ONTARIO, Calif. – CU Direct Corp., the leader in indirect auto loans for credit unions, announced this morning it has expanded its retail loan operations with the acquisition of Lifestyle Lending Insights, a Salt Lake City provider of so-called lifestyle loans—for medical or retail purposes—through credit unions.
The deal will give CU Direct, the parent of CUDL, Lending Insights, Lending 360, CUDL Retail and Vero brands, an expanded footprint in the retail lending marketplace and advance its national retail lending network.
“Our goal is to provide credit unions with a dynamic, comprehensive, full service retail lending solution and national lending network,” said Joe Greenwald, senior vice president of credit union products at CU Direct. “Leveraging Lifestyle Lending’s industry expertise in retail lending with our growing CUDL Retail brand, well positioned in the lifestyle and merchant space, greatly enhances our ability to support credit unions in building successful retail programs.”
Lifestyle Lending has a network of more than 750 merchants in 16 states and its network provides loans ranging from financing for a child's braces, a co-pay for a lifesaving procedure, chiropractic, cosmetic surgery, hearing, vision, and other medical practice types; to retail financing for such industries as water treatment, HVAC, computers, furniture and hot-tubs.
CU Direct and its affiliated brands provide lending solutions to 1,020 credit unions.
Financial terms of the deal were not disclosed. After completion of the deal Kirk Harris, founder of Lifestyle Lending, will join CU Direct as product director for retail lending and will take on leadership of both the Lifestyle Lending products and the CUDL Retail products.