Line of credit product defers from the traditional installment loan product in several ways. First, the open ended nature of the product allows the customer to draw and payback without ever having to re-apply.

Line of credit product helps to greatly reduce lenders acquisition cost and increase customer retention. A customer will never have to leave to receive additional funds.

“We spoke to hundreds of lenders and they all demand a line of credit product that is flexible and transparent to their clients. Our new line of credit product is designed to be flexible and adaptable to each lender’s needs. Whether you are running on a federal bank charter or regulated at the state level, our product can help with your needs.” – Timothy Li, CEO of Alchemy.

Alchemy’s white labeled line of credit product is designed with a large national services organization spanning coast to coast with 5,000 branches. Their customers apply online and have their funds pushed to their debit card immediately without ever having to come to a branch. Alternatively, these consumers can also complete their applications in the branch network and take a check home right there and deposit, or cash their checks anywhere else. Leveraging our previous announced hybrid branch and online lending operating system.

“I am pleased that our engineering team worked diligently to get this product out to the market in a timely fashion with all the features and functionalities a modern financial services company will need. It is an incredible honor to work with an institution that demands excellence. It’s truly a humbling experience.” – Timothy Li, CEO of Alchemy.

Alchemy’s line of credit product feature includes:

• Mobile and in-branch hybrid experience for customers and store managers
• State-by-state level line of credit interest and fee calculations
• Statement generation at multiple of statement cycle
• Draw functionality by customer as well as by branch personnel of central office
• Line increase and line decrease strategy
• Full integration to prime and subprime consumer credit bureaus
• Full integration to open banking logins tools
• Risk based pricing through Alchemy’s decision engine

We are pleased and excited to bring this new line of credit product to market and take banks and financial services to a different level. For more information, please email timothy.li@trustalchemy.com.

About Alchemy
https://www.trustalchemy.com/ Alchemy is an industry-first FinTech infrastructure company offering out-of-the-box technology, algorithms, and servicing to launch financial products for Banks, Specialty Financing Companies, Point of Sale Financing, and FinTech startups alike. Our white labeled platform reduces the barrier to entry and increase speed to market for banks and financial services organizations. Our end-to-end infrastructure offering includes web and app user onboarding experience, merchant experience, loan origination system, decision engine, loan management system, payment gateways. Our one stop turnkey solution has enabled over $200 millions loans funded to date. Follow us on LinkedIn and Twitter.