Indirect Lending Technologies, L.L.C. ("ILT"), known for its web-based system for managing automotive indirect lending (DILLS™), has announced the release of a major upgrade to its Professional Indirect Lending System™, or PILS®. According to Will McGregor, president of ILT, PILS® was originally designed to support the growing demand for credit to finance elective surgery or other medical procedures not covered by health or other insurance, sometimes referred to as "lifestyle lending". However, expanded usage has required some changes to the technology.
     "PILS® has been very well accepted by our existing lender clients, and they have enthusiastically welcomed a wide variety of service providers", said McGregor. "Law firms, window installers and campus bookstores as well as cosmetic surgeons and orthodontists now use PILS® to facilitate financing for their customers. It became clear to us pretty early that PILS® needed a few additional tools to be versatile enough to accommodate all these different types of providers".
     According to Mr. McGregor the upgraded version of PILS® combines the functionality of a direct loan origination system with the convenience of a typical indirect system. This technology will automate and manage the loan application whether completed by the consumer, the provider or both. It will also allow the lender to offer open end or closed end loans and to control document preparation and signature regardless of location.
     "The upgraded PILS® allows credit unions to reach out to their members wherever and whenever they need financing and makes closing and funding loans almost effortless" continued Mr. McGregor. "It also offers credit unions a very valuable service to small businesses, strengthening relationships and opening the door for cross-selling of other services."

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