For the past 40 years banks have refrained from making small dollar consumer loans due to the unprofitable nature of doing so. Industry experts say it costs anywhere from $85-$100 to book an installment loan and the interest received wouldn’t cover the expense. Even though in the 1990’s banks starting charging an application fee to cover this expense most bankers cringe when asked to make an $800 consumer loan…until now.
Quilo allows financial institutions to underwrite, fund, collect, and report the loans for around $.85, not $85. The smart phone lending tool gives instant access to installment loans from your bank 24/7, in the back pocket or purse of your customer.
The digital lending solution lets consumers apply via your website in about two minutes. Then they use the Quilo app to pay down or pay off other bank’s credit cards, replenish their checking account for recent debit card purchases of over $250, or get a virtual prepaid MasterCard to be used for online or POS purchases.
It can be used anywhere Apple Pay, Google Pay or Samsung Pay is accepted, added to your digital wallet, or added to your online account at any merchant. The reloadable card is easy to use and the loan program is easy to manage.
Bankers are familiar with digital banking on the deposit side but not lending. To see how Quilo can be a huge competitive advantage for your bank contact Strunk at firstname.lastname@example.org or 800-728-3116 for a 45 minute web demo.