CU LoanPay is a digital loan payment module made available through a convenient link placed on credit union websites. The service provides a quick and easy way for members to make loan payments to your credit union with funds from another institution.
To make a loan payment, borrowers simply access CU LoanPay from a browser, a credit union branch or a phone call to the credit union. They can choose to pay by ACH, same-day ACH or debit card.
Your Digital Loan Payment Solution
One of the biggest advantages of CU LoanPay is its ability to elicit better response from members with indirect lending relationships at the credit union. Securing loan payments from other financial institutions can be challenging and inconvenient, but CU LoanPay offers a solution.
Credit unions receive a link to initiate payments and distribute it to members. This empowers them to proactively pay on outstanding accounts, thereby reducing past-due accounts and improving credit union liquidity. Credit union delinquency rates go down and member satisfaction goes up when the credit union helps borrowers better manage their cashflow.
Digital Loan Payment Features & Benefits:
- Borrowers have convenient, browser-based access to CU LoanPay
- Member can make payments by debit card, ACH or Same-Day ACH
- Module meets PCI-compliance requirements for card usage
- The proactive loan process helps borrowers make timely payments and avoid late fees
- Email confirmations confirm successful payments
- "Always-on" channel meets member demand for self-service options
- CU LoanPay facilitates loan payments from other institutions, i.e., indirect lending relationships
- Expedited loan payments improve credit union cashflow
- Reduces credit union costs and labor associated with NSF returns, repeat payment processing and potential repeat NSF returns
- Minimizes receivables and past-due collection efforts
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