Short-term and small-dollar lenders face substantial competition in today’s consumer lending market. Even those lenders who offer the most favorable terms can lose business to competitors with retail distribution capabilities if they can’t get funds to the borrower quickly enough.
The FastFund direct-to-debit disbursement functionality from LoanPaymentPro provides a comprehensive answer to this long-standing dilemma.
With FastFund, you can get funds into your borrower’s hands within seconds. This allows you to position your loan offerings in such a way that negates your customer’s need to find a quicker option, overall giving you a competitive advantage.
Providing a simple platform from which lenders have the ability to offer same-day funds disbursement benefits both borrowers and lenders.
When borrowers seek out short-term loans, they typically do so because of some pressing need or life situation. Perhaps their car breaks down during non-business hours; they are in need of some last-minute help on Christmas Eve when the banks are closed. Waiting until the bank opens on the next business day is often not an option.
By putting cash into your customer’s hand immediately, small-dollar loans, short-term loans and similar funding options provide a unique and readily available form of economic relief for under-credited and under-served borrowers who require immediate funds distribution.
Most standard methods of loan proceeds disbursal take time. For example, electronic funds transfer can sometimes take days for money to become available – perhaps the cutoff time isn’t met; the borrower applies over the weekend; it’s a banking holiday, etc.
The inability to offer real-time debit disbursements can often lead to borrower attrition during the application process.
If a borrower does not have immediate access to their bank account information (ABA routing numbers and account numbers are required for ACH transfer), they often fail to complete their loan application. However, most potential borrowers do have immediate access to their debit card information. Providing access to loan funds via debit card can increase the number of would-be borrowers who complete the application process, and often leads to repeat customers.
One of our most valuable services is Push-To-Card Instant Funding. Put funding directly into your borrowers’ bank accounts as soon as their loan is approved. This real-time capability provides you with a significant competitive advantage and increases your loan origination rate. When paired with your lower rates and fees and other value-added features, you will have prospects quickly filling your sales funnel.
Grab a larger share of the consumer lending market with FastFund direct-to-debit disbursement from LoanPaymentPro. Our innovative Push-To-Card Instant Funds distribution feature puts loan proceeds into the borrower’s account not only on the day of loan approval but in real time. Instant funding disbursement can even increase the number of potential borrowers who complete the application process, thus increasing your loan origination rate.
Short-term and small-dollar lenders face substantial competition in today’s consumer lending market. Even those lenders who offer the most favorable terms can lose business to competitors with retail distribution capabilities if they can’t get funds to the borrower quickly enough.
The FastFund direct-to-debit disbursement functionality from LoanPaymentPro provides a comprehensive answer to this long-standing dilemma.
With FastFund, you can get funds into your borrower’s hands within seconds. This allows you to position your loan offerings in such a way that negates your customer’s need to find a quicker option, overall giving you a competitive advantage.
With FastFund, you can easily bypass these challenges while reaping the benefits of a happy customer. This platform, once integrated into your application process, requires the borrower to provide only their debit card number and expiration date. Upon approval of their loan, funds are immediately disbursed to the borrower’s bank account via their debit card. Or, as an alternative, funds can be disbursed via a new, prepaid debit card.
Our platform fully supports both Visa and Mastercard, and encompasses virtually all card types, including prepaid cards, reloadable cards, check cards and more.
FastFund offers multiple methods of routing availability and connections to all major U.S. electronic funds transfer (EFT) networks. Used in the consumer lending space, LoanPaymentPro’s simple, API-driven solution provides the instant funding ability that you need now. You also have the ability to customize and streamline the borrower’s application experience, making it simple and affordable to capture additional market share.
Contact LoanPaymentPro today to learn more about our innovative, technology-driven instant funding and Push-To-Card disbursement solutions.
