What’s the point of your lending program? Yes, it’s a real question. Is it to make enough money from interest to subsidize other institution programs? Maybe it’s to empower people to make purchases they couldn’t do on their own. In reality, you know it’s a combination. While profits might not…
You’re all about protecting members. Whether it’s through ensuring they have a low-rate and forgiving credit card or a secure savings account, their success is your goal. Just like you help them towards financial empowerment, loan protection is another important strategy. In this article, we will identify and explain the…
Tomorrow isn’t guaranteed. If 2020-onward taught us one thing, it should be that. Challenges for your institution and your borrowers can arise without warning. A loan offered today with all the due diligence imaginable might be tomorrow’s write-off. Sadly, one accident, health condition, or other malady can affect a person’s…
Think Guaranteed Asset Protection is Simple? Misconception. Guaranteed Asset Protection (GAP) is two things: A risk-management tool and non-interest income generator. But why does it even exist? During the 1980s, high-interest rates along with increased rates of vehicle depreciation spurred the introduction of GAP coverage. With interest rates rising (not…
Guaranteed Asset Protection: Checklist for Success Let’s start with a review. You’re a financial industry guru. We could toss out every bit of jargon, a slew of acronyms, and you would be ready. I’m certain of it. However, let’s assume some new faces are here as well. Maybe some of…
