ILT is known for its Web-based system for managing indirect auto lending (DILLS), and PILS is taking it a step further. According to Will McGregor, president of ILT, PILS is designed to support the growing demand for credit to finance elective surgery or other medical procedures not covered by health or other insurance, sometimes referred to as "lifestyle lending".
"Option 1 Credit Union requested that we modify our automotive system to accommodate the credit union's efforts to extend credit to its members while they're at the doctor's office", said McGregor in a released statement. "The credit union wanted the same level of convenience and speed for medical providers and their patients as DILLS provides for automobile dealers and their customers. PILS will allow a credit union member to apply for a loan to finance a medical procedure in the privacy of his or her own home or enable a business manager at the doctor's office to apply for the loan on the member's behalf."
Option 1 CU will be the first credit union to use the PILS technology, which will be linked to doctors and other health care providers in the credit union's western Michigan market. The product will then gradually be introduced to ILT's other credit union clients around the country.