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Digital Lending Q&A: Part Two

Posted by Michele Rehm, Marketing Manager on Jul 27, 2016 4:02:33 PM

This is the second installment of our blog series, Digital Lending Q&A (read Part One here), featuring questions and answers from our popular webinar, Digital Lending for Financial Institutions. 

If you have questions of your own regarding Digital Lending, feel free to submit them in the Comments box below and we will answer them right away.

Is there any human intervention prior to funding the loan?

The level of human intervention in the loan approval process can be defined by your institution. 

The MinuteLender technology can automatically approve individuals and small businesses for loans based on your institution's underwriting and risk tolerances with a matrix. Alternatively, your institution can employ processes after the submission of an application to add steps for final approval. For example, some community institutions like to personally review the loan accounts before completing and funding the loan. The MinuteLender platform provides the flexibility to be tailored to your institution's objectives. 

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Topics: Digital Lending, Digital Lending Underwriting

Digital Lending Q&A: Part One

Posted by Michele Rehm, Marketing Manager on Jul 6, 2016 11:11:14 AM

BSG Financial Group recently conducted an educational webinar called Digital Lending for Financial Institutions. It was our most popular session to-date, so we thought it would be helpful to share some of the questions attendees asked as well as our answers. 

We will feature several more questions from this popular webinar in a series of blog posts to follow. If you have questions of your own regarding Digital Lending, feel free to submit them in the Comments box at the end of this post and we will answer them right away.

What loss ratios can we expect with online lending?

We often get this question, and the answer is: if you’re using the same criteria for online lending as you do in-branch, the losses are going to be the same. The MinuteLendersystem for business and individuals provides the loan delivery platform, but it uses your institution’s guidelines for underwriting rules.

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Topics: Cloud Software, Digital Lending, Cloud Safety

PaySound® Allows Financial Institutions to Offer Checking Account with No Overdraft Fees... Ever!

Posted by W. Barrett Nichols, founder & CEO on May 24, 2016 11:07:38 PM

Right on the heels of our latest product release, I am pleased to unveil the addition of another revenue-generating solution for financial institutions: PaySound®—the online checking account that does not allow overdrafts.   

PaySound combines a full-service, mobile-ready checking account with an optional line of credit (from $500 to $5,000) for those of your account holders who do not want to incur even a single overdraft charge. These account holders may have opted out of your discretionary overdraft program or they use alternative sources of short-term funding. 

For whatever reason, they do not want their financial institution to allow them to spend more than they have in their accounts; and recent research shows that many of them are willing to pay for the certainty of no overdraft fees.

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Topics: News, Company News, Digital Lending, PaySound, Overdraft Fees

MinuteLender™ Helps Financial Institutions Deliver Loans Online and in Minutes to Consumer and Small Businesses

Posted by W. Barrett Nichols, founder & CEO on May 10, 2016 8:28:39 PM

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.

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Topics: News, Company News, Digital Lending, MinuteLender