Press Release July 2022: Wellington IT, the tech partner to the Credit Union sector, is forecasting it will save its Irish Credit Union customer base over €5 million in the next three years following the launch of its new Revolving Credit Loan service. The company expects 88% of its customers will adopt the solution in the first three years.
A Revolving Credit Loan is a flexible line of credit which offers more choice when it comes to lending. Instead of applying for multiple small or top-up loans, Credit Union members can apply for one larger loan and have the option to draw down as much or as little as they wish over a specified period of time (typically three years).
Revolving Credit Loans are awarded upfront, with no further intervention required from the Credit Union, and funds can be conveniently withdrawn online or via the cuMobile app. Wellington IT’s cutting-edge technology means that Credit Unions need only process a single loan once in three years, which will significantly reduce costs and administrative burden, delivering significant time savings. Employees are also freed up to focus on other areas of the business.
Revolving Credit Loans will help to drive an increase in new members and loan applications. Members have less paperwork to complete than if they were applying for several smaller or top-up loans and interest is only charged on the amount drawn down, making Revolving Credit a cost-efficient alternative to funding purchases via credit cards.
Tipperary Credit Union is one of the first to adopt the Revolving Credit service.
Brendan Ryan, IT Manager, Tipperary Credit Union: “Revolving Credit will generate huge efficiencies for our Credit Union by reducing the amount of admin and paperwork our staff need to complete a loan. This also means less paperwork for our members to complete, providing them a quick and seamless experience to get credit. Once the loan has been created, our members can access funds as required online, without having to go into branch.
“We have been working with the team at Wellington IT for a number of months on this project and we are delighted to now offer this exciting new service to our members. We thank their Managing Director Ian Glenn and his team and we look forward to adding exciting new features to this service in the coming months.”
Ian Glenn, Managing Director, Wellington IT: “Revolving Credit offers members more choice and flexibility when it comes to taking out loans. These easily-managed loans are more attractive than credit cards or overdrafts, providing ease of access to finance and without gathering and submitting collateral each time. It also delivers efficiencies to Credit Unions as it reduces the amount of top-up loans applied for, thus reducing paperwork and time spent processing loan applications.
“Members can now carry out all their banking services with their local Credit Union, including flexible loans, current accounts, and mobile and online banking. Our vision is to help credit unions become viable alternatives to traditional banks and the introduction of Revolving Credit is the latest step in this journey.”
Ian Glenn, Managing Director, Wellington Ian Glenn, Managing Director, Wellington IT
Learn more about Revolving Credit here.