Looking for innovation and growth in your loan portfolio? Lifestyle Lending Solutions connects credit unions with local medical and retail providers to allow easy, fast financing to patients and customers.
As credit unions look at their mortgage, construction and auto loans; many lenders are seeking a fresh new idea which promotes growth for new membership as well as further establishes the credit union in the local community.
Lifestyle Lending Solutions provides turn-key solutions for credit unions wanting to offer financing to new and current members at medical and retail providers. LLS' comprehensive, yet easy to use, software allows online applications, automated underwriting and much more!
Tap into this new and emerging market and expand your Credit Union's loan portfolio with Lifestyle Lending Solutions (LLS).
Lifestyle lending has evolved to cover a variety of loans typically un-secured. Lifestyle Lending can range from financing for a child's braces, a co-pay for a lifesaving procedure, chiropractic, cosmetic surgery, hearing, vision, and many other medical practice types; to retail financing for such industries as water treatment, HVAC, computers, furniture, hot-tubs, and much more. Lifestyle loans are consistent with the origins and philosophy of credit unions – they meet the needs of members at different stages of their lives.
There are many benefits to look at when investigating lifestyle lending. The first is the basic principle of indirect lending. By extending the services of the credit unions to medical and retail providers that members shop daily, a credit union grows its brand recognition with not only its current members, but advertises to new potential members that a credit union is truly there to offer solutions for all aspects of their daily lives. Secondly, lifestyle lending is a high yield loan product. On average, credit unions charge rates ranging from 10%-17.99% with no reserve or flats paid to the medical or retail providers. Currently, patients are given financing options at their doctors for several credit card companies with high cost to both patient and doctor with harsh penalties and high variable interest rates. Another benefit to the credit union is the potential cross sell to the provider for business lending and encourages providers to bring their accounts into the credit union.
As lifestyle loans become more commonplace every year, it's important that you take advantage of lifestyle lending today. To do this, you will need the right tools to help you succeed.
What are others saying about us?
"The most beneficial thing [about Lifestyle Lending] is that you have an opportunity to reach out and touch people that you had no opportunity to get to before. Ninety percent of all of the loans we have made are new members, which gives us an opportunity to cross sell products and create new relationships."
Lifestyle Lending Manager
Mountain America CU