Why Lifestyle Lending?

A new way of Lending is here!

What is Lifestyle Lending?

With Lifestyle loans becoming more commonplace each year, it's important that you take advantage of lifestyle lending today. To do this, you will need the tools to help you compete against the national lenders.

     · Lifestyle Lending Solutions provide you with access to network providers and the tools to get started immediately.

     · Lifestyle Lending Solutions manages all contracts and relationships with providers. Saving your institution
     valuable time and resources to allow you to do what you do best, service your members.

     · Lifestyle Lending Solutions provides consulting, training, support, and works with your institution on lending issues.

Is Lifestyle Lending Right for our Credit Union?

Some credit unions are moving beyond bread-and-butter auto loans and mortgages to finance body- and life-altering procedures and events, including weight-loss procedures, adoption costs, and cosmetic surgeries.

What's your demographic profile? What percentages of your members are looking forward to retirement? How many households have children in their orthodontic prime? Looking at such demographic factors will help determine demand for lifestyle loans.

What amenities and activities appeal to your members? Count the number of cosmetic surgeons and dentists in your phone book, and see how people finance these procedures. Determine which luxury home improvements and furnishings are popular in your area.

Do you have sufficient infrastructure? Indirect and referral approaches require staff to work with partners.

What's your risk comfort level? Many lifestyle loans are unsecured. However, these procedures tend to appeal to members with higher incomes.

What other opportunities fit with lifestyle lending? Credit unions can make inroads into communities with this niche market.

How it Works

Lifestyle Lending Solutions is an innovator of cutting edge software and process with allows loan submission with ease from both medical providers as well as from the patient directly to the credit union.

1. Patient fills out credit application inside LLS brochure. 2. Office manager goes to www.lifestyleLS.com 3. Manager enters information from credit application. 4. Selects up to 3 lenders and clicks submit 5. Receives automatic approval or manual decision. 6. Patient chooses lender 7. Manager prints all pre-filled forms and contracts. 8. Sends complete packet to lender.

1. Patient goes to www.lifestyleLS.com 2. Enters in 10 digit provider ID or searches for a Provider 3. Enters application, chooses lenders and submits loan 4. Receives email notifying of lenders decision. 5. Patient contacts medical provider to schedule 6. Office Manager prints all pre-filled forms and contracts. 7. Patient signs forms in office 8. Sends complete packet to lender.

The Numbers Speak for Themselves

 There were over 11.7 Million cosmetic surgeries performed in 2007—an increase of 446% since 1997, and
      an 8% increase since last year.

 Americans spent just over $13 billion on cosmetic procedures; $8.3 billion was for surgical procedures, and
      $4.7 billion was for nonsurgical procedures.

 Lasik Surgery is a 3.5 Billion dollar industry. Cost was listed as the number one concern of patients when
      looking at cosmetic dentistry.

 37% of dentists said that they overcome that fear by openly discussing financing directly with the patient.
      Infertility treatments have grown 50% during the last 5 years to reach a total of 1 Billion dollars.

 82% Cosmetic Dentists in the United States offer 3rd party financing.
      Where are your members getting financed?

 The average cosmetic dentist has 2,000 active Patients on their books.
      Are any of them your members?

 The worldwide refractive surgery market is expected to exceed $3 billion in 2008.

Reference links: American Society for Aesthetic Plastic Surgery (ASAPS) www.surgery.org Kalorama Information (Ophthalmology Times - September 15, 2006), 2004 National Survey for the American Academy of Cosmetic Dentistry.

Frequently Asked Questions

Q: What is Lifestyle Lending?
A: Lifestyle Lending is Life. Lifestyle lending is about being there for your member or new potential member WHERE they need you, WHEN they need you! Simply put, any loan that accommodates a lifestyle whether it be health, cosmetic, or retail, you can now be there!

Q: Is this just for medical loans?
A: No, though Lifestyle Lending Solutions is primarily used in the doctors' offices, many lenders are now seeking opportunities to offer loans in other places where their members are or would be. When LLS began, we were known as CU Med-Plus. But as Credit unions began to request that we also establish relationship with retail offices on their behalf, we moved to truly capture what we do…Lifestyle Lending Solutions!

Q: How long does it take to get up and running?
A: As fast as you would like! We have had lenders begin lending within a couple weeks or a couple months depending on when the credit union would like to start.

Q: Will your software integrate into our Host/Core system?
A: Absolutely! Lifestyle Lending Solutions' technology is second to none! LLS integrates with most host systems. LLS have also partnered with leading technology firms that specialize in integrations. So any way you slice it, we can most likely drop the app where you need it.

Q: What are the rates that credit unions are offering?
A: Our Credit Unions vary on the rates. For the most part we see the range for A+ credit being 8.9 – 13% and moving up from there depending on credit score and DTI and any other factor the credit union chooses to measure.

Q: Do you offer a decisioning engine for us to use?
A: Yes! Our software offers you automated underwriting, automatic approvals, and a robust reporting suite. You will only be working with the best in the business when it comes to software solutions.

Q: What is the current situation of where my members are getting financed at the doctor?
A: Right now, when a patient walks into a doctor's office for a consultation, the doctor will review their health and needs and suggest a course direction for them to take. After they have spoken with the patient, the finance manager or office manager will then talk to them about financing options. This will most likely be the first time the patient has begun thinking of financing options and knowing the price. They are now handed brochures of credit card and finance companies that have outrageous late fees, rates, and terms. The patient will then either apply to them or go seek financing and come back with the money.

It is important that the credit union be an option for them in at that time. Patients trust doctors very much and really don't give a lot of thought as to financing pitfalls or what to watch out for. They trust their doctor with their health, why not how to finance that too? Isn't it time you made yourself available for loans at the doctor's office?

Q: Is lifestyle lending profitable for our institution?
A: Lifestyle Lending is a high yield loan product. If done right, lifestyle lending will be very profitable to a lender. This is basically a signature loan with a little higher score than the common borrower. Also, there is an affinity attached to this kind of loan that we typically do not see on other un-secured loans.

How Do we Sign Up

Getting started is easier than you might think. The first step is recognizing that you want to offer this lending product; we will help you with the rest. Contact Us today to get started or to inquire further.

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