PHILADELPHIA–LoanStar Technologies has deployed version 3.0 of the Merchan
tLinQ platform, which it said will allow credit unions to deploy vehicle programs in marine, RV and powersports by connecting directly to borrowers through dealers.
TwinStar CU in Lacey, Wash., is among the credit unions that have installed the solution.
In addition, the MerchantLinQ platform is now fully integrated to the MeridianLink LoansPQloan origination system, the company said.
LoanStar member lenders are now able to compete in many underserved verticals, including recreational vehicles, boats, powersports and equipment, which provide higher yields than indirect auto loans, the company said. The MerchantLinQ platform connects lenders to dealers in their regional markets.
"The addition of non-auto vehicle verticals allows our lenders the option of more diversity in their lending offering, while giving the dealers a toolset unavailable today through their existing providers," said Andrew Turner, CEO of LoanStar Technologies, in a statement. "Our goal is to allow community banks and credit unions to provide a best-in-class toolset to the dealers, offering financing options to their customers, and ultimately simplifying their marketing initiatives and transaction flow. Partnering with TwinStar on our non-vehicle launch has been a perfect fit for our dealers in both technology and service."
TwinStar Credit Union has launched the non-auto verticals in both Washington and Oregon.
"We are excited to expand our point-of-sale lending programs via our partnership with LoanStar,” said Aaron Palmer, chief lending officer of TwinStar CU. “The company provides a unique combination of product and market knowledge along with advanced technology that provides a superior lending experience for the business and the borrower. This is a game changer for us."