Smartphone Loan Solutions Book $1 Billion

Published August 22, 2013, 7:59 p.m. EDT

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Updated August 26, 2020, 10:11 p.m. EDT

1 Min Read

MADISON, Wis. CUNA Mutual Group reported its Smartphone Loan has accounted for $1 billion in loans made via mobile devices since it launched two years ago.

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Launched in July 2011, the Smartphone Loan technology allows loan applicants who are credit union members to begin the loan application process from wherever they are an auto dealership, their kitchen table, or sitting in their car on their smartphones. The technology is a mobile version of CUNA Mutual Group’s loanliner.com product, which is used by more than 550 credit unions nationwide.

The AskAuto app launched in spring of 2013, gives credit unions a way to reach their members on the car dealer’s lot when they may be looking for an auto loan, CUNA Mutual said.

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