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 firstname.lastname@example.org or 800.728.3116 for a 45 minute web demo to see if Quilo is a fit for your bank.