Press Release

CreditSnap, a next generation Lending and Deposit automation FinTech platform, partners with Open Lending to help automate lending decisions for Credit Unions, Banks and Refinance Partners using Lenders Protection Program.

CreditSnap, an award winning fintech company that provides lending and account opening platform to banks and credit unions, has launched a partner integration with Open Lending Corporation (NASDAQ: LPRO), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions. CreditSnap’s platform pairs with Open Lending’s loan decisioning engine, Lenders Protection™, to deliver a more seamless lending process, allowing financial institutions and OEM captive finance companies to provide informed loan decisions.

This new API integration partnership delivers several benefits to Lenders offering Open Lending’s Lenders Protection program:

- Instant and Accurate Decisions: Whether it is instant offers with Pre-Qualification (or) instant decisions at the underwriting stage, Lenders participating in Open Lending’s Lenders Protection program can now rely on this new API integration to display 100% accurate approvals.

- Increased Efficiency: Lenders or refi partners would typically need to maintain a static rate sheet and keep it up to date manually. This new integration allows lenders to avoid the static rate sheet hassle, and instead rely on this always-ON API integration for instant and accurate answers.‍

- Open the doors to Automated Lending Journeys: Prior to API integration with Lenders Protection program, Lenders had to first secure a decision manually, and then work manually through the loan certification process. Now, with this API integration, CreditSnap and Open Lending are able to remove the manual work, and allow Lenders to display instant offers to their customers and also deliver automation in Lending journey.

"At CreditSnap, we are committed to re-imagining how lending and deposit automation can be delivered to Credit Unions and Banks’ customers,” said Deepak Polamarasetty, CEO at CreditSnap. “With this partnership with Open Lending, we’re excited to deliver INSTANT answers from their Lenders Protection program to Lenders’ loan applicants, and as a result, unlock automation in that lending journey.”

With Fed officials forecasting interest rate cuts in 2024, this integration partnership is positioned to help OEMs and auto lenders offer financing (and refinancing) solutions with increased efficiency. CreditSnap’s user-friendly platform offers complete workflow integration, targeted marketing capabilities and proactive risk management, allowing dealers to provide immediate and accurate loan approvals to customers seeking refinancing.

"What impresses me most about CreditSnap is its versatility,” said Matt Moody, VP, IT Integrations at Open Lending. “As the first partner to fully integrate both pre-qualified and full-loan request underwriting workflows with Lenders Protection, CreditSnap facilitates risk analysis early in the lending process, resulting in funded loans with 100% look-to-book. With real-time, dynamic approvals, the lender gets only the applicants they want, and there are no surprises. The partnership is a valuable asset to our mission to help lenders drive vehicle accessibility without adding unnecessary risk.”

If you are curious about what CreditSnap has to offer, schedule a hassle-free demo with us today at https://www.creditsnap.com/schedule. 

About CreditSnap

CreditSnap’s fintech SaaS solution allows Credit Unions and Banks deliver end-to-end automated lending and deposit account opening experience to their customers. CreditSnap has processed over 2.7 million loan and deposit applications, and consistently delivered efficiency and automation in account opening operations for financial institutions. For more information, visit us at www.creditsnap.com or get in touch at contact@creditsnap.com.

About Open Lending

Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward.