Income Opportunities Session: Lendkey, LSC, and SimplyCredit Present Turnkey Solutions that Grow Membership and Loans

ATLANTIC CITY, N.J. – Three NJCUL Services Corporation Business Partners, Lendkey, LSC, and SimplyCredit presented new income opportunities for credit unions to take full advantage of to drive and increase profit.

SimplyCredit Senior Vice President of business development Alan Bahr spoke with Convention attendees about how SimplyCredit is an online source that enables consumers to consolidate all of their credit card debt and pay to one place. Members can shift all of their balances to the credit union. It provides analytics, tools and content to direct targets to a co-branded Web/mobile interface, and enables applicants to apply for lines, enroll cards, and set up payment accounts. In addition, a user can sweep balances to personal lines that the credit union approves, reports and dashboards are provided online, and members have control over balance transfers, line payments and automation options. With this product, one credit union grew $1 million in loans in three short months!

LSC National Account Directors Anthony Mondello and Matthew Rhodes presented to Convention attendees the EZ Launch program. EZ Launch is designed to help and enable small credit unions to offer a highly competitive credit card to their members.

Benefits of EZ Launch include:

        1. Competitive rates
        2. No annual fee
        3. Two card types (Elite and Progress)
        4. ScoreCard Rewards offered on Elite Cards
        5. A website for members to access
        6. Balance transfer promotions offered throughout the year

Credit unions benefit as well. LSC will provide CUs with a reimbursement equal to 5% of the gross finance charges collected from members each month so when they carry a balance, revenue is shared with you. In addition, for the first year, LSC will issue a $50.00 reimbursement per approved application on all referrals with a Trans Union credit score of 650 and greater. LSC will still approve members below a 650 credit score, but only the reimbursement is for members with a credit score of 650 or higher. Referring a credit unions best members will earn more revenue.

For this program, there are no startup costs, no one-time fees, no monthly fees and no cost of funds to worry about.

LSC will take care of launching your program; incurring all expenses; loan underwriting; card issuance; marketing; collections and maintenance; compliance; and risk/losses.

Finally, LendKey joined the discussion of income opportunities for credit unions by stating how they assist with building and running the digital lending systems for credit unions. LendKey empowers partners with the tools they need to drive business and grow their capital.

LendKey Technologies Senior Sales Executive, Will Sneed, spoke to the audience about LendKey's turnkey digital lending solution and the power of their participation programs for Private Student Loans, Student Refi Loans, and Home Improvement Loans. Credit Unions have deployed over $1 billion with returns that range from 3.5%-5.9% by leveraging LendKey's participation programs. Will shared that participation has allowed credit unions to achieve the following:

• Serve members with relevant products
• Immediately deploy and grow their loan-to-share
• Strong yields
• Attract new Gen Y members
• Mitigate risk
• Geographically diversify their portfolio

The highlight of Will's presentation may have been the Home Improvement participation program that LendKey launched earlier this year. Credit unions have access to loans that consist of prime homeowner borrowers with an average FICO of 760 and a net ROA of 5.9%. Like all LendKey's programs, it also includes default insurance.