Velocity Solutions, Inc. launches innovative new short-term, small-dollar loan program
FORT LAUDERDALE, FL (April 27, 2017) — Velocity Solutions, Inc. announces the launch of CashPlease™, 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.
“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,” explained Mike Triggiano, Executive Vice President of Product Management at Velocity Solutions. “Many of these consumers lack the credit score necessary to obtain credit through traditional means, so they often turn to high-cost, predatory lending sources like payday loans.” Triggiano continued: “From the perspective of the financial institution, while it makes sense to offer a short-term liquidity solution, traditional manual small-dollar loan offerings are cost-prohibitive, and require resources that most community financial institutions simply cannot justify. 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.”
Velocity Borrower Logic, LLC is launching the CashPlease™ product nationwide to community and regional banks and credit unions. It is a fully-automated program that provides a website and mobile app branded for each financial institution and is based on the latest regulatory changes. Velocity manages the underwriting 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
Founded in 1995 and servicing the transaction accounts of over 30 million consumers and business owners, Velocity Solutions is the leading provider of revenue-driving solutions for community banks and credit unions. Our Velocity Intelligent Platform™ powers all of Velocity’s solutions, using machine-led intelligence that delivers powerful analytics and drives revenue, deposits and loans to our client financial institutions. For more information, please visit www.myvelocity.com.