2019 NAFCU Services Innovation Award Winner
LendKey empowers hundreds of credit unions to digitally originate, sell, and purchase loans through a unique combination of technology, people and culture. Its lending-as-a-service model provides easy access to whole and participation loans and includes demand generation, origination, servicing, and balance sheet management solutions.
For more than 10 years, LendKey has facilitated over $5 billion for its credit union partners in private student loans, student refinance and home improvement loans.
Products and Services
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LendKey’s private student loan (PSL) solution helps credit unions increase member acquisition, achieve asset diversification, provides guaranteed capital deployment and offers strong returns.
PSLs are often the first loan a young member needs as they embark on the modern credit journey. Not only is this a great opportunity for a credit union to strongly position itself with a young member, it’s also a great service to core members trying to finance college for their children considering more than 90% of PSLs are cosigned. A PSL solution enables credit unions to attract and retain younger members for a lifetime of lending. LendKey has originated more than $1 billion in private student loans.
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LendKey’s student loan refinance (SLR) solution allows credit unions to offer a product which cultivates relationships, immediately deploy capital, and achieve strong gains.
SLR serves as a gateway product for credit unions to introduce themselves to graduate students and professionals to become their primary financial institution. Credit unions should consider SLR as a key component of their overall new member acquisition strategy. With a massive $350 billion market opportunity, SLR presents credit unions with an excellent chance to attract new members, serve current members and build lasting relationships.
