NEW YORK, April 20, 2015 /PRNewswire/ -- LendKey, the innovative online lending platform that connects borrowers with credit unions and local banks, today announced that its platform will power online student lending for Navy Federal, the world's largest credit union. Using LendKey's platform, Navy Federal will offer private student loan options to all of its members.
Navy Federal is entering the student loan market and is now offering consolidation and private student loans to qualifying members. The credit union selected LendKey for their ability to deliver an end-to-end flexible lending solution, after thoroughly vetting a number of lending platforms.
"We're pleased to form this partnership as we further our mission to be the preferred and trusted financial institution serving the military and their families. We're excited to provide students, and their families, the funding they need for school when federal loans, grants and scholarships are not enough," said Aaron Aggerwal, Assistant Vice President of Education Lending at Navy Federal. "LendKey's customizable platform was the right solution for our members and the implementation process ran very smoothly."
LendKey's platform is being used by more than 300 credit unions and community banks, who have collectively issued loans to over 35,000 customers. Many credit unions and community banks have funds to deploy, but not the time, resources or infrastructure to meet online loan demands. LendKey provides these financial institutions with a seamless turnkey solution that markets, originates and manages loans.
LendKey CEO and Founder Vince Passione added, "We're thrilled to be working with Navy Federal on their online student lending program for America's armed forces. This was our biggest implementation to date, and Navy Federal Credit Union is now able to deliver private student loan options to its vast network of members of over 5 million members."
LendKey pioneered Lending as a Service (LaaS) to credit unions and banks in 2009, and is currently the leading LaaS provider in the U.S., with over 300 financial institution clients. Located in New York and Ohio, LendKey's mission is to transform a $3.2 trillion consumer lending market by connecting thousands of banks and credit unions with millions of borrowers online. Consumers can go to www.lendkey.com to search for, compare and complete student, auto and home improvement loans online from trusted financial institutions. Financial institutions work with LendKey to stay competitive with the online lending ecosystem, to better reach customers and to avoid the cumbersome process of launching in-house online lending platform. For more information on LendKey, visit www.lendkey.com.
Navy Federal Credit Union
Navy Federal Credit Union is the world's largest credit union with over $64 billion in assets, 5 million members, 265 branches and a workforce of over 12,000 employees worldwide. The credit union serves all Department of Defense and Coast Guard Active Duty, civilian and contractor personnel and their families. For additional information about Navy Federal, visit www.navyfederal.org.