$1,800.00

Lending Solutions

MicroLender

Additional $2.38 per application (includes $1.00 CLVerify fee); Rollover fee: $1.25 per loan

Pricing outside of network:
One-time fee $6,000.00
Additional $7.00 per application (additional fees may apply for CLVerify)
Roll over fee: $3.75

This Pay Day loan offering is a win-win proposition for both you and your borrowers since you can offer a more competitive fee structure on your loans while still making it a profitable venture for your credit union. Along with the more reasonable rates, you can also help borrowers overcome their financial struggles by offering credit counseling.

Additional information

Overview

The time has come to add Pay Day Lending to your lending portfolio! CU*Northwest is leading a new initiative so that you can begin offering them with very little start up time. Called MicroLender, this new easy-to-use online loan servicing product makes it a snap to offer Pay Day loans. With MicroLender you can offer this cost-effective, CUSO delivered solution to meet the market driven need. Considering offering Pay Day Loans at a vendor location? With this web tool, you can offer Pay Day Advance loans within your credit union walls or at another location.

You see that you can counter the predatory lending practices of traditional Pay Day Advance Lenders and offer this service as a value added service for your members and the community at large. Plus you see that an opportunity exists to forge new relationships with people who formerly have not had a relationship with a financial institution.

How it Works

Because MicroLender is a web-based product, you can use it within your brick and mortar walls or at another servicing location, which only adds to the possibilities of how you can use it. When the customer comes to your location, your teller fills out MicroLender’s online application based on the information the customer supplies. The web automatically disallows a member of the military or the spouse or child of a service member from receiving a Pay Day Advance Loan. Additionally, MicroLender will deny a loan to a borrower who already has a Pay Day Advance loan with your institution or who has his or her Social Security Number on the blocked numbers list.

Schedule of Tasks

  1. Add to cart and check out to reach out to CU*Northwest
  2. We will contact you to discover a solution for you, and you’ll be asked to complete a configuration form
  3. Within 30 days we will configure your connection to CL verify and ACH transactions if needed. A beta site will be tested.
  4. Online training is offered free of charge. On-Screen help will also assist your staff in quick adoption
  5. Begin offering Pay Day Advance loans to members and the community

 

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