equipifi | Installment lending for everyday transactions

Why enable installment lending for everyday transactions?

Because a little funding at the right time means a lot.

Remove friction

Take a stress out of borrowing and repayments. equipifi helps provide just-in-time funds in your digital banking experience. No credit check. No application. No rejection.

Be everywhere

Meet consumers with flexibility for every purchase. equipifi embeds installment lending throughout your banking experience so consumers can pay on their terms.

Automate reliably

Originate and service small dollar loans efficiently and effectively. equipifi helps streamline offer acceptance and loan terms selection through a fully digital workflow.

Offer a preferred payment method

Installment programs for everyday purchases are a must-have payment product at financial institutions. Give consumers the flexibility and predictability of short-term, card-linked installment loans to:

Split everyday transactions to pay over time
Remove the stress of larger or unanticipated expenses
Provide an alternative to traditional credit

Everyday financing through purchasing power

Take each consumer’s real-time purchasing power into consideration for every presented offer. equipifi ensures each loan underwritten reflects the cash flow position and repayment ability of each consumer, enabling:

Pre-qualified offers, ready to be accepted
Fast access to funds for just-in-time use cases
Budget extension for the digital wallet

Cover your institutional lending gap

While you may offer mortgages and personal loans, consumers have only been able to access small-dollar transaction-level loans from outside lenders. By connecting to equipifi’s platform, you can offer:

A lending product for everyday transactions
Full end-to-end automation from loan origination to acceptance
Embedded installment loans throughout your banking and payment experience

Here’s where installment lending can be embedded across your banking products

Digital Banking

Checking Accounts

Debit Cards

FirstFunds by First Credit Union

FirstFunds delivers an always-on flexible funding program so consumers turn to their credit union first

Extra funding needs can occur anytime, anywhere. Make flexible funding digitally available so consumers can engage on their own terms.

Challenge

First Credit Union knew members needed a small dollar loan product. They wanted to provide it in-house to keep engagement within the credit union. Their previous product was only available in branch, and became costly due to its origination cost.

Solution

With equipifi, First Credit Union launched FirstFunds to meet their members’ needs through a fully digital product. It was embraced across the membership, with 25% of initial uptake through organic discovery. FirstFunds not only covered its cost, but contributed to the bottom line.

FAQs

How does installment lending work with equipifi? Installment lending with equipifi works by embedding an automated end-to-end loan origination experience within the digital banking app. Once connected, equipifi’s platform will begin assessing the cash flow and financial position of members and customers. Those who are eligible based on the institution’s parameters will receive pre-qualified installment loan offers in the digital banking experience. Members and customers can view their offers, select their repayment terms, and accept terms and condition all within their online banking or mobile app. The loan is then written back to the banking core, funds are deposited, and eligibility recalculated with the inclusion of this new loan.  

Who writes the loans that finance these plans? You do. equipifi is the platform that enables, embed, and automates the processes that provide flexible funding. The installment loans that finance these loans are originated and serviced by your institution.

Can I brand my program to fit internal naming conventions? Yes. Your solution is white labeled and fully branded. The default naming convention for flexible payments is “Flex Pay” or “Buy Now, Pay Later”. It can be adjusted to your preferred name.

Can I set limits on how much can be borrowed through the program?

equipifi’s platform makes your program work for you. Parameters can be adjusted on both account and institutional levels so that you are generating offers that are aligned with your risk tolerance and institutional goals.

What if a loan isn’t paid?

Like an unsecured loan, if a loan is unpaid, it will enter the same workflow as other loans that become delinquent within your financial institution. Typically, consumers that have loans in delinquency will no longer receive any flexible funding offers from the equipifi platform. Program parameters are modifiable based on your institutional preference.