Atlanta-based fintech direct loan provider, LendingPoint, announced on Monday it is set to accept loan payments and disburse loans through debit cards thanks to its agreement with TabaPay.
LendingPoint reported it will allow borrowers to use debit cards for loan payments they make online or over the phone. The lender will be able to verify account ownership and balance of its applicants through the TabaPay platform. LendingPoint reported it will also be able to instantly disburse loans to approved borrower accounts through their debit cards, 24/7/365, or credit card payoffs later this year. Mark Lorimer, LendingPoint’s Chief Marketing Officer, stated:
“When it comes to our customers, our goal is always to make the process of working with us as easy and transparent as possible. Those borrowers who prefer using their bank accounts in their transactions with us can still do so, but we now have an alternative for people who like using debit cards in their financial lives.”
LendingPoint also shared the introduction of debit cards into customer transactions allows it to integrate debit-card account activity into its underwriting algorithm that determines borrowers’ creditworthiness. Manoj Verma, CRO of TabaPay, added:
“Many consumers prefer using debit cards in their financial transactions, particularly the ease of payment coupled with the notion of avoiding costly NSFs. We built a solution that’s a win-win for borrowers and lenders who want to use debit cards, and we’re thrilled that LendingPoint is deploying our technology to provide its customers more choices in their lending experience.”