LendingPoint announced it has entered into an agreement with TabaPay that will allow it to accept debit cards for loan payments.
Through the partnership, LendingPoint’s borrowers can use debit cards for loan payments they make online or over the phone. LendingPoint will also be able to verify account ownership and balance of its applicants through the TabaPay platform.
Later this year, LendingPoint will also be able to instantly disburse loans to approved accounts through borrowers’ debit cards or credit card payoffs at any time and at no charge.
“When it comes to our customers, our goal is always to make the process of working with us as easy and transparent as possible,” said Mark Lorimer, LendingPoint’s chief marketing officer. “Those borrowers who prefer using their bank accounts in their transactions with us can still do so, but we now have an alternative for people who like using debit cards in their financial lives.”
As a balance sheet lender, LendingPoint uses data and technology in a proprietary model to paint a more complete financial picture of a customer, allowing the company to approve loans for people who may be denied by traditional FICO results. Online loans range from $2,000 to $26,500, with terms from 24 to 48 months.
“Many consumers prefer using debit cards in their financial transactions, particularly the ease of payment coupled with the notion of avoiding costly NSFs,” said Manoj Verma, CRO of TabaPay. “We built a solution that’s a win-win for borrowers and lenders who want to use debit cards, and we’re thrilled that LendingPoint is deploying our technology to provide its customers more choices in their lending experience.”
LendingPoint responds to customers in a matter of seconds with an approval decision. Since its founding in 2014, the privately held company has issued nearly $500 million in consumer loans to more than 70,000 borrowers.