A different way of attracting new members and small businesses, promote local business development, and expand your loan portfolio is with a lifestyle lending program. It is a type of indirect lending that allows you to be at the point of sale for other financing opportunities other than just automobile financing. Lifestyle loans support retailers, medical providers, and businesses in your community by providing financing to their patients and customers. Examples of these loans would be for the cost of dental work, surgery (including bariatric, cosmetic, and eye), adoption services or infertility treatments, remodeling projects, large household purchases (such as water treatment systems, heating and air conditioning, or spas), funeral expenses, jewelry, and musical instruments. Developing strategic relationships with businesses in your area can bring great value to your lending and deposit volume. Listen in and find out!
About the Speaker:
Pierre Cardenas has 26 years in the financial industry at both credit unions and banks. He has held executive level positions in organizations from $140 million to over a billion in assets. Pierre started his own business "Innovators of Change” in 2008 while serving as the Senior VP of Retail at a $540 million CU. In 2010 Pierre joined forces with Credit Union Lending Advice (CULA), a credit union consulting organization.
Over $75 million - $109 per telephone connection
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Under $7 million - $59 per telephone connection
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