CSS Provider: Lendkey
Tuesday, February 12, 2013
Posted by: Leah Redding
LendKey (formerly Fynanz) is a cloud-based technology company that provides the essential infrastructure for any party to quickly, securely, efficiently, and profitably lend to anyone else.
The platforms allow credit unions to affordably set up a full-scale, fully compliant lending operation within weeks, as well as tap into a community of like-minded lenders. LendKey also powers the cuStudentLoans private student loan program.
How do credit unions benefit from this strategic alliance?
Over the past ten years, millions of American students and families are increasingly turning to private loans as the cost of higher education continues to outpace increases in federal student loan program limits. LendKey’s cloud-based lending platform helps your credit union quickly and profitably grow your loan portfolio and extend your reach into the crucial high school and college demographic groups.
Credit unions receive exceptional benefits, including immediate data on portfolio performance, while offering an attractive loan to borrowers. Private student loans put your credit union’s capital to work, provides an avenue for attracting new members, and supports the higher education goals of your members and their families.
Why this provider over another?
- Create your own custom loan program or join an established common loan program
- cuStudentLoans is a unique direct-to-consumer marketing program that uses common underwriting and pricing and provides loan participation to enhance risk mitigation
- The Academic Credit Score (ACS) takes into account academic criteria as well as credit data to help mitigate risk
- Students apply for a new loan each year, giving them the opportunity to obtain a lower rate if their ACS improves
- In-school servicing, with monthly payments made while students are still in school, helps students increase financial literacy and build their credit
- Monthly email billing and notifications to both borrower and co-signer help reduce default rates
- Direct connection between lenders and schools for loan certifications and funds disbursements
Ready to get started?
Contact Rick Govek, CUNA Strategic Services alliance manager, (800) 356-9655, ext. 4189.
More information about LendKey | Visit LendKey.com