Installment Lending Made Easy for Banks

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How easy is it for your customers to get an unsecured loan from your bank using your underwriting criteria? Many banks provide an online application form for consumers to fill out that can be four to six pages long. Then someone at the bank reviews the data, pulls a credit bureau report, and decides whether or not the loan will be made and on what terms. This process is cumbersome, inefficient, and very costly. So costly that many banks don’t even make loans for less than $2,000.

Industry reports show that 75% of consumers want to borrow money between 5:00 pm and 9:00 am each day…when your bank is closed. So how can the underwriting, funding, collection and reporting process be automated to make these loans profitably when consumers want the money?

Bring on Quilo…Quick Installment Loans. Quilo is a lending tool that allows your bank to make instant installment loans easily and profitably right from your website. The turnkey solution is easy to implement, monitor, and it will generate new customers as well. When was the last time you had a lending solution that provided a huge competitive advantage over your competition? How about Quilo for small businesses as well?

To see how Quilo will work for your bank contact Strunk at info@strunkaccess.com or 816-225-8793 for a 45 minute web demo.

Quick Installment Loans

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Does your bank receive small dollar loan requests from time to time and you have to pass on them due to the unprofitable nature of making them? Do your customers have to fill out a 3-4 page loan application form online or at your bank for an unsecured debt consolidation loan, a home improvement loan, or a loan for a vacation? Do you manually pull the credit bureau report, review the report and application, and then decide whether or not to loan your customer the money?

Quilo does this for you all inside a smartphone app. With basic information like name, address, DOB, and social security number, the Quilo solution does a soft pull of the customer’s credit bureau report, decides whether to make the loan, at what interest rate, and for how much all in a matter of a few seconds. Quilo accommodates non-customers as well. The consumer just takes a picture of their driver’s license and a selfie and the app ensures the Patriot Act and KYC is covered before deciding to make the loan.

Millennials and Gen Z’s are already using this technology, just not with your bank. After a small set up fee the solution is paid for by the consumer when borrowing. No monthly minimums to worry about. Quilo for your small business customers is a tremendous new way to help them make sales to consumers.

To see how Quilo can be a huge competitive advantage for your bank contact Strunk at info@strunkaccess.com for a 45 minute web demo.

Bankers: How to Make Consumer Loans Profitably

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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 info@strunkaccess.com or 800-728-3116 for a 45 minute web demo.

Quilo is a great opportunity for credit unions

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Strunk recently attended the Cooperative Credit Union Association’s CU Marketplace in Worcester, Massachusetts to introduce Quilo. Digital technology should be a top priority and Quilo is the #1 solution on the market – an all-digital loan and payment platform empowering credit unions to offer POS financing directly to account holders.

Strunk CEO Dan Roderick was proud to have the opportunity to present Quilo at the event’s Executive Luncheon and Strunk representatives had many great conversations with credit unions that were very excited about the program.

Quilos can be used for new purchases online or in store, to pay down credit card balances, or move funds to a checking account. Account holders will experience stress-free, instant access to funds via the digital experience online and on mobile devices, while credit unions will enjoy net income up to 5% ROA.

Quilo has also been selected by CU 2.0 as one of their picks for a fintech that will make the best partner. To read the full article click here.

If your credit union has not had the chance to look at Quilo yet, now is the time! Contact Strunk at info@strunkaccess.com to schedule a demo today!

Bankers: How to make your Small Business Clients Thrive

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When was the last time your bank had a product or service that would substantially increase the sales of your small business customers? Are your small business customers considering leaving your bank for Fintech’s who offering something you can’t provide?

Fintech experts claim that virtually all small businesses will have some sort of buy now pay over time product by the end of 2023. The Fintech programs allow consumers to buy something and pay for it over time and the purchase is generally subsidized by the small business. What if your bank had a product that provides a similar service but you make the loan rather than have your client take a hit on the sales price?

For dentists, HVAC companies, veterinarians, furniture stores, tire stores, roofers or any small business with larger ticketed items, we have the answer. Industry data shows small businesses will increase sales by 30% or more if consumers can pay for the purchase over time. How can your bank participate in this fast growing business?

Quilo provides instant access to loans from your bank via a smart phone using your underwriting criteria. Consumers make purchases from your commercial customers and pay for them over time with a loan from you…and your small businesses are thrilled.

To see how Quilo can be a huge competitive advantage for your bank contact Strunk at 800.728.3116 or info@strunkaccess.com.

Quilo: Quick Installment Loan

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When was the last time your lending team was excited when a customer came to the bank to borrow $750? My guess is nearly 40 years ago when credit cards took over unsecured installment lending business from community banks.

Each core processor has fees associated with booking a new installment loan and the average fee is at least $85 or more. So, if you make a $750 loan for one year at 7% interest your bank would make about $26 in interest income since the loan is amortizing each month. If a bank charged a $50 application fee then the customer would pay $76 and you would only lose $9 on that transaction…assuming there was no credit loss.

Quilo provides community banks a smartphone lending solution that provides instant access to installment loans from your bank. Consumers have 24/7 access to installment loans and no more taking an application online or in person and making a decision tomorrow or the next day. Quilo’s can be obtained in two minutes with the bank controlling the credit risk and return.

Digital banking has been around for some time but not on the lending side of the house. Younger consumers like to do almost everything on their cell phone. Why not allow them to get loans via their cell phone rather than just make deposits or transfer money.

We are thrilled to announce that Quilo was recognized as the Choice Award winner at the recent ICBA Convention in San Antonio.

Contact Strunk at info@strunkaccess.com or 800.728.3116 for a 45 minute web demo to see if Quilo is a fit for your bank.

ICBA Live Winner of the Banker’s Choice Award 2022: QUILO

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Strunk team members were thrilled to once again, be a part of the Independent Community Bankers Association’s biggest event, ICBA Live, hosted this year is San Antonio. This year, Strunk was proud to be a part of the team that introduced Quilo to the ICBA. In addition, Strunk was able to highlight their overdraft service and best-in-class governance, risk and compliance solution.

Quilo has been selected to be a part of the ICBA’s ThinkTECH Accelerator program, a community bank-focused fintech accelerator run in partnership with The Venture Center. The highlight of the ICBA Live event was certainly Quilo winning the ICBA’s Banker’s Choice Award for 2022!

Digital technology should be a top priority and Quilo is the #1 solution on the market – an all-digital loan and payment platform empowering community financial institutions to offer POS financing directly to account holders.

Quilos can be used for new purchases online or in store, to pay down credit card balances, or to replenish a checking account for debit card purchases. Account holders will experience stress-free, instant access to funds via the digital experience online and on mobile devices, while CFIs will enjoy net income up to 5% ROA.

If you have not had the chance to take a look at Quilo yet, now is the time!

To learn more please visit https://strunkaccess.com/landing-pages/quilo/

Strunk at the ABA’s Conference for Community Bankers 2022

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For the first time in two years, the American Bankers Association hosted the Conference for Community Bankers in person February 20-22. Strunk’s associates were pleased to see old faces and new and to gather in the beautiful location of Palm Desert, California.

There were many engaging sessions offered, with a focus on community banks establishing use of Fintech solutions to remain competitive. In addition to highlighting their overdraft service and best-in-class governance, risk and compliance solution, Strunk introduced Quilo to this audience for the first time. Quilo is an all-digital loan and payment platform for community banks to offer POS financing direct to their account holders.

Quilos can be used for new purchases online or in store, to pay down credit card balances, or to replenish a checking account for debit card purchases. Banks can also set up alternative payment technology among their merchant clients as an additional revenue stream.

Customers will experience stress-free, instant access to funds via the digital experience online and on mobile devices, while banks will achieve an ROA up to 5%. ABA member banks were excited to learn about this new program that is truly a win-win for account holders and bankers alike.

For more information on Quilo, visit https://strunkaccess.com/landing-pages/quilo/.

Bankers: The Race is on to Attract Younger Customers

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Nearly 70% of consumers currently use Buy Now, Pay Later (BNPL) services and the number is even higher for millennials and Gen Z’s. Community banks have battled for years to try to provide online banking, mobile banking and other services to keep and attract young customers when they leave for college and don’t come back home.

Now Fintech companies are providing services that your customers are using and they are literally taking consumers away from community banks right before banker’s eyes. When was the last time you checked on debits to your customer’s accounts going to Affirm, Klarna, Open Pay, Pay Pal and other digital lending solutions? When will these customers leave your bank for the high yield checking accounts these companies offer?

So far banks have been left of the sidelines and if you don’t act quickly there won’t be anything left to keep young customers from fleeing your bank. Consumers between the age of 22 and 40 are five times more likely to use buy now and pay for it over time than seniors and baby boomers.

Younger consumers are looking to spread out payments over time for larger purchases rather than pay for them with an evergreen credit card. They trust the bank and would rather do this business with you than a Fintech. The service has to be easy to use and convenient.

Quilo is the answer. Now is the time to disrupt the Fintech market and get in the game.

Contact Strunk at info@strunkaccess.com or 800.728.3116 for a 45 minute web demo to see if Quilo is a fit for your bank.

https://strunkaccess.com/landing-pages/quilo/

Quilo selected by the ICBA’s ThinkTECH Accelerator Program

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Strunk is thrilled to announce that Quilo has been selected by the ICBA’s ThinkTECH Accelerator program as one of only 11 fintech companies to be part of the 2022 ThinkTECH cohort.  Additionally, ICBA has made an investment in Quilo.

ThinkTECH is a community bank-focused fintech accelerator run in partnership with The Venture Center, and was designed to identify and foster community bank-enabled fintech partnerships. Through an intensive 12-week program, these promising fintechs will meet with community bank leaders, policymakers, and subject-matter experts to collaborate on fintech solutions tailored to the unique needs of community bankers.

Starting in 2019, ICBA ThinkTECH Accelerator was launched to connect community bankers and fintech visionaries to develop solutions specifically for the industry.

Quilo is an all-digital, unsecured personal installment loan solution that can be used three ways:

  1. Replenish checking account for debit card purchases
  2. Pay down credit card balances
  3. Make new purchases online or in store

The platform requires no integration with a banking core and because it’s all digital allows your staff to stay in control of the loan portfolio with minimal effort.  Additionally, it comes with a turn-key fully managed digital marketing campaign that is designed to attract your existing customers and promotes your brand to new customers locally.

To learn more about Quilo, contact Strunk at info@strunkaccess.com or 800.728.3116.

An independent certified public accountant has examined Strunk’s operations and found them to be in compliance with the AICPA’s Trust Service Principles. It was determined that Strunk meets the Security, Availability, Processing Integrity, Confidentiality, and Privacy criteria for SOC 2 established by the AICPA.

Meet Quilo, Your All Digital Lending Officer