FORT WASHINGTON, Penn.–TruMark Financial Credit Union is reporting it is rolling out a point-of-sale lending program through local merchants in the five-county Philadelphia market.
It is partnering with LoanStar Technologies on the program it said will give “consumers responsible options to finance home improvements,” at locations where it added the consumer “has been limited to high interest and fee credit card and finance company offers.”
“Pairing local small businesses with a local financial institution drives a level of service and familiarity that Philadelphians would expect and helps us to create lifetime relationships for the credit union and small business,” said Steve Olson, chief lending officer with TruMark Financial. “The LoanStar technology allows for the consumer to work directly with the credit union, while the small business leverages our lending program to make the home improvement affordable over time.”
The $2.3-billion TruMark Financial has approximately 121,000 members.
Improving ‘Options’
“Our partnership with TruMark Financial will allow us to focus on improving consumer finance options in our backyard,” said Andrew Turner, CEO at LoanStar, “The partnership with TruMark Financial gives us an opportunity to get direct feedback in real time on member experience and new product features.”
LoanStar said its solution can connect lenders to borrowers through their merchants in home improvement, elective medical, consumer durable, renewable energy and non-auto vehicle businesses.