A number of credit unions will soon be equipped to tap into marketplace lending for additional auto loan offerings.
SpringboardAuto.com, a markeplace lender for auto finance, partnered with MeridianLink, an originations platform provider, with more than 20,000 lender clients. The partnership allows SpringBoard to offer “second look loans” for credit union members with “less than perfect” credit, the company announced today.
“Our platform enables MeridianLink clients to better meet the needs of today’s auto loan applicants, who don’t meet regulatory or stated loan policy restrictions of a credit union,” SpringboardAuto Chief Executive Jim Landy said in a press release today. The partnership will integrate the two company platforms, “eliminating duplicate member declinations and hard inquiries on consumer bureaus,” according to the release.
The announcement comes on the heels of a recent investment in SpringboardAuto.com by CUNA Mutual Group, provider of financial products, that has a presence in 95% of credit unions nationwide. The lender will begin offering auto loans to credit union members in “selected states” later this year, with further expansion plans thereafter, a company spokeswoman said.
SpringboardAuto.com targets subprime to near-prime consumers, with Fico scores ranging from 500 to 680.
