The American
Banker reports today that non-bank digital lending partners are not able to
operate with the state usury caps such as in Colorado. That is because these non-bank digital
lending partners require use of “preemption” or other means to avoid state
usury laws.
MinuteLender® is
different. It provides online digital
loans under your financial institution’s brand, compliance, underwriting and
control, including working within all state usury compliance. You book loans with underwriting like you would you use in a branch, but with a three-minute customer experience. From loan application through loan approval or handling of denials,to e-sign
of all documents, all is automated using a mobile device or computer, with no paper generated.
Digital lending will generate
$30 billion in revenue by 2025, and financial institutions have the competitive
advantages to win in the competitive environment. Compared to non-bank online lenders,
financial institutions have a much lower and more stable cost of funds,
existing customer relationships to leverage, and established compliance. Financial institutions just need the digital
technology, like MinuteLender. ®
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