Remote lending provides loans for Credit Union members during the coronavirus crisis
“Remote lending is something we have been keen to implement for a while now,” says Siobhan Gray, Head of Lending at Carlow Credit Union. “We have been looking for a way to make the borrowing process simpler, quicker and more efficient for our members”.
“With Covid-19 and social distancing rules making it more difficult for our customers to safely visit our offices, Luna Connect’s automated loan-origination product is the ideal solution.”
Carlow Credit Union is a cooperative, owned and controlled by their 26,000 members. They provide savings and loans to their community and offer competitive rates, putting people before profit.
“Based around our community, Carlow Credit Union exists only for the good of the people of Carlow,” says Gray.
“As well as contributing to the financial health of our members through savings and loans, their physical health is important to us, too, which is why we have invested in a remote lending solution to help keep our customers safe during lockdown.”
Complete digitalisation of the loan-origination process
Carlow Credit Union’s current lending process involves several visits by the borrower to Carlow’s offices to fill in the required paperwork and provide their signature. This, in turn, is a very labour-intensive and time-consuming process for Carlow’s staff, who must manually input, review and analyse all data and produce reports for the relevant stakeholders.
Luna Connect’s digital platform will provide an end-to-end solution that allows borrowers to complete the entire process online, remotely. Not only will this keep borrowers safe at home, the loan-application process will be more straightforward and result in a faster lending decision, and access to their money quicker.
Carlow Credit Union will benefit from a more efficient, streamlined system that integrates with their existing loan management system for improved efficiencies and reduced operational costs.
Deirdre Roche CEO of Carlow Credit Union says “Digital transformation is going to be key to the growth of Carlow Credit Union and now by partnering with Luna Connect, we can give our members and non-members the option to complete loan applications remotely in a quick and user-friendly way. We believe that Luna Connect will help us drive a greater bond with our community of members and attract non members to further grow Carlow Credit Union for the benefit of the wider community"
“Our pioneering product has been helping lenders provide a better service for their customers since we were founded in 2017,” says Luna Connect’s CEO Brian D’Arcy. “I am proud that we are able to help Carlow Credit Union support its members during this difficult time by allowing them to secure finance quicker and more safely.”