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Quilo: Game-Changers in Instant Loan Financing

Don Shafer, Co-Founder and Chief Evangelist, QuiloDon Shafer, Co-Founder and Chief Evangelist
For decades, community banks and credit unions have served as the backbone of financial inclusivity and wealth creation in the U.S.; however, in the age of rapid digitalization, they find themselves lagging behind money center banks and FinTechs that offer consumers rapid and paperless lending processes.

Account holders of community financial institutions increasingly prefer to take loans from non-traditional channels like buy now, pay later (BNPL) services and instant installment loans offered by the major credit card issuers and FinTechs. These competitors are successful in targeting prime borrowers who want to pay down high interest credit card debt, invest in home improvement, or may need several hundred or thousands of dollars to pay for an unplanned life event. To compete and remain relevant, community banks and credit unions must transition to digital lending, and if they have any desire to attract the tech-savvy Gen Z and Millennials, it is absolutely necessary.

Quilo co-founders Don Shafer and Boris Fuzayloff are bringing their combined fifty-five years of experience in building and successfully implementing FinTech with more than 1,250 community financial institutions, such as Deutsche Bank, J.P. Morgan and Goldman Sachs, to empower their clients to digitally transform their lending processes to provide what consumers now expect and demand.

Today, as the singular digital mobile lending platform that enables customers to get instant installment loans, Quilo is redefining digital lending like never before.

“We empower community banks and credit unions to do what none of the largest banks in the country can currently do, and that is to digitally offer, underwrite, approve, and fund installment loans in less than a couple of minutes, and if need be, to syndicate that loan instantly at the time of underwriting and approval without any involvement of employees,” says Don Shafer, Co-Founder and Chief Evangelist of Quilo.

Quilo possesses a growing ecosystem of community banks, credit unions and other lenders connected through the platform. The turnkey platform acts as a digital loan officer in the pockets of customers with 24/7 availability every day of the year. It enables consumers to apply for loans and receive funds instantly in their checking accounts or on their bank-issued debit cards.

Additionally, Quilo also has an offering for any business that can benefit by offering instant financing at the point of sale or point of service.

Through the platform, retailers, professionals, and service providers for home improvement can offer instant financing by enabling their customers to scan a QR code and apply to get point of-sale loans through a website that is co-branded with the business and the loan issuing bank or credit union.

Shafer proclaims, “…and what makes the Quilo offering so much more compelling is that all of our community banks and credit unions can literally syndicate any individual loan at the time of underwriting and approval. This technology breakthrough changes everything. Regardless of the asset size of the lender, they now have what is equivalent to a digital syndication desk that can instantly parcel out fractions of any loan to other lenders who would like to participate. And this happens without any employee involvement. All digitally.”

In a novel, unparalleled offering, Quilo enables FinTechs to syndicate any individual loan to sell to banks, credit unions, and other financial institutions that are looking to book earning assets with varied credit criteria in real-time within the Quilo ecosystem. The platform achieves this feat through loan fractionalization, a process in which loans generated by fintechs are divided, and each part is parceled off to different financial institutions. This completely removes the hassle of finding loan buyers for FinTechs and greatly reduces the financial risk to loan-buying institutions.

  • We Empower Community Banks And Credit Unions To Digitally Offer, Underwrite, Approve, And Fund Installment Loans In Less Than A Couple Of Minutes, And If Need Be, To Syndicate That Loan Instantly At The Time Of Underwriting And Approval Without Any Involvement Of Employees


Individual loan syndication with fractional participation enables banks and credit unions to fund more loans with less risk—fully underwritten based on the applicants’ credit reports. Customers, who may not qualify based on their primary bank or credit union’s credit criteria, may still be funded by other financial institutions within the Quilo ecosystem. And when this happens, the borrower has no idea that other lenders were involved. Thereby, this entire process of loan syndication occurs within mere seconds, unprecedented in the realm of digital lending.

Quilo has received significant investment dollars from both the Independent Community Bankers of America (ICBA) with 4,000+ community bank members and a credit union service organization (CUSO), which has relationships with more than 250 credit unions that recognize the immediate need to leverage Quilo to compete in the race to acquire more consumer account holders, business accounts and to capture the attention of the young, digitally-savvy populace.

Going forward, Quilo envisions bringing more FinTechs into its ecosystem to enable faster loan participation and small business associations to help them provide instant installment loans to their customers. As more banks and credit unions join the Quilo ecosystem, the company will further cement its position as the biggest promoter of financial equality and inclusion.

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Top 10 Digital Lending Solutions Companies - 2022
Quilo

About Quilo

Company
Quilo

Headquarters
New York

Management
Don Shafer, Co-Founder and Chief Evangelist and Boris Fuzayloff, Co-Founder and CEO

Description

Quilo is the one-of-a-kind digital lending ecosystem of community banks, credit unions and FinTechs built around the desire to reduce risk by empowering lenders to fractionalize any loan participation in real time, which truly revolutionizes traditional financing. Additionally, the platform provides KYC and loan origination and servicing across a variety of channels—web, mobile and API.