As
US Bank becomes the latest bank to offer essentially “pay-day” loans, critics
point out that the interest rate exceeds state usury laws regardless of support
from the OCC. Is such a service only to be offered by national banks claiming preemption?
No doubt we all can agree that cash-strapped consumers need access to credit, but can’t we design profitable, efficient and safe loans with the insights and technology of today? The answer is of course we can, if we look to the larger customer need and relationship as SafeLink® does.
Consumers don’t need just a one-time loan or a single service, they need ongoing liquidity services and safe transaction services. By providing a combination of services including accounts with no overdraft fees ever not even returned check charges and a line of credit up to $1,000 at 15% APR without a credit score, many FIs are serving the recurring small dollar loan needs of consumers profitably, efficiently and safely with a product called SafeLink.®
No doubt we all can agree that cash-strapped consumers need access to credit, but can’t we design profitable, efficient and safe loans with the insights and technology of today? The answer is of course we can, if we look to the larger customer need and relationship as SafeLink® does.
Consumers don’t need just a one-time loan or a single service, they need ongoing liquidity services and safe transaction services. By providing a combination of services including accounts with no overdraft fees ever not even returned check charges and a line of credit up to $1,000 at 15% APR without a credit score, many FIs are serving the recurring small dollar loan needs of consumers profitably, efficiently and safely with a product called SafeLink.®
Clients
like Classic Bank and others drive new revenue and provide a superior
experience for customers needing small dollar credit at a safe 15% interest rate
and a recurring line of credit access. Best
of all, SafeLink® is all digitally
delivered for efficiency and customer use on a phone or smart device. It fits into our full MinuteLender® digital suite of loan and
liquidity products. See more at
www.rcgiltner.com.
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