CreditSnap, a Consumer Lending FinTech Platform, Emerges from Stealth Mode After Reaching 100K Consumer Loan Applications Milestone

CreditSnapTM Re-Imagines Consumer Lending Experience for Both Borrowers and Lenders (Banks and Credit Unions). Focused on High Performance Digital Experience, Soft Inquiry based PreQualification and LOS Automation, CreditSnap Consistently Generates +30% More Loans While Lowering Originations Costs by 40%.

San Antonio, TX, August 16, 2019 --( CreditSnap reached the 100K consumer loan applications milestone today, and confidently emerges from stealth mode with a mature consumer lending platform. While PreQualification capability and digital loan experience is at the core of the platform, it also comes with an optional Full LOS – making it a truly turnkey consumer lending platform.

CreditSnap enters the market at a critical time when all existing solutions are either legacy solutions using hard inquiry or come with a poor digital experience – often both. By solving for both borrower experience as well as LOS automation, CreditSnap is transforming the consumer lending experience. Add to that, no up-front capital costs and an intuitive "Pay as you Use" pricing makes CreditSnap platform very affordable to banks and credit unions of any size.

The world of Personal Loans saw an explosive growth in the past 5 years. FinTech lenders led from the front – almost always with "No Credit Impact To Check Your Rates" messaging using soft inquiry. Several of the top 50 banks followed suit, enabling this technology with their army of engineers and riding the growth wave. That leaves the remaining 5,750 FDIC insured banks and 5,733 NCUA insured Credit Unions that have been playing the technology catch up for a long time. CreditSnap's mission is to democratize access to this sophisticated consumer lending technology.

CreditSnap is co-founded by experienced industry executives that brings extensive leadership experience from their work at USAA, HSBC, AAA Auto Group and other financial services companies.

"We're seeing increasing demand for our solution, which solves the pain points for both borrowers and lenders. Banks and Credit Unions have long been frustrated with current solutions in the market, and they think CreditSnap is too good to be true. Once they see what we can do, it is always a fun conversation from there on. After all, who would say NO to 30% more loans, 40% lower costs and being able to tell their borrowers that there is no credit impact to check the rates?" explained Deepak Polamarasetty, President and CoFounder of CreditSnap Inc.

About CreditSnap
CreditSnap is a FinTech consumer lending SaaS platform that helps small and large banks and credit unions deliver modern consumer loan application experience, prequalification and loan offer customization. Included back office application makes accepting applications over phone and at branch a breeze – allowing lenders to become omni-channel. The best part is the promise to the borrowers – No Credit Impact To Check Your Rates – that can be delivered in all channels. Through its early adopters, CrediSnap has already processed more than 100,000 consumer loan applications and generated 70,000+ loan offers.

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CreditSnap Inc.
Deepak Polamarasetty