One City Built to Last

explained Wasserman. “From helping lenders
obtain new customers, to helping them
service their customers – and if the customer
stops paying, we offer collections functions
for them as well.”
lower cost services to their customers,
which will be a win/win for everyone.
This is a goal of ours – and
we're very happy we can be a part
of that.”
While outsourcing helps reduce
costs, Infusit resists the trend to outsource
in other countries. “We started
this company because we can be
competitive right here in the United
States,” Wasserman said. “We
are more specialized and provide
slightly different services than overseas
call centers, but I'd like to see
more outsourced services come back
here, because that's what's better for
Randall Wasserman,
President of Infusit
the country.”
To help gain a competitive advantage,
Wasserman's company has created
an offering, including developing
its own software, to help small
lenders meet their needs.
Infusit works with client lenders
at every stage from loan application
to collections. Once a loan is issued,
Infusit provides customer support
for client lenders by dealing with
customer issues in its call center.
The company also handles billing
and collections, when necessary.
“We offer services from the very early
stages to the very ending stages,”
“We will treat your
customers as if they
were our own!
Lending Terms
The lending industry has gone through
several iterations since Wasserman entered
the business, roughly 30 years ago. After
graduating college and working in the lending
industry, he started his own lending
company about 20 years ago. He identified
some issues immediately. “There's a great
disparity that has come to light in recent
years with Wall Street and the 98 percent
movement – the haves and the have nots,”
said Wasserman. “I got into the industry because
banks really weren't doing the public
a good service. They only want to lend
money to those who have it and don’t need
it; not to those who need it and don’t have
it. I wanted to help change that paradigm.”
While many of the changes happened
with increased regulation over the past few
years, the trend actually started many years
earlier. “Way back when, banks provided
two services to clients. First, they were depository
institutions for people who wanted
to safeguard their money, and the second
function was to lend money to people
when they needed it.” Those kinds of loans,
signature loans and personal loans, don't
really exist anymore, but Wasserman hopes
they will come back.
Transparency Against Predatory Practices
While Infusit targets small- and medium-size
lenders issuing small loans, it does
not support predatory lenders.
“My main requirement is that lenders be
honest and transparent,” Wasserman emphatically
states. “My criteria for taking on
a new client is that they fully disclose all
their rates and terms in advance, that they
are completely transparent, that there are
no hidden fees whatsoever, and that the
customer knows before signing anything
exactly what their loan or line of credit is
going to cost them.”
Infusit's criteria for taking on clients aims
to help bring honest lenders, lenders who
intend to help customers in need of small
loans – into the market. Without such lenders,
customers looking for loans and lines of
credit often have no other option but to turn
to predatory lenders for help.
.infusit
THE SUIT MAGAZINE p.39