LACEY, Wash., July 18, 2017 (Newswire.com) - LoanStar Technologies has deployed version 3.0 of the MerchantLinQ platform. This major release enables credit unions and community banks to deploy vehicle programs in Marine, RV and Powersports, by connecting directly to borrowers through dealers. Additionally, the MerchantLinQ platform is now fully integrated to the MeridianLink® LoansPQ® loan origination system.
LoanStar member lenders are now able to compete in many underserved verticals, including recreational vehicles, boats, powersports and equipment, which provide higher yields than indirect auto loans. The MerchantLinQ platform connects lenders to dealers in their regional markets. Local service with cutting edge, easy to use technology are a winning combination for both the dealer and the local financial institution.
"The addition of non-auto vehicle verticals allows our lenders the option of more diversity in their lending offering, while giving the dealers a toolset unavailable today through their existing providers," said Andrew Turner, CEO of LoanStar Technologies. "Our goal is to allow community banks and credit unions to provide a best-in-class toolset to the dealers, offering financing options to their customers, and ultimately simplifying their marketing initiatives and transaction flow. Partnering with TwinStar on our non-vehicle launch has been a perfect fit for our dealers in both technology and service."
We are excited to expand our point-of-sale lending programs via our partnership with LoanStar. The company provides a unique combination of product and market knowledge along with advanced technology that provides a superior lending experience for the business and the borrower. This is a game changer for us.
TwinStar Credit Union of Lacey, Washington has launched the non-auto verticals in both Washington and Oregon. Aaron Palmer, Chief Lending Officer of TwinStar CU, said: "We are excited to expand our point-of-sale lending programs via our partnership with LoanStar. The company provides a unique combination of product and market knowledge along with advanced technology that provides a superior lending experience for the business and the borrower. 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 the pacific northwest, as well as throughout the southeast and northeast United States.
About LoanStar Technologies
LoanStar Technologies is a Philadelphia-based FinTech company that enables banks 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. This project is supported by the Ben Franklin Technology Partners of Southeastern PA, an initiative of the Pennsylvania Department of Community and Economic Development funded by the Ben Franklin Technology Development Authority.
About TwinStar Credit Union
TwinStar Credit Union serves more than 100,000 members in Washington State and the Portland, OR metropolitan area. TwinStar operates 20 branch locations and manages $1.2 billion in assets. For more information, look up www.TwinStarCU.com.
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Source: LoanStar Technologies