Origence and LoanStar Enter Exclusive Partnership To Deliver Retail Merchant Financing to Credit Unions
Irvine, CA – November 10, 2021 – Origence, a CU Direct brand, and the leader in lending technology solutions has announced an exclusive partnership with LoanStar Technologies to provide retail merchant financing to credit unions.
As a result of the partnership, LoanStar will provide Origence credit unions with vital B2B support to connect with merchants, which has historically been a challenge for credit unions. Through this new partnership, credit unions will have the ability to capture loans at the point of sale, when and where members make large purchases.
Through its MerchantLinQ portal, LoanStar provides a world-class system that is fully branded for its credit unions. The company offers a wide range of flexible and competitive financing options, and provides consultation on how to win market-share. Most notably, LoanStar provides crucial business development support to help ensure lender success.
Andrew Turner, CEO of LoanStar shared, “We are excited to partner with such a well-known organization like Origence to help their lending partners diversify their portfolios while offering their members a new ability to borrow at the point-of-sale.”
“As we continue to explore new ways to reach and serve credit unions and their members, we are excited to announce the next evolution in point-of-sale financing through our collaboration with LoanStar,” said Brian Hendricks, Chief Product Officer for CU Direct.
As part of the joint venture, CU Direct Connect (CUDC), a subsidiary of CU Direct, will be LoanStar’s exclusive BPO, providing outsourced processing and underwriting services for retail merchant financing. CUDC provides lenders with flexible outsourced lending solutions that meet shifting demands, complement existing capabilities, and redirect resources to pursue new opportunities for loan growth.
“The business development and product aspects are critical for credit unions to succeed in this market. Beyond that, however, it is a high-transaction business that requires responsiveness and coverage outside of standard business hours. We look forward to enabling credit unions to grow through this channel without needing to invest heavily in their own back-office operations,” explains Brian Hamilton, President of CUDC.
Andrew Turner added, “We couldn’t have selected a better partner than CUDC to assist with our customers’ needs for outsourcing – not only do they understand the business, but the whole team came from lending operations.”
Headquartered in Swarthmore, Pennsylvania, LoanStar enables credit unions to compete with the larger national lenders that currently dominate the point-of-sale. LoanStar offers a locally branded lending solution and toolkit, called MerchantLinQ, that credit unions can offer through merchants to consumers to instantly apply for financing for their larger purchases at lower rates than those offered by larger lenders.
In addition to the technology that links borrowers to the lender via the contractor, LoanStar provides both a sales and advisory function to the lender – helping them to plan and build a program that is competitive in the local market. LoanStar supports lending on home improvement services, elective medical procedures and other sectors traditionally underserved by traditional brick and mortar lending operations.
Origence, a CU Direct brand, provides lending technology that elevates the origination experience to increase loan volume, create efficiencies, and grow accounts. With Origence, financial institutions can originate consumer and indirect loans with greater levels of productivity and increased scale, while also delivering a convenient and personalized borrower experience. Solutions also include marketing and CRM, auto shopping, outsourced loan processing, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.
About CU Direct Connect
CU Direct Connect (“CUDC”) provides lending organizations with flexible outsourced lending solutions designed to meet shifting demands, complement existing capabilities, and redirect resources to pursue new opportunities for growth. The company’s mission is to provide lenders with dynamic workforce solutions powered by superior technology and deep industry expertise. CUDC outsourced solutions include full-service loan underwriting, processing, call services, letter generation, funding support, and additional origination services. CU Direct Connect is located in Centennial, Colorado. For more information, visit www.cudirectconnect.com.