A new agreement between MetaBank and New York-based Liberty Lending LLC will bring Meta Financial Group into the direct-to-consumer credit business by providing loans to Liberty Lending customers.
Under the three-year program agreement, Meta expects to originate between $500 million and $1 billion in personal loans. In 2016, Meta acquired Specialty Consumer Services, which is now a division of MetaBank and will be the platform to launch the Liberty Lending program and similar ones.
“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 loans are expected to be closed-end installment loans between $3,000 and $45,000 with a duration of 13 to 60 months.
“Liberty Lending’s mission is to provide innovative borrowing solutions to deserving customers,” said Bill Yialamas, CFO of Liberty Lending. “The partnership will enable Liberty Lending to further deliver on its mission to customers by leveraging Meta’s wealth of resources and expertise.”