Loanpal Streamlines Data Collection With Tonkean




Loanpal is an innovative lending company delivering new consumer finance options, like lending for solar installations or home improvements. The SF based company was founded 15 years ago and has over 1000 employees.

The Challenge

Lending companies are regularly required to perform audits for compliance reasons. Loanpal needs to audit the books of each of their customers every few months.

Each audit cycle, they select a sample of loans based on key attributes like when the last time the loan was audited, the amount of the loan, etc., and then work through the partner to gather necessary documents from each customer to perform the audit. The sample typically involved 5-6 loans per partner, or 400-500 total loans, with 15-20 individual documents required for each loan.


Collecting the necessary data from 80 partners and 400+ individual loans involve a massive effort in coordinating across multiple people and systems.

Loanpal’s audit process was being coordinated manually using Google Spreadsheets and email, with documents sent as attachments. This process made it very difficult to track progress and make sure all necessary documents were being sent.

Loanpal estimated that the audit team was spending 30% of their time simply contacting partners and chasing down necessary documents. This resulted in delays to auditing processes and unnecessary overhead.

Illustration: Audit data collection workflow before Tonkean

The Solution

With Tonkean, Loanpal created a workflow that orchestrated and automated the data collection process end-to-end across systems and people.

A Tonkean module actively monitors a Google Spreadsheet and individual Drives that tracks all of the loans and necessary documents for each audit cycle.

When the partner adds the necessary documents, the audit team is alerted, and can actively see the progress of document collection. More importantly, when partners delay adding necessary documents, Tonkean automatically follows up with them to remind them, saving the need for the audit team to manually follow-up.


For demonstration purposes only. Not actual data.

The Result

By using Tonkean, Loanpal provides benefits both to their people and business. The audit team completely freed up 30% of their time, allowing them to spend more time actually performing audits.

Partners also have a clearer understanding and easier way to track what loans and documents are needed for each audit cycle.

The business saves significant cost and overhead by focusing their high-paid resources, auditors, on the activities that provide the most value to the business.


For demonstration purposes only. Not actual data.

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