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
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.
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.