NJCUL and SimplyCredit Agree to New Business Partnership

HIGHTSTOWN, N.J. & SAN FRANCISCO – A new partnership between the NJCUL Services Corporation and San Francisco-based fintech company, SimplyCredit, will help New Jersey’s credit unions combat online disruption and accelerate membership and lending growth. Through the relationship, SimplyCredit will enable consumers to dynamically refinance high-APR credit card balances with participating New Jersey credit unions using a seamless mobile and Web interface.

“American families have accumulated a trillion dollars of credit card debt and will revolve most of it from month to month,” said NJCUL Services Corporation Chairman David Frankil. “SimplyCredit encourages consumers to use credit unions to pay-down and manage their balances, even while providing New Jersey’s credit unions with analytics and online tools to facilitate the loan and membership growth.  This is a tool that you need to see in actions – take a look at our recorded demo to see the membership experience in action.”

SimplyCredit’s Web and mobile experience enables members to not only apply for personal lines, but to also enroll credit cards and schedule balance transfers and line payments. As a result, many members are saving $2,000 or more in interest payments a year. Combined with this service are sophisticated analytics and marketing support that have achieved application rates of nearly 6% on marketing campaigns.

According to Karthik Sethuraman, CEO of SimplyCredit, four online lenders with a collective history of less than 30 years are now originating more personal loans than all credit unions combined. “Fintech disruption began with card consolidations, but it’s rapidly expanding into other lending categories,” said Sethuraman. “Online lending is expected to be a $350 billion business by 2025 and we provide the fintech tools and approaches to help New Jersey’s credit unions earn a major share of that volume.

“We are big fans of SimplyCredit,” said Thomas J. Powers Jr., president and CEO of Hudson River Financial Federal Credit Union. “We encourage our members to use any reward-driven cards they choose. However, if a member has to leave a balance on those cards, SimplyCredit is a great one-stop, one-payment solution that helps them avoid the high-interest charges that come with many rewards cards.” Powers also touted the other benefits of the program, including SimplyCredit’s data science-based recommendations, the credit union’s increased engagement with inactive accounts and the ability to retain underwriting control.

For more information on SimplyCredit, please contact Robin Brunner at rbrunner@njcul.org or 800-792-8861 ext. 124.