Case Study

Westerra Credit Union discovers new opportunities with LoanStar

Meet Westerra

Westerra Credit Union, a Colorado-based financial institution established in the mid-1930s, found its beginnings serving Denver’s educational community. Over time, their mission expanded as they merged with various districts and credit unions to form Westerra Credit Union. Altruism remains a central part of Westerra’s mission, and the growing credit union continued to focus on “serving the underserved” in its community. Presently, Westerra serves the Denver metro area and boasts over 130,000 members, with an asset size exceeding 2 billion dollars.
As the credit union landscape began to thrive in their geographic region, Westerra witnessed a swift expansion of competition. In order to differentiate themselves, Westerra needed a solution that would enable them to collaborate with an expanded community of contractors, find new loan offerings, and ultimately, engage new members. LoanStar proved to be that solution.

Embracing the Power of Simplicity

Westerra discovered LoanStar through their indirect provider and immediately began to utilize the MerchantLinQ platform to streamline ongoing projects. At the time, Westerra was collaborating with RENU, a program through the state of Colorado that helps homeowners gain access to clean energy solutions through fair loans. Prior to engaging LoanStar, the loan process was complex—contractors referred their customers to the Westerra website for applications, but this multi-organizational process confused many prospective clients. By implementing the MerchantLinQ platform, customers could access loans through an easy-to-use RENU-branded platform that eliminated confusion and removed the extra steps when applying for loans. Westerra has seen substantial growth in its solar loan program since implementing MerchantLinQ, and is now considered a technology leader for RENU.

As a pilot with LoanStar’s MerchantLinQ platform, Westerra continued its expansion through the discovery of fresh loan categories. Spurred by the embedded lending offering, the credit union was able to begin offering auto loans for mobility access—a greatly underserved loan sector. These loans help families finance automotive handicap extensions and accessible vehicles. The mobility auto loan program’s remarkable success at Westerra has prompted partnerships with additional credit unions with a long-term goal to extend the service beyond Colorado in the future. By continuing to utilize LoanStar’s technology, Westerra envisions supporting disabled individuals across the nation in acquiring essential vehicles or auto-extensions that cater to their unique needs. LoanStar and Westerra are ready and excited to scale when the lending markets allow for expansion.

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“Our experience with LoanStar has been exceptional. We were able to diversify our loan offerings; including energy-efficient home improvement loans, personal loans and auto loans for mobility access. As a credit union focused on “serving the underserved,”
we are thrilled to be able to help families finance vehicles catering to mobility/handicap needs (through the MerchantLinQ platform)—filling a niche previously underserved.”

Jared Dryer

VP of Consumer Lending at Westerra Credit Union

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Built to grow

Designed for versatility across diverse lending opportunities, the MerchantLinQ platform empowers Westerra to continue growing its existing loan offerings and customer base.

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Fully digital

The web-based platform allows loan-applicants to submit documents and applications through their phone or computer—eliminating the need to visit a branch.

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Streamlined experience

Contractors can seamlessly access the platform via a web portal, providing continuous visibility and mitigating the need for additional software.

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Commitment to community

Westerra values LoanStar’s commitment to helping lenders deploy point-of-sale finance via local merchants, which fosters growth among local businesses and ultimately, benefits the entire community..

What goals will LoanStar help you to reach?

Learn more about our turnkey embedded lending solution.