Products and Services Offered Through This Provider
Private Student Loan Program: Private student loans, private student loan consolidation, and member referral program
Who is Lendkey?
LendKey is a cloud-based technology company that provides the essential infrastructure for any party to quickly, securely, efficiently, and profitably lend to anyone else. Its platform allows credit unions to affordably set up a full-scale, fully compliant lending operation within weeks, as well as tap into a community of like-minded lenders.
How do credit unions benefit from this strategic alliance?
Over the past ten years, millions of American students and families are increasingly turning to private loans as the cost of higher education continues to outpace increases in federal student loan program limits. LendKey’s cloud-based lending platform helps your credit union quickly and profitably grow your loan portfolio and extend your reach into the crucial high school and college demographic groups.
Credit unions receive exceptional benefits, including immediate data on portfolio performance, while offering attractive loans to borrowers. Private student loans put your credit union’s capital to work, provide an avenue for attracting new members entering their prime borrowing years, and support the higher education goals of members.
Why this provider over another?
- Create your own custom loan program or join an established common loan network program. For example, cuStudentLoans is a unique direct-to-consumer marketing program that uses common underwriting and pricing and provides loan participations to enhance risk mitigation.
- Fully paperless application and document gathering that makes loan processing faster and easier.
- The Academic Credit Score (ACS) takes into account academic criteria as well as credit data to help mitigate risk. Students apply for a new loan each year, giving them the opportunity to obtain a lower rate if their ACS improves.
- Monthly email billing and notifications to both borrower and co-signer help reduce default rates.
- Direct connection between lenders and schools for loan certifications and funds disbursements.
- In-school servicing, with monthly payments made while students are still in school, helps students increase financial literacy and build their credit.
Ready to get started?
- Contact Brenda Halverson, CUNA Strategic Services alliance manager, at 800-356-9655, ext. 4110, or email@example.com.
More information about LendKey products and solutions