Implement Your Own Small Loan Strategy with PaySound® Technology Platform

Lending Club announces today the BancAlliance where it will partner with small banks to provide consumer loans.   As the CEO of Sugar River Bank in New Hampshire, “Big banks have eaten the lunch of small banks.”  Bert Ely, consultant points out, “Community banks have pulled back from these types of loans because of regulatory risks and hassles associated with it.”

This comes on the heels of large banks like BBVA Compass partnering with small business lender, On Deck.   But as bank partners point out, “It’s a small income source.”  More importantly, the strategy gives away strategic relationships and control of customers.  A much better option for community financial institutions today is their out automated and hassle-free digital platform to serve small loans for consumers and small businesses like PaySound.^®