Atlanta, GA, June 18, 2015 — Acculynk announced today that the LoanNow responsible lending platform will use the Acculynk gateway to instantly push new loans and collect premiums via a standard bank issued debit or prepaid debit card. With Payzur’s Direct-to-Debit disbursements, LoanNow borrowers can receive their funds within seconds directly to their debit card. Borrowers can also setup one time or recurring loan repayments from their debit card using the PaySecure gateway.
“We believe that everyone should receive prime service, even those with poor credit histories,” said LoanNow Co-Founder and President Miron Lulic. “Acculynk lets us serve approved borrowers quickly and conveniently, while offering the option for automated loan repayments that could help them lower the actual cost of their loan.”
LoanNow enables individuals with damaged or a high-risk credit history to secure lower cost, more transparent loans and then actively reduce the cost of that loan over time. LoanNow first leverages non-traditional data to assess risk levels and offer affordable loans to deep subprime borrowers with credit scores as low as 500 FICO. Its proprietary repayment motivation algorithm then uniquely monitors and incentivizes an individual’s repayment and financial behavior in real-time to drive down their overall cost of credit.
“Traditional financial service providers continue to see massive disruption by innovative companies like LoanNow. They are using technology to make the borrowing experience better, and they need a payments platform that allows them to provide the most frictionless customer experience while keeping costs low for borrowers,” said Ashish Bahl Chairman & CEO of Acculynk. “We are excited to serve as the end-to-end solution that allows for seamless loan funding and repayment options for LoanNow’s customers.”
The payments landscape continues to quickly evolve, and Acculynk’s unique payment gateway, PaySecure, differentiates itself by leveraging connections to the EFT networks to provide merchants with lower cost options than other payment providers with a simple API integration so companies like LoanNow can focus on their growth.
About LoanNow LoanNow is a responsible online installment lender offering a more affordable and transparent alternative to payday loans. The Company’s goal is to make better loans available to good borrowers by considering their real-time performance during the term of the loan, rather than only evaluating their historical track record. Its repayment motivation algorithm incentivizes good financial behavior, like timely payments, and awards loan credits to reduce the cost of credit during the loan lifecycle. LoanNow is a private company based in Orange County, California. Learn more at http://www.loannow.com or follow us @loannow.