CU NextGen's Automated Microloan: A Game-Changer for Credit Unions

CU NextGen's automated microloan transforms how credit unions serve their members, offering a future-focused alternative to payday loans. This innovative solution allows members to request a personal loan of up to $2,000 at any time of day, seven days a week. Integrated seamlessly within a credit union’s online and mobile banking systems, the automated microloan process requires no credit check. It provides instant approval and funding, leveraging CU NextGen’s advanced automation and AI technology. This service ensures members can access financial relief when needed, promoting overall financial wellness.

Significant Market Impact

“The automated microloan is proving to have a substantial impact in the marketplace,” said CU NextGen CEO Kent Zimmer. “In one case study, a credit union partner offering the solution to members for almost a year now averaging $300,000 in microloans monthly. This means that as they meet real-time needs, they are helping 200 members each month reduce their reliance on predatory lenders.”

Solving Real-World Challenges

The automated microloan addresses a critical need for timely financial assistance. Emergencies often occur at inconvenient times, such as weekends or late evenings, when traditional financial institutions are closed. This solution allows members to promptly access the cash they need for unforeseen circumstances, helping them avoid payday lenders or accumulating high-interest credit card debt. Notably, the solution is provided by their trusted credit union, ensuring peace of mind and reliability.

Enhancing Member Value

The automated microloan significantly enhances member value by offering a future-focused alternative to payday loans. Members can quickly determine their eligibility and receive funds within minutes, providing immediate relief and supporting their financial health. The goal is to reduce members’ reliance on predatory lending and help them maintain economic stability.

Standing Out from the Competition

What sets CU NextGen’s automated microloan apart from competitors is its nearly instant funding and lack of a credit check. The process is 100% automated, allowing members to receive the relief they need without waiting for a credit union employee’s review. Additionally, financial education is a critical component of the offering. Upon loan funding, a trained financial counselor connects with the member to help them set up a manageable repayment plan and establish savings goals for future needs.

CU NextGen's automated microloan underscores the importance of leveraging technology to meet the evolving needs of credit union members. This innovation is a testament to CU NextGen's commitment to innovation and a crucial tool in fostering financial wellness and independence for credit union members.