ALBUQUERQUE, N.M.—Two more credit unions have begun offering buy now, pay later (BNPL) lending to members.
In New Mexico, Sunward FCU said it added the product to meet “members’ shifting payment preferences.”
Sunward said the first New Mexico-based credit union to launch BNPL for its 165,000 members.
“This new solution is designed to help Sunward members better manage their budget and access funds to make the purchases they need,” the credit union said in a statement.
The BNPL offering is being Launched in partnership with equipifi, a provider of a BNPL platform.
The CU said the new product is available to all members through their existing credit union debit cards and checking accounts, embedded within online banking. It added that all offers are pre-qualified and personalized to the member’s financial context, “ensuring the process is easy and intuitive.”
‘Elevating our Service’
“We build our offerings to meet our members where they are and to provide them with an excellent banking experience,” EVP Alex de la Cruz said in a statement. “With the launch of BNPL, we are elevating our service offerings with financing options personalized to fit how our members actually live and bank.”
The $4.2-billion Sunward CU has approximately 165,000 members. As the CU Daily reported, it has recently expanded northward by opening its first branch in Colorado.
New BNPL Offering in Arizona
In addition, Vantage West Credit Union in Tucson, Ariz. Said it is now offering its more than 200,000 members buy now, pay later financing, also through a relationship with equipifi.
“Through equipifi, Vantage West’s BNPL program generates offers that are personalized to each member’s financial context and goals,” the $3-billion VWCU said. “Members will be able to view and accept their BNPL offers in their digital banking experience and receive the funds in their checking account in moments.
‘Much-Needed Service’
“Vantage West exists to serve our community by providing financial tools that align with their evolving needs,” President and CEO Sandra Sagehorn-Elliott said in a statement. “By launching BNPL with equipifi, we are delivering a much-needed service that not only benefits our membership but also caters to their individual needs. We’re excited to bring expanded access to flexible financing to our membership, and to continue to help them thrive.”
