FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--The OCC yesterday urged banks to meet consumers’ short-term, small-dollar credit needs. Practices specific to this kind of lending, according to the OCC, should include analysis that uses internal and external data sources, including deposit activity, to assess a consumer’s creditworthiness. Velocity Solutions, LLC is pleased to announce that its CashPlease™ small-dollar lending platform uses deposit activity to automatically underwrite loan amounts offered to consumers, allowing financial institutions to offer these loans as outlined by the OCC.
CashPlease™ was launched in April 2017, building on a prior solution from Velocity that has successfully underwritten many millions of dollars of loans since 2012 with very low charge offs. The small-dollar, short-term loan program is automated and allows banks and credit unions to provide their account holders with easy access to cash at affordable interest rates. Financial institutions avoid the high costs of individually underwriting and documenting these loans through the CashPlease™ automated platform.
“We launched this product because we identified an overlooked consumer market – those who have solid relationships with their financial institution and an ability to repay – but cannot qualify for short-term credit through traditional means,” explained Christopher Leonard, attorney and CEO of Velocity Solutions. “Our financial institution clients are able to serve these consumers far better than payday lenders, but prior to technology like ours, the internal costs were prohibitive. While our solution has generated enormous interest over the past year, the OCC’s announcement puts this issue front and center as one that banks should address now.”
CashPlease™ is a simple-to-use application that allows consumers to apply for loans 24/7 on their financial institution’s custom-branded CashPlease™ website or mobile app. Consumers know immediately the maximum loan amount for which they are approved, and borrowed funds are deposited directly into their account. The configurable solution handles loan underwriting, e-signing of the loan documentation, and helps automatically book loans to the financial institution’s core.
To learn more about adding CashPlease™ as a product offering at your financial institution, and for a free demo, please visit: www.CashPlease.com.
About Velocity Solutions, LLC
CashPlease™ is powered by Velocity Borrower Logic, LLC, an affiliate of Velocity Solutions, which is the leading provider of revenue enhancement solutions to regional and community banks and credit unions. Founded in 1995 and servicing the transaction accounts of over 25 million consumers and business owners, we have unparalleled expertise and insight into deposit account activity and transactional trends. Velocity’s solutions are designed to drive new accounts, allow short-term, small-dollar lending, generate non-interest income, increase account holder retention and address regulatory scrutiny. For more information, please visit www.myvelocity.com.