Review of Turnkey Lender loan servicing software

Loan Servicing software firm Turnkey Lender sells their SAAS platform for loan underwriting and servicing all over the world. Their software works with lending markets from auto to alternative lending, payday lending, or peer to peer lending here in the US and other countries. I took a look at their platform for peer to peer lending and alternative lending and liked what I saw. Their software’s excellent. Most of the development team is in Ukraine. I got a demo from Vitaly Arnautov, the Chief Product Officer of Turnkey.

When a borrower is ready to apply for a loan, there are 3 different ways the borrower can interact with Turnkey Lender’s software, which are customizable by the lender.

  • A redirect from the lender website to Turnkey to fill out the application, which Vitaly tells me is the preferred method of their US lender clients so far
  • An Open API call so the borrower stays on the lender website
  • A combination of both

While most in the US prefer the redirect, I suspect the API option where the borrowers stay on the website and the API does its thing will become the most popular over time.

The Core Offering

Turnkey offers a full package from Origination through Collections and Loan Termination. With their collateral, servicing and collections modules, they are set up to work with marketplace lenders or balance sheet lenders. Like most SAAS players in our industry, you can also pick and choose which parts you want. Then you can integrate those with the rest of your borrowing process so if you like your own underwriting then keep it and integrate it into the Turnkey collections process, etc.  The offering divides into 9 sections (and the last 4 come with any purchase of a module):

  • Origination
  • Underwriting
  • Collateral
  • Servicing
  • Collection
  • Reports
  • Archive
  • System
  • Customers

What I like most is the simple layout from each section.

This view of the Collections tab is a good look at how simple the site interface is. It’s not cluttered. Each module looks the same. Down the left side all the users in that stage of the loan, in this stage Collections, are in view.

This screenshot shows 2 borrowers in Collections where the large right side is all the detail information which includes the information that was the basis for loan approval. A ‘Next Action Date’ shows within Turnkey or in your CRM system where you can set tasks for yourself for followup. This is especially good in Collections where a couple days late it’s an email or friendly call but then things get progressively more aggressive as the Days Past Due grows. Turnkey includes templates for these contacts too if you want them.

I also like that from this front screen, in blue (on the right), I can see Action Plan, Payments, Interaction History and the Loan Documents. These are all important details to have handy in a Collections scenario but not all needed upfront on the screen at the same time. It’s well organized.

This is a screenshot from Underwriting.

Turnkey has their own credit scoring system which you can use or adapt to your needs or not use at all. I like the visual aspect of this, as well as the comments and the Rule Engine part. The rule engine lets you set your own specific rules for all time or a short period of time to test how effective some of your data points are to your underwriting. For instance, you can have the rule engine comment on the current employment status of fewer than 2 years and measure that in the system to see how it does versus those who have been at their job longer.

I also like the blacklist feature, where not only can you keep that list accessible by clicking the button for fraud protection like 3 unrelated borrowers using the same home address, but you can manually add to it as well and the system remembers. Like in Collections, you click on the blue sub-headings for various data points like credit bureau or to generate, view, and send out the loan documents.

Peer to peer lending platforms will like that Turnkey is set up for conventional funding as well as reverse dutch auction funding where investors can offer different rates they are willing to accept to lend their money.


Integrations are important in helping servicing software work with other software in use. Turnkey Lender’s integrations for the US version include:

  • TransUnion for pulling credits
  • Paypal & for payments, ACH or disbursements
  • Adobe e-sign and SignNow for e-signatures, bulk SMS, and
  • Mandrill or Mailchimp for email integration.


Turnkey Lender is in a crowded space of SAAS software to help both conventional and online lenders. Although few reviews so far, Turnkey earns good marks from reviewers on Capterra who use their software in their lending businesses. Their simple streamlined layout, organized modules, CRM related activities in the system for follow up as well as coordination with your own CRM system, and manual checks and balances that allow the rejection of an application that makes it through the system that should not have are reasons why I would recommend Turnkey to lenders especially in the high interest sub-36% consumer lending market.