I am pleased to announce that our company has added MinuteLender™ and Business MinuteLender™—online lending platforms for consumers and small businesses, respectively—to our suite of revenue-enhancement solutions for financial institutions.
Using the MinuteLender technology platform—under your financial institution's brand and control—account holders are able to get approval and account set up of small dollar, unsecured loans in just minutes. The entire loan application process can be accessed and completed on a computer or mobile phone, vastly improving the lending experience.
The automated, digital technology allows your institution to enjoy efficiencies never before available in processing, underwriting, and booking smaller loans for your account holders. These efficiencies help you grow your loan portfolio, increase revenue, and meet the expectations of the digitally-connected consumer.
Online and in Minutes. A recent report by bankrate.com revealed that two-thirds of American households do not have enough money in savings to cover a $500 emergency. Consumers are looking for liquidity options and there are plenty of non-bank lenders that will service them; now your institution can too.
MinuteLender helps you compete with the myriad non-bank, non-traditional lending alternatives, like Lending Club, Kabbage, OnDeck, etc., that are captivating so many consumers today.
Automation, Efficiency, Profitability. The MinuteLender platform is fully automated from loan application to funding. It creates efficiencies (like eliminating paper work and loan officer involvement), so you can profitably fund smaller dollar, unsecured loans to consumers (less than $1,000 up to $35,000) and small businesses (up to $50,000), often at rates lower than non-bank competitors. You grow your lending portfolio and keep the loans on your balance sheet as earning assets.
Safety & Compliance. Unlike non-bank lending solutions, MinuteLender allows your institution to control underwriting standards. The technology uses existing account holder deposit information to measure cash flow and ability to repay, along with credit report information to measure debt-to-income levels and risk. Knowing deposit cash flow through your account holders' existing checking account can provide coverage ratio analysis of loan payments and further reduce loan loss risk.
MinuteLender also automatically monitors loans, deposit activity and credit information, and handles loan renewals.
Safety in the Cloud. Automating through the cloud allows account holders to access the funding they need online or through mobile devices. It is this delivery method that shortens the lending process and saves you resources in the process. But it has to be safe.
The MinuteLender cloud-based software is completely secure with all appropriate data security audits. But your greatest assurance is that the system stores no critical account holder data, such as account numbers or Tax ID numbers, in the cloud. Instead, all of this identifying information remains safe and sound within your institution's firewall.
Let us give you an ONLINE DEMO of the system
as well as a complimentary revenue projection.