who pre-qualify in minutes as they know immediately Ana so do we which speeds process and allows for more production from emoloyees. Review collected by and hosted on G2.com.

What do you dislike?

There really wasn’t anything that I disliked but if I have to choose something due to your minimum requirements then I would have to say that this product isn’t really unique and there are others on the market that does same service and just as well as this one. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

Recommend that they definitely give it a try and see how it incorporate with their companies needs. It really is a good product. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Making process faster.

Receiver more and faster productivity from employees.

No wait time for FiICA scores

Notify retailer much faster if pre-qualification Review collected by and hosted on G2.com.

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AF
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best?

Very stable, well made, allows quick go to market with quite a sophisticated technology stack Review collected by and hosted on G2.com.

What do you dislike?

The customization is not as easy, but this is always the case. Think about how much having a full Tech team on site would cost to be able to fully customized systems for lending. Turnkey Lender is great deal! Review collected by and hosted on G2.com.

Recommendations to others considering the product:

Great solution for lenders! Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Origination, Underwriting, Servicing for lending Review collected by and hosted on G2.com.

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AF
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best?

TKL has been instrumental to our companies launch and success. They provide a highly customizable and flexible platform that allows us to offer competitive products and services to our customers. Review collected by and hosted on G2.com.

What do you dislike?

We have not had any issues with TKL and do not have anything to dislike. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

When sourcing a CRM for our lending platform we were unable to find anything close to the services and quality provided by TKL. We highly recommend using TKL as a solution for any type of lending platform. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

We offer custom loan solutions to customers and clients. We would not have been able to do this if not for the options, development expertise, and quick turnaround offered by TKL. Review collected by and hosted on G2.com.

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AF
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best?

A simple base system but with customisation opportunity also. The team is eager to provide the best solution for our business. Review collected by and hosted on G2.com.

What do you dislike?

A full customisation seems a perfect solution but reality is that an excessive want/need. There is no dislike as such, just the reality of understanding the system to utilise best what is provided. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

It depends on volume of customers and complexity of the product your have. This is a great solution for any business in our industry and in particular for smaller business without the budget to full customise. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

This has helped onboard customers more efficiently and integrated services so our teams work is more centralised and less labour intensive. Review collected by and hosted on G2.com.

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Chief Operating Officer
Financial Services
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best?

What I like about the system is that almost everything we need to operate efficiently are available. The system’s access restrictions and the initial credit scoring helped us implement internal control policies. The reports are also very helpful in determining the status of our loan portfolio and it’s real time. Review collected by and hosted on G2.com.

What do you dislike?

Nothing so far except that we have not attain the volume of transaction to be cost effective Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Efficiency and internal controls Review collected by and hosted on G2.com.

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President
Financial Services
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best?

Software is user-friendly and simple. It covers a wide scope within the lending activities. Customization has been very important. System up-time has been at 100%. Great software! Great People! Review collected by and hosted on G2.com.

What do you dislike?

The system is great, but we definitely needed customization for our specific environment. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

As a new lending company, we needed software to manage our portfolio. Turnkey has been a great benefit in getting us off the ground. Review collected by and hosted on G2.com.

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US
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2
What do you like best?

The platform was clear and easy to navigate Review collected by and hosted on G2.com.

What do you dislike?

the loan programs were a little restrictive. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

learn the underwriting guidelines Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

working capital Review collected by and hosted on G2.com.

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UF
Enterprise(> 1000 emp.)
Validated Reviewer
Review source: Invitation from G2
What do you like best?

I really enjoy this product! The interface is really easy to use. Review collected by and hosted on G2.com.

What do you dislike?

Sometimes the software is slow and has a few slow points. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

I use this software for loans and for analyzing credits. Review collected by and hosted on G2.com.

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Principal
Investment Management
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Organic
What do you like best?

I was very impressed with the implementation team and their ability to understand our requirements and customize the software accordingly. They were always very responsive to our needs. Review collected by and hosted on G2.com.

What do you dislike?

The set up fee for the SAAS model was a bit high, but when you compare the overall economics to the full licensing model. it made licensing more attractive. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

We were implementing a loan capture system for veterinary hospitals. Review collected by and hosted on G2.com.

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