The number of consumers who use a BNPL (Buy Now Pay Later) service has skyrocketed in the past 12 months. Consumers like these programs since they want simple monthly payments to give them the satisfaction of paying off a purchase rather than credit cards that can become “evergreen”. Unfortunately community financial institutions (CFIs) have missed out on this opportunity but it is not too late.
Millennials and Gen Z’s are an age group that is sought after by most financial institutions. Many of these people are scared of credit cards since they never seem to get them paid off. There are late payment penalties, high interest rates, and the minimum payment allows borrowers to pay off the balance in 15 years or more. Now there is a service you can provide.
Quilo is a turnkey service for financial institutions to provide small dollar consumer loans for purchases over $250. The high yield low touch loan program is not designed to cover everyday expenses like overdraft privilege programs do.
Your customer needs a new water heater or new tires. They have savings at your financial institution that they can use or they can use a credit card to pay for the expense. They don’t want to zap their savings for this unexpected expense and they don’t want to use their credit card with a high interest rate. Quilo provides a better alternative to either of these options.
Quilo loans are funded by your CFI and they offer a low rate, simple fixed payment, no prepayment penalty, and no late fees. Exactly what your customers want and need.
To learn more about Quilo please contact Strunk at email@example.com or 800.728.3116 for quick demo of the Quilo Instant Installment Loan Program.