ARLINGTON, Va. — NAFCU Services Corporation President David Frankil has announced a new partnership to help credit unions help their members, even when they cannot make them a loan.
The XpressCredit.net program offers credit unions a way to retain member relationships when that member does not meet the lending criteria. While the member is still in the credit union, the system can identify potential alternative lenders and a credit union representative can review terms and conditions with the member to fulfill their traditional financial advisory role. Back-end lenders are contractually barred from cross selling to the credit union's members through this relationship.
"Our system is as much about lending as it is about member loyalty and retention," XpressCredit.net Founder and CEO Paul Gignilliat said. "The program has already proven successful in driving lending volume and reducing churn when we implemented it at a CUSO and in other credit unions, and we expect to see similar benefits accrue to others that want to participate."
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NSC President David Frankil explained, "A member that is declined for a loan today will go out and find that loan elsewhere. The risk for a credit union is that in losing this lending relationship, they will lose the rest of their member's business."
As part of the Preferred Partner program, XpressCredit.net is waiving its standard $2,500 set-up for NAFCU members, and there are no other financial or infrastructure requirements for credit unions to participate. Credit unions that wish to participate can be up and running in a matter of days.
NSC, the for-profit arm of NAFCU, now has 25 Preferred Partners.
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