Pay Day Loan

Enabling your customers to borrow small denomination loans until their next pay day.

BankWorld enables banks to offer customers the ability to accept Pay Day Loans instantly on a variety of self-service channels. A pay day loan is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday.

Customers can be offered an instant pay day loan at the ATM and accept it on the spot. BankWorld will automatically treat the request and the customer can decide to withdraw the cash immediately or transfer to a selected account.

Pre-approved and instantly acceptable

With Pay Day Loans more easy to accept through self-service channels, this increases the likelihood of customers taking out such loans. In certain markets, banks have increased their loan revenue by 30% at the ATM using BankWorld's pre-approved loans.

Instead of just advertising through their self-service channels, with BankWorld, banks can actively sell through them.

Benefits of Pay Day Loans

  • Increase Pay Day Loan acceptance
  • Generate increased revenue through loan fees
  • Loans can be accepted 24/7 on a variety of channels
  • Added convenience for the customer, increased customer satisfaction
  • Reduce costs by migrating loan requests to self-service channels
  • Free up teller time and reduce queues at the branch
Finextra Interview, Sibos 2014

Finextra interviews Lance Gourlay, Director Corporate Accounts, CR2 during Sibos, 30th September 2014