Curomax Limited today (Sept. 28) announced that two separate Utah-based lenders have selected the Canadian company’s Internet-based loan origination platform for its recreational vehicle and marine dealer clients.
According to a press release, Medallion Bank and Merrick Bank will be able to use the Curomax platform to submit loans applications and complete the loan contract electronically.
Medallion, which is owned by Medallion Financial Corp., is a specialty finance company servicing the RV and other industries.
“The addition of Medallion Bank to the Curomax platform begins the process of rounding out the alternatives for our recreational and marine dealers,” said Alan H. Bird, president and CEO of Curomax Limited, Mississauga, Ontario. “Medallion’s product offering and ability to lend in areas not typically reached by traditional banks gives our dealers an additional choice to electronically complete the loan transaction on-line.”
Merrick Bank, a top-50 issuer of Visa credit cards, is a nationwide lender to the RV, marine and motorcycle industries.
“Merrick Bank has established itself as a national leader in providing loans to customers with past credit problems”, said Scott Anderson, vice president of recreational lending. “Merrick Bank works closely with dealers so they do not lose that valuable customer or sale due to blemishes on the customer’s credit history that may preclude traditional financing. The relationship between Merrick Bank and Curomax will bring added value to all involved by streamlining the loan underwriting and contracting processes.”