Unsecured, Automated Consumer Loan Solution
Many consumers struggle with cash-flow issues and prefer to find solutions from their trusted community bank or credit union. CashPlease is another option for providing your account holders with a responsible, affordable and regulatory-friendly way to obtain short-term liquidity.
Our small-dollar, short-term loan platform is a turnkey, digital solution that automatically manages the application, processing, underwriting and funding of each consumer loan. Your account holders can easily apply for a loan on your white-labeled website, and the funds will be available in their account within minutes. Your institution controls all loan parameters, including pricing and repayment terms.
On the regulatory front, not only are numerous regulatory agencies encouraging the availability of short-term, small-dollar consumer loans, but they’re also encouraging alternative underwriting that better measures the ability to repay on a short-term basis than traditional credit scores. The CashPlease® solution allows you to address these trends.
- You could provide your account holders with 24/7 digital access to short-term credit?
- You could offer far more reasonable interest rates than other high-cost credit sources with no hidden fees?
- You could implement such a program that is completely automated and compliant and requires no loan officers?
Celebrate Life Events
Small-dollar loans can help your account holders finance the celebrations of life: family vacations, marriage, births, back-to-school expenses, home renovations and more.
Manage Life Emergencies
When crisis hits, your account holders don’t need more anxiety about how to pay the bills. Be there to support consumers through illness, accidents, divorce, death, natural disasters and other unforeseen expenses.
Responsible Alternative to “BNPL”
This popular payment trend has recently come under fire for misleading practices and sending users into debt. Offer your account holders a responsible alternative and keep them transacting with you.
CashPlease® delivers a new revenue stream from consumers that would be spending high fees to obtain credit elsewhere.
Fully-automated program requires no additional support staff or loan officers.
Loans are underwritten by Velocity’s proven proprietary underwriting technology, which utilizes alternative data—a method encouraged by several regulatory agencies.
Compliant with all existing federal lending regulations, including the Military Lending Act. Our compliance experts closely monitor the industry for any changing regulations around consumer lending practices.
Provide your account holders with loans that are affordable and responsible, increasing loyalty and retention.
Integrates with your core and mobile banking via Single Sign On (SSO), and loans are booked and funded to your core.
Velocity develops your white-label website with your colors and logo, so your account holders can apply for a loan 24/7.
Your account holders can apply for a loan anytime, anywhere — conveniently, easily, quickly and privately.
Marketing & Communication
Velocity’s marketing team creates marketing materials to support your program at launch and throughout the life of the program, all branded for your financial institution.
As a community financial institution, you can feel good about preventing consumers from turning to high-priced lending sources and providing them with responsible access to cash in financially challenging times.
Works Seamlessly with Intelligent Limit System
If your financial institution uses both CashPlease and Intelligent Limit System, our platform extends a total liquidity limit across both solutions, based on an individual’s ability to repay. This eliminates additional liquidity exposure to your institution and your account holder.
Hear some of our financial institution clients talk about their experiences with Velocity’s Consumer Liquidity Engine, the platform on which our overdraft solution (Intelligent Limit System) and our small-dollar loan solution (CashPlease) work together to mitigate risk for both the financial institution and the account holder.
We’ve compiled the top 5 reasons why community financial institutions are not offering short-term loans, and why they should reconsider!
In a time when American households are lacking liquidity in record numbers and the competitors are swooping in to meet their needs, is your bank or credit union prepared to take action? Download this white paper to learn how you can help.