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MetaBank® and Liberty Lending, LLC Partner to Originate Personal Loans
MetaBank® and Liberty Lending, LLC announced today that they have entered into a three-year program agreement whereby MetaBank will provide personal loans to Liberty Lending customers. Meta and Liberty Lending will market the program jointly through a wide variety of marketing channels. Under this agreement, MetaBank expects to originate between $500 million and $1 billion in personal loans during the term of the program.
This marks the entry point for Meta into a direct-to-consumer credit business, leveraging its balance sheet to generate higher income on higher margin products. The 2016 acquisition of Specialty Consumer Services (“SCS”), now a division of MetaBank, is the platform from which the Liberty Lending program and other similar programs will be launched.
“We are excited to partner with a respected and growing brand in online lending, and look forward to working together to deliver best in class loan products to consumers,” said Brent Turner, Executive Vice President and Head of Consumer Lending at Meta. “Furthermore, leveraging the underwriting expertise and consumer credit experience of the SCS team provides us with great resources to accomplish our objectives in consumer credit.” The loan products contemplated under this agreement are closed-end installment loans ranging from $3,500 to $45,000 with durations of between 13 and 60 months.
“Liberty Lending’s mission is to provide innovative borrowing solutions to deserving customers. The partnership will enable Liberty Lending to further deliver on its mission to customers by leveraging Meta’s wealth of resources and expertise,” said Bill Yialamas, CFO of Liberty Lending.
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