FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Velocity Solutions and Allied Solutions announced a strategic partnership in November 2015 that offered Allied’s extensive network of financial institutions access to Velocity’s dynamic suite of revenue enhancement products. Allied has added Velocity’s newly-launched lending product, CashPlease™, to their portfolio. CashPlease™ is an automated small-dollar, short-term loan program that allows banks and credit unions to provide their account holders with easy access to cash at affordable interest rates, while staying compliant and being much more efficient than manual processes. The CashPlease™ platform is offered by Velocity Borrower Logic, LLC, an affiliate of Velocity Solutions.
CashPlease™ is a simple-to-use application that allows consumers to apply for loans 24/7 on their institution’s branded CashPlease™ website or mobile app. Loan amounts generally range from $100 to $1,500, and do not require a traditional credit check. An ability-to-repay determination is made by Velocity’s data-driven proprietary algorithm, the underlying technology of which has been used to analyze short-term liquidity on millions of accounts for many years. Consumers will know immediately whether they are approved for a short-term loan, and the funds will be deposited directly into their account.
“This innovative new lending solution is a logical addition to our Allied partnership,” said Mike Triggiano, Executive Vice President of Velocity Solutions. “We launched this product because we identified an overlooked consumer market – those who have solid relationships with their financial institution but find that institution can’t serve them for short-term liquidity. Many of these consumers dislike overdraft and want an alternative from the bank or credit union they know best, without having to turn to high-cost lending sources like payday loans.” Triggiano continued: “Many traditional small-dollar loan offerings are cost and resource-prohibitive for most community financial institutions, so we introduced CashPlease™ as a product that automates short-term loans and fulfills a glaring need in the consumer market, as well as in the banking/credit union space.”
To learn more about adding CashPlease™ as a product offering at your financial institution, and for a free demo, please contact your Allied Solutions representative.
About Velocity Solutions, Inc.
Founded in 1995 and servicing nearly 15 million transaction accounts, Velocity Solutions® is the leading provider of revenue enhancement solutions to regional and community banks and credit unions. Velocity’s solutions are designed to drive new accounts, increase transactional activity in existing accounts, generate additional fee income, increase account holder retention and address regulatory scrutiny. For more information, please visit www.myvelocity.com.
About Allied Solutions
Allied Solutions, LLC is one of the largest providers of insurance, lending, and marketing products to financial institutions in the US. Allied Solutions uses technology based products and services customized to meet the needs of 4,000 clients along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions maintains over 15 regional offices and service centers around the country and is a subsidiary of Securian Financial Group, Inc. Visit www.alliedsolutions.net to learn more.