Point-of-Sale Retail and Medical Lending
Grow and diversify your credit union’s loan portfolio
OnSpot Financing is an online provider portal that allows credit unions to offer point-of-sale (POS) financing at retail and medical establishments. Providers and consumers submit loan applications through the secure, web-based portal.
Once the credit union reviews the application and makes a loan decision, the service provider can provide loan documents for the customer to sign or digitally sign with Docusign.
diversify your portfolio
OnSpot Financing facilitates credit union retail loans for:
- Medical services (including dental, cosmetic surgery)
- Home improvement (such as window replacement, remodeling)
- Solar power installation
- Recreation (pools and spas)
- Vehicle repairs and service
- And more
Grow and diversify your credit union’s loan portfolio with higher yield retail loans — most are unsecured, with rates well above today’s auto loan rates. With retail lending, you have the opportunity to deepen your relationships with existing members, while adding new membership growth opportunities.
OnSpot’s tablet-friendly design and intuitive interface is easy to learn and automates the loan approval and funding process.
Credit unions can easily enroll new providers into the OnSpot network using our online e-signature solution (and become their preferred lender in the process). Lenders can elect to work with all providers, or narrow their programs to a small niche market.
OnSpot Financing benefits credit unions, retail providers, and consumers:
OnSpot Financing from CU Direct provides one more way to build and maintain strong local business relationships, and become the preferred financial institution for local retail providers.
- Helps credit unions develop new business, while adding another benefit to their membership. Using the optional Find a Provider toolkit, members can quickly search for participating retail providers and apply for a pre-approved loan directly through the credit union website.
- Retailers and service providers gain access to thousands of potential new customers, and eliminate the need to provide lay-away plans or in-house financing. Retailers pay a one-time start-up fee, then a low monthly fee for access to the portal.
- By providing point-of-purchase financing, retailers and service providers enable their customers to make purchase decisions with confidence, knowing the funding comes from a trusted local source.