COLUMBIA, S.C. - The provider of automated loan terminals formerly known as Affinity Financial Group Inc. has altered its name and attracted a community bank investor.
The company, which will operate under the name Affinity Technology Group Inc., has been marketing its terminals for several months and has sold about 75 to institutions such as Banc One Corp., Mellon Bank Corp., and Union Planters Corp.
According to analyst reports, Affinity has also agreed to sell a 30% stake to Carolina First Corp., Greenville, S.C. The stake awaits regulatory approval.
Affinity's terminals are a lending version of automated teller machines. They feature touch-sensitive screens and can process a loan application and issue a check to an approved applicant in 10 to 20 minutes.
The company makes money by charging fees to banks for the loan transactions. A loan handled at an automated loan terminal costs a bank about $82, Affinity officials said.
"Affinity technology will allow consumers to conduct their financial business easier and faster while allowing financial institutions to provide revenue generating services using more efficient and less expensive delivery channels," said chief executive Jeff Norris.