Two Credit Unions and One Community Bank Adopt Point-of-sale Lending Technology
PHILADELPHIA, August 7, 2018 (Newswire.com) - LoanStar Technologies has launched three new customers on version 6.0 of the MerchantLinQ platform. This major release adds the ability to electronically sign a home services work completion certificate and integrates the MerchantLinQ platform to the CreditSmarts.com® platform, bringing the total number of loan origination system partnerships to 12. Additionally, MerchantLinQ is now completely integrated to Compliance Systems CSi® loan content engine, allowing for appropriate compliance content to be generated in all 50 states. These additional partnerships make adding lender customers much easier and will speed up the pace at which new lenders will be able to deploy MerchantLinQ in their local markets.
Brian Gill, SVP and Retail Lending Manager said that “the combination of the ability to serve our small businesses and attract new customers locally while maintaining compliance” was the key to the adoption for Peoples Bank of Indiana.
We saw the LoanStar platform as an opportunity to expand our sales team and reach within the community while using the GHS brand to leverage local relationships. This is a game changer for us.
Howard Meller, CEO, GHS FCU
“We’re always looking for new and improved ways to service our members and provide a superior member experience. The leverage of having a new solution for our small business membership and being able to use it as a door-opener for future services” was critical in IH Mississippi Valley CU’s selection and deployment of the platform, said Lindsey Ramos, VP Business Development.
GHS Federal Credit Union of Binghamton, New York, has launched the program within their footprint as well. Howard Meller, CEO of GHS, said: “We saw the LoanStar platform as an opportunity to expand our sales team and reach within the community while using the GHS brand to leverage local relationships. This is a game changer for us.”
LoanStar offers state of the art technology to connect lenders to borrowers through their merchants in home improvement, elective medical, consumer durable, renewable energy and non-auto vehicle verticals. The system is currently in production in 11 states and expanding to a national program in late 2018.
About LoanStar Technologies
LoanStar Technologies is a Philadelphia-based FinTech company that enables banks, credit unions, and other lenders to create point-of-sale consumer loans. Using their proprietary MerchantLinQ platform, LoanStar has created a streamlined, technology-driven system to quickly and easily create loans as a consumer-friendly alternative to high-interest white label credit cards. For more information, visit loanstartechnologies.com.
About Northwest Indiana Bancorp
NorthWest Indiana Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 19 locations in Lake and Porter Counties in Northwest Indiana. NorthWest Indiana Bancorp’s common stock is traded on the OTC Bulletin Board under the symbol NWIN. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and NorthWest Indiana Bancorp’s investor relations.
About IH Mississippi Valley Credit Union
IHMVCU is 120,000 members strong and has $1.2B in assets, making us the largest credit union in the Quad Cities region, and the fifth-largest credit union in Illinois. Our growth is a direct result of the trust in our member's place in us and the advantages we provide to them. For more information, visit IHMVCU.org.
About GHS Federal Credit Union
GHS Federal Credit Union has 3 locations in the Binghamton, NY area, nearly $150 million in assets and more than 17,000 members. For more information, visit GHSFCU.com.
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Source: LoanStar Technologies