Compliant, Responsible Small-Dollar Loan Platform
CashPlease® is a small-dollar, short-term loan program that allows banks and credit unions to provide their account holders with easy access to cash at affordable interest rates, while staying compliant and dramatically increasing operational efficiencies over manual solutions.
CashPlease® is a turnkey, digital solution that automatically manages the application, processing, underwriting and funding of each consumer loan.
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?
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 bank or credit union, you have an important role to play in protecting consumers from predatory lending sources and to provide them with affordable and convenient access to cash.
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.