Professional Indirect Lending System ®

NEW TECHNOLOGY FOR A GROWING MARKET

Drawing from its extensive experience in the automotive indirect lending industry, ILT has designed Professional Indirect Lending System™, or PILS®, to automate and simplify lifestyle lending so that regional banks and lenders can participate in this growing market.

The term "lifestyle loan" ordinarily refers to a loan used to finance a medical procedure or some other professional service that enhances one's lifestyle. Typical lifestyle loans finance cosmetic surgeries of all kinds, orthodontia, lasik, bariatric surgery and other uninsured medical procedures. However, lifestyle lending can include many other services that are not necessarily medical but fairly expensive and not covered by insurance, such as infertility treatments, adoptions, surgery for pets and other veterinary services.

As the demand for these services increases, so does the cost. Consumers can expect to pay more than $3,000 for liposuction or nose reshaping, $3,600 for lasik, $5,000 for breast augmentation or reduction and $25,000 for bariatric surgery.

Using the PILS® technology, a lender can enable its customer or member to apply for a loan to finance these expensive services right while he/she is at the provider's office or in the privacy of his/her own home. PILS® then automatically prepares the loan documents for execution and delivery at the provider's office within minutes of approval. When the documents are completed, the provider bundles 1) the signed note, 2) the credit application, 3) the disbursement authorization and 4) the member application (if necessary) and forwards them to the lender for funding.

PILS® PROCESS FLOW

• Consumer completes credit application.
  • At home or other off-site location from link on provider's website.
  • At the provider's office.
  • Consumer has option to choose lender(s) to receive application.
  • PILS® notifies consumer that application has been received and will be completed by provider.
• Provider consults with consumer and completes section of application regarding all costs and final requested loan amount, or, alternatively, the provider may complete the entire PILS® application on behalf of the consumer.
• Provider sends completed loan application to the lender specified by the consumer and any others he/she may choose.
• Application is processed by the PILS® automated decisioning system and, in less than 10 seconds, either approved or referred to the lender for manual decisioning.
• PILS® pre-fills and prints note and other documents.
• Documents signed by the consumer/member.
• Documents bundled into packet and submitted to lender for auditing and funding.
• Lender reviews documents and disburses proceeds according to agreement.