LendingUSA’s enhanced instant decisioning capability uses TransUnion’s Instant Prescreen solution to automatically qualify new and existing customers for prescreened offers within seconds
LendingUSA, a leading point-of-need fintech company, introduces a new tool, FastScreen, to funeral home merchants nationwide that allows them to quickly determine whether a family is likely to be approved for a loan to help cover the cost of funeral services for loved ones. Using only a soft credit inquiry, one of the main advantages of FastScreen is that it can quickly and seamlessly run behind the scenes with limited information, meaning funeral directors can confidently walk into the cost conversation knowing whether financing will be an option through LendingUSA.
“Conversations about money are almost always uncomfortable, and no one wants to be the bearer of unnecessary bad news when a loan application is declined, in particular within the funeral industry,” says David Rueda, Executive Vice President at LendingUSA. “FastScreen empowers merchants with information that allows them to selectively offer financing to customers who are more likely to be approved.”
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To complete a FastScreen, the funeral merchant simply inputs the customer’s name and address, and within seconds a prescreen decision will pop up. If the customer qualifies, the funeral home can share the good news with the family. If the customer does not meet underwriting requirements, the funeral merchant can focus on other payment methods.
“Our new customer prescreen tool truly delivers a seamless experience to both merchants and customers,” says Rueda. “We look forward to continuing to advance our products for the funeral industry and beyond.”
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FastScreen utilizes TransUnion’s Instant Prescreen solution, which combines tailored customer attributes and instant decisioning to enable lenders to extend a firm offer of credit to the right consumer.
“This partnership is an example of how our solutions can enable lenders to meet very specific use cases across a variety of industries,” said Liz Pagel, senior vice president and consumer lending business leader at TransUnion. “By integrating credit data with instant decisioning, qualifying consumers can benefit from the streamlined application process and are presented with relevant financing offers in real-time.”
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