Wright-Patt Credit Union pursues embedded lending with LoanStar, unlocking new opportunities and better serving their member community (2024)

Setting the Stage

Wright-Patt Credit Union , a financial institution with a strong community legacy spanning over 91 years, is the single largest credit union in Ohio. Driven by its unwavering dedication to member satisfaction, and an institutional focus on sustained innovation, the credit union set out to explore new lending avenues, including the integration of an embedded lending program. Wright-Patt’s primary objective was to diversify their indirect lending program while also venturing into lifestyle lending—an area that had posed challenges due to its cumbersome processes and outdated technology. In 2021, Wright-Patt chose LoanStar Technologies as their embedded lending partner due to LoanStar’s deep roots in the credit union sector—an advantage that demonstrated LoanStar’s unique understanding of the challenges credit unions face and shared commitment to the core principle of serving members.

Navigating the Solution

Opting to begin with a slow and intentional approach to adoption, Wright-Patt gradually onboarded merchants to gauge merchant sentiment and streamline internal processes. While the introduction of a new platform was initially met with skepticism, the credit union persevered and witnessed the program more than double in size within a year as merchants gained confidence in its exceptional experience. While the LoanStar platform delivered many advantages, its ease of use and scalability quickly emerged as the most instrumental in assuring the success of Wright-Patt’s program. For merchants, LoanStar’s cloud-based platform ensured easy access, strong configurability, and a customer-centered experience that fortified customer loyalty and satisfaction. For Wright-Patt, the platform provided seamless integration with the credit union’s existing operating system alongside the ability to scale loan originations up or down with complete flexibility.

The utilization of LoanStar’s MerchantLinQ platform propelled Wright-Patt’s lending programs to new heights, delivering substantial growth in both applications and originations. In addition, the platform powerfully supported local merchant businesses. Notably, the program facilitated connections with merchants who had previously operated on a cash-only basis, providing them an opportunity to close higher-cost projects and grow sales. Wright-Patt found particular success in the home improvement segment, with a notable contribution from renewable energy projects. As Wright-Patt continued to grow their merchant community, they saw a corresponding impact on deposits as merchants converted into loyal credit union members and entrusted Wright-Patt with a variety of their financial needs. And this is just the beginning. Wright-Patt looks forward to sustaining and expanding its working relationship with LoanStar by offering diverse lending solutions and continuing to strategically add new merchants to the program. In LoanStar, Wright-Patt found the right platform and the right partner—a mission-driven organization who, like Wright-Patt, would prioritize the needs of members above all.

“We love that LoanStar has its roots in the credit union side of the house. We prefer to work with companies that understand credit unions and the unique challenges we face, as well as the philosophies around how credit unions operate—serving our members is our top priority. It’s been key to our partnership that LoanStar is like-minded and has a deep understanding of the credit union space."

- Hennessy Harris, Director of Indirect Lending, Wright-Patt Credit Union

Why LoanStar for Wright-Patt?

👉 Commitment to credit unions

Founded by former credit union professionals and widely trusted by the credit union community, LoanStar demonstrates a deep understanding of Wright-Patt’s values and member-focused approached.

👉 Versatile offerings

Designed for diverse lending opportunities, LoanStar’s MerchantLinQ platform enables Wright-Patt to effortlessly evolve its loan portfolio and work with a variety of contractors.

👉 Seamless integration

Seamlessly integrated with Wright-Patt’s existing systems, LoanStar powers up intuitive, user-centered experiences for credit unions and merchants to support effortless adoption.

👉 Fully web-based

As a web-based platform, LoanStar ensures Wright-Patt’s merchants and their end customers can secure reliable access from anywhere without the need for download and installation.

How will LoanStar help you grow?

Download the case study here.