Marg TurnKey Lender
Marg ERP 9+
4.7
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Pricing of Marg ERP-Pharmaceutical Industry Software
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TurnKey Lender
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BOOK A DEMO- Lean resources
- Limited working capital
- Regulatory compliance
- Risk assessment and credit decisions
- Debt collection
- Enterprise level IT expertise
- Quality lead generation
- Lean resources
- Limited working capital
- Regulatory compliance
- Risk assessment and credit decisions
- Debt collection
- Enterprise level IT expertise
- Quality lead generation
Key Specification
| Other Categories: | |
|---|---|
| Deployment: | Cloud Hosted |
| Customer Support: | Phone,Online (Ticket) |
| Customization: | No |
| Languages Support: | English |
Who uses TurnKey Lender
Company Details
- Company Name: TurnKey Lender
- Headquarter:
TurnKey Lender Description
Key Features & Specifications
- Audit Trail
- Compliance Management
- Workflow Management
- Chat (Messaging)
- e-Signature
- Client Management (Customer)
- Document Management
- Custom Workflows
- Mobile Access
- Collaboration
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User Reviews
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What do you like best?
I really enjoy this product! The interface is really easy to use.
What do you dislike?
Sometimes the software is slow and has a few slow points.
What problems are you solving with the product? What benefits have you realized?
I use this software for loans and for analyzing credits.
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.
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.
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.
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.
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.
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.
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.
What do you like best?
The platform was clear and easy to navigate
What do you dislike?
the loan programs were a little restrictive.
Recommendations to others considering the product:
learn the underwriting guidelines
What problems are you solving with the product? What benefits have you realized?
working capital
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
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.
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.
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.
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TurnKey Lender has 1 plans,
- TurnKey Lender USD 0.00
TurnKey Lender is the Loan Origination Software used for the below functionalities.
Top 5 TurnKey Lender features
- Audit Trail
- Compliance Management
- Workflow Management
- Chat (Messaging)
- e-Signature
TurnKey Lender provides Phone,Online (Ticket) support.
TurnKey Lender is allowed 0 Days Free Trial.
TurnKey Lender provides Help Guides,Video Guides,Blogs for the software training.
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