BankMobile, a division of Customers Bank (NYSE: CUBI), and America's largest and fastest-growing mobile-first bank, today announced its new student loan refinancing platform, BankMobile Student Refi.
The bank has partnered with LendKey Technologies, the leading lending-as-a-service platform for banks and credit unions, to offer a simple, secure solution for student loan debt.
“At BankMobile, we are always striving to solve the financial pain points so many Americans face and our new platform will help customers mitigate some of the challenges of the student loan repayment process,” stated Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer at BankMobile. “LendKey is a leader in digital lending solutions and our collaboration enables us to offer education products that adhere to all underwriting standards, further helping our mission of empowering customers to achieve financial freedom.”
BankMobile Student Refi, available across the U.S., may help college graduates lower their monthly payments and reduce interest rates. It also has no origination fee. Other features include:
- Competitive fixed interest rates
- Flexible rates and terms, allowing customers to pay off loans quickly or keep monthly payments as low as possible
- Refinancing up to $100,000 in undergraduate student debt or $250,000 in graduate debt
- Simplification of finances with one easy monthly payment
- 0.25% interest rate reduction if users set up recurring monthly payments
- A simple application process that only takes 15 minutes
“We are proud to partner with BankMobile to expand its assets and grow its customer base through education lending,” said Vince Passione, CEO and Founder at LendKey Technologies. “We value its commitment to providing customers with a seamless digital borrowing experience and the loans they need.”
BankMobile, which was named “Most Innovative Bank” by LendIt in 2019, has over two million customers, placing it in the Top 15 banks in the U.S. in terms of number of consumer checking accounts serviced. The bank has developed its own proprietary technology, which was built to attract and engage customers for full-service consumer banking with a focus on exceptional customer experience delivered in the most compliant fashion.
Today, BankMobile provides its disruptive, multi-partner distribution model, Banking-as-a-Service platform, to colleges and universities through BankMobile Disbursements, which serves more than five million students on nearly 800 campuses nationwide. Through this distribution channel, BankMobile serves one in every three college students in the country.
Contributed | what does this mean?