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News Now

CU System
White paper highlights best practices in lifestyle lending
COSTA MESA, Calif. (1/25/12)--MeridianLink will release a white paper, "Best Practices in Lifestyle Lending," focusing on the success of two Utah credit unions.

Lifestyle loans are loans designed to enhance a member's lifestyle, and can include loans for cosmetic surgery, dental work, heating and air conditioning or musical instruments.

The white paper, to be released in February, includes feedback and information from community business providers that offer their customers and patients financing through lifestyle lending at the two credit unions.

  1. Work with a lifestyle program and a system that is easy to understand and use and has a track record of success.
  1. Designate one individual or a department within the credit union to manage the program.
  1. Establish a strong group of core providers within the community.
  1. Suggest that providers include the phrase, "Financing Available" on their websites and in their advertising.
  1. Be sure providers have the necessary materials to market the program to their customers and patients.
  1. Build strong relationships with providers. Respond quickly to concerns and questions.
MeridianLink, based in Costa Mesa, Calif., is a provider of enterprise business solutions for financial service organizations.


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