Blog

Your Bank Just Got the 'Green Light' to Offer Short-Term, Small Dollar Loans

Posted by Jeff Harper, President, BSG Financial Group on May 31, 2018 5:24:54 PM

The Office of the Comptroller of the Currency is encouraging banks to offer short-term, small dollar loans to subprime borrowers, according to the recent American Banker article, OCC Gives Banks Green Light to Compete with Payday Lenders.

The article states that OCC Comptroller Joseph Otting wants banks to originate loans of $300 to $5,000 to borrowers with FICO scores of 680 or below, with few other parameters beyond "sound underwriting." In doing so, the new OCC guidelines could open a $90 billion market to financial institutions.

"This product is a vehicle to help people get back into mainstream banking and get them off of high-cost financial services products of check-cashing and payday lending, with a view toward getting them into the mainstream of financial activities where they can qualify for a credit card," Otting said on a conference call with reporters.

Read More

Topics: MinuteLender, PaySound, Consumer Loans

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.

Read More

Topics: News, Company News, Digital Lending, MinuteLender