Since Nu Direction Lending's soft launch at the end of September 2020, fifteen credit unions have signed on as referral partners and another ten have signed up as network partners, who pool their risk as the loans are divided into participations.
The loans offered by Nu Direction Lending are unique in the industry and leverage a Fintech partnership to compete on speed and reliability for creditworthy loans from $25k - $250k (with a target of $100k) and terms of 1-3 years. Even with Nu Direction's credit analysis, the target time from initial application to funding is only five days.
"This is a huge opportunity for credit unions to serve an unmet financing need for their small business members without taking on undue risks," says Tammy Baker, SVP, Nu Direction Lending and VP, Fintech Lending, MBFS
By leveraging the infrastructure and business lending expertise of MBFS and partnering with Credibility Capital, a fintech business lender, to develop a program and for origination and electronic closing process, Nu Direction Lending is poised to scale nationwide in 2021.
Credit unions interested in learning more or partnering with Nu Direction Lending are encouraged to contact us at firstname.lastname@example.org.
Read more in the recent CU Times article here: https://www.cutimes.com/2020/12/16/nu-direction-lending-funds-first-million-using-fintech-partnership/