LendingPoint to accept loan payments and disburse loans via debit cards
KENNESAW, Ga.–(BUSINESS WIRE)–Bringing a new layer of convenience to financial transactions with its customers, LendingPoint, the company working to revolutionize access to consumer credit, announced today it has entered into an agreement with TabaPay that will integrate debit cards into LendingPoint’s financing platform.
Beginning immediately, LendingPoint will allow borrowers to use debit cards for loan payments they make online or over the phone. LendingPoint will be able to verify account ownership and balance of its applicants through the TabaPay platform. Then later this year, LendingPoint will also be able to instantly disburse loans to approved borrower accounts through their debit cards, 24/7/365, or credit card payoffs. Those inbound and outbound debit-card disbursements and collections will happen instantaneously and are free for the borrower.
“When it comes to our customers, our goal is always to make the process of working with us as easy and transparent as possible,” said Mark Lorimer, LendingPoint’s Chief Marketing Officer. “Those borrowers who prefer using their bank accounts in their transactions with us can still do so, but we now have an alternative for people who like using debit cards in their financial lives.”
The introduction of debit cards into customer transactions also allows LendingPoint to integrate debit-card account activity into its underwriting algorithm that determines borrowers’ creditworthiness.
“Many consumers prefer using debit cards in their financial transactions, particularly the ease of payment coupled with the notion of avoiding costly NSFs,” said Manoj Verma, CRO of TabaPay. “We built a solution that’s a win-win for borrowers and lenders who want to use debit cards, and we’re thrilled that LendingPoint is deploying our technology to provide its customers more choices in their lending experience.”
LendingPoint is a balance-sheet lender that uses data and technology in a proprietary model to paint a more complete financial picture of a customer. This model allows LendingPoint to approve loans for more people who may be passed over by traditional FICO results. Online loans range from $2,000 to $26,500, with terms from 24 to 48 months. Point-of-Sale loans range from $500 – $15,000, with terms from 12 to 60 months. LendingPoint responds to customers in a matter of seconds with an approval decision, creating loan offers aligned with the customer’s financial profile and transparent terms that take the guesswork out of repayment.
LendingPoint is a FinTech balance sheet lender working to revolutionize access to credit. The company is creating a better lending and borrowing experience by looking for more reasons to say “yes” — helping consumers across the credit spectrum unlock access to affordable loans and live better financial lives. Its LendingPoint Merchant Solutions platform provides merchants and other service providers a fully integrated, one-stop retail financing in-a-box solution to convert more customers at the point of sale. LendingPoint is a privately held company headquartered in Kennesaw, Ga. with offices in San Diego. It was named one of the nation’s best consumer loan companies by U.S. News & World Report and one of the Best Personal Loans by NerdWallet. For more information, visit https://www.lendingpoint.com.