CU*Answers credit unions can now offer a new “step-down” type of line-of-credit loan that combines the benefits of a long-term open credit loan with the flexibility of a revolving line-of-credit. This new loan product allows credit unions to extend a line of credit and then lower the available balance (and loan payment) incrementally each month. For example, the CU might extend $10,000 for a construction project and then lower the available balance and loan payment by an incremental portion of the initial loan amount each month.

Geoff Johnson, Chief Operations Officer at CU*Answers states that “the step-down loan is a great new innovative product for your lending teams with opportunities that range from commercial lending needs to consumer applications, as well as your real estate teams.”

CU*Answers provides core processing for over 250 credit unions nationally and is a 100% credit union-owned cooperative CUSO.