introduction to lifestyle lending solutions
DESCRIPTION
TRANSCRIPT
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6 April 2011
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Who Are We?
• Nation’s First and Only “Turn Key” solution for Lifestyle Lending
• Incorporated April 2007
• Headquarters in Salt Lake City, UT
• Comprised of Credit Union Indirect Lending Experts
• CUSO
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Our Objective
• Increase Profits
• Produce New Membership Growth
• Build New “Indirect” product through Business Services Channel.
• Bring High Yield Loans
"The goal of LLS is to create relationships that will help the credit union optimize profits, reduce costs, and
increase business associations with medical and retail providers within the community, this is what we do!"
- Kirk Harris, Founder / CEO
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Building For The Future
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Lifestyle Lending
• What is it?
• Why do it?
• What is the current market?
• How does it work?
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What is Lifestyle Lending?
Lending for Member’s Lifestyles at the Point of Sale
RETAIL
MEDICAL
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Retail
• Heating and Air
• Pianos
• Hot Tubs
• Home Improvement
• Water Softener
• Furniture
• Pool Tables / Gaming
• Attorney Services
• MORE
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Medical
• Cosmetic Surgery
• Dermatology
• Hearing
• Infertility
• Dental
• Veterinarian
• Vision
• General Surgery
• MORE
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Consider the Numbers
• Over 12,000 - Applications Submitted
• Retail Is The Fastest Growing Group On Lifestyle Lending
• 73% - Approval Rate for Water and HVAC providers
• 718 - Average Funded Credit Score
• $3,822 - Average Amount Funded
• 663 - Average Credit Score Application Overall
• Over $12 Million – Funded
• 13.27% - Average Funded Interest Rate
• Over 600 - Medical & Retail Providers Signed
• A Cosmetic Dentist Has 2,000 Active Patients On Their Books– Are Any Of Them Your Members? Could They Be?
• Less Than 1% - Delinquency (3.5 years reporting)
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Why Lifestyle Lending?
Get New Members
High Yield Loans
Increase Profitability
Natural Affinity to Repay
Build Business Services
Cross Sell Opportunities
Integrate Into Community
No Reserves or Flats Paid
- 93% New Members
- 13.27% Avg Rate
- Increase Profitability
- Under 1% Delinquency
- Over $2 Million in Bus Loans
- Avg 3 loan products
- Brand Awareness
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What is the Current Market?
• Credit Card
• Charge Provider 6-12% Amt Fin
• 30% “Trap Door” Rate Hike
• Promotional Programs– 0% for 6 or 12 months
– 90 Day “Same as Cash”
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THE SOLUTION
“Turn Key” Solution
Full Provider Training And Support
Develop Provider Network
Online Patient/ Client Portal
"Find A Provider" Program (Online)
Marketing Material For Provider
Full Retail And Medical Contracting
Loan Documents And Compliance
Quarterly Provider Surveys
Full Lender Consulting
Automated Underwriting
Instant Approvals
Integration To Most Core Systems
0% Financing Compatibility
E-signature, Docusign, and Fax
Funding
Fully Customizable Reports
Cross Selling Functionality
SAS70 Secure
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The Provider Interface
Online Web-Browser Based
Instant Decisions
Fast, Easy Digital Signature
Auto-Populating Documents
Reports for Provider Management
“Link to Us” Banner for Website
Direct Application or Client Portal
Secure Instant Messaging with Lender
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Submit Loan Application
AT HOME(Patient Portal)
IN OFFICE(Provider Access)
OR
Applicant Receives Information
Online Submission
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Lender Decisions Loan
Provider Receives Decision Provider Prints/Signs Docs(Auto Populated)
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Loan Applications
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Approval Rate
100
365
548
0
100
200
300
400
500
600
2008 2009 2010
Avg Monthly Volume
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Funding Reports
• Avg. Amount Financed $3,822
14
78
144
0
20
40
60
80
100
120
140
160
2008 Avg 2009 Avg 2010 Avg
Avg Monthly Funded Count
$62,654.26
$280,894.99
$520,414.92
$0.00
$100,000.00
$200,000.00
$300,000.00
$400,000.00
$500,000.00
$600,000.00
2008 2009 2010
Avg Monthly Funded Amount
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Find a Provider
• Offer exclusive discounts to CU members
• Marketing for Providers
• Research tool for members
– BBB, Discounts, Social Networking, Web Link
• Online Application direct to the lender
• Custom credit union page
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Payment Calculator
Separate Medical/Retail Pages
Provider Information
BBB Research Link
Social Media Connections
See The Advantages
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Lender Customization
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How it Works
1. LLS sends credit union custom link
2. Credit Union places link on homepage
(Behind custom banner)
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Everyone Benefits
CU Member Chooses Find a Provider on CU
Website
Member Conducts Research, Prints
Discounts Deals, or Apply for Financing
Directly
Provider Connects with Member for Services
Provider Finishes Loan Paperwork in Office
Back to Member’s CU
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How to Get Started
• Contract Review and Signing
• Implementation Meeting to Determine parameters of YOUR Program
• LLS Begins Targeting Provider Network
• Train Staff/Business Services
• Go “Live”