Platform Makes It Easy for Colleges, Banks and Credit Unions to Loan $500-$3,000
CARLISLE, Pa.–(BUSINESS WIRE)–CampusDoor, one of the nation’s leading third-party loan origination shops, has launched a white-label microloan service—enabling banks, credit unions, colleges and universities to prevent unforeseen events from derailing students’ education.
CampusDoor’s microloan origination platform makes it efficient and profitable to loan $500-$3,000 to students to cover laptop repairs, texts, lab fees and other unanticipated expenses. At a time of heightened pressures due to COVID-19 and the economic downturn, these microloans benefit:
- Students with greater financial needs, who may leave school permanently, and default on their pre-existing loans, unless they can fill a small shortfall
- Educational institutions seeking to boost College Scorecard results by maximizing graduation rates
- Banks and credit unions seeking the competitive advantage of long-term relationships with young, upwardly mobile borrowers
“For many students, a college education is the launch pad to a better life, and everyone deserves that opportunity,” said Steve Winnie, CEO of CampusDoor. “These microloans can make a meaningful difference—helping students of limited means to stay on track when the unexpected happens.”
Lenders can also make the unsecured microloans available for anyone needing help with car payments, medical bills and other expenses.
The CampusDoor application and processing system for these microloans is 100% digital and dynamically generates acceptance, terms and rates according to the lender’s risk parameters.
Borrowing through the intuitive interface is seamless. Individuals can use any device, move through the application, receive decisions in real time and sign documents electronically. In-bound call center support is also available to them.
For more information, visit CampusDoor.com.
CampusDoor is one of the nation’s largest third-party loan origination shops. The company provides innovative, white-label solutions to lenders–enabling them to help customers finance a college education, pay off high-interest debt, or cover other unexpected costs. CampusDoor has processed more than $24 billion in private student loan applications, assisted more than 2.2 million borrowers and supports more than 1,000 unique loan programs. See CampusDoor.com.
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