Financial resource solution provider Supermoney has inked a strategic partnership with consumer lending platform, Best Egg. The agreement will integrate Best Egg’s online loan solution with SuperMoney’s personal loan pre-qualification platform.

“Partnering with SuperMoney supports our mission of making money more accessible to allow people to enjoy life,” said Jeffrey Meiler, CEO of Marlette Funding, the company that runs Best Egg. “Our core values align and this partnership will benefit consumers with apples-to-apples comparisons and (a) commitment to transparency.”

“Both companies will continue to focus on growing their digital footprint and creating a best-in-class customer experience,” SuperMoney CEO Miron Lulic added. He highlighted Best Egg’s recent milestone of delivering more than $6.7 billion in funding loans, as well as his own company’s financing of more than $1 billion via its platform. This kind of traction, Lulic said, makes the collaboration with Best Egg, “an exciting opportunity to continue building upon our respective successes in the personal loan industry.”

Marlette Funding, the team behind Best Egg, leverages decades of banking experience, deep customer knowledge, and smart technology to provide a frictionless personal lending experience for consumers. Qualified applicants using Best Egg can get loan offers instantly, and funds are available as soon as one business day. The platform was launched in 2014.

Founded in 2013 and headquartered in Santa Ana, California, SuperMoney launched its student loan refinancing comparison marketplace in November. With a single application, users get real time, actual rate quotes from lenders such as LendKey and SoFi. The process is quick and does not impact borrower’s credit scores.

SuperMoney demonstrated its no-fee, point of sale financing technology at FinovateSpring 2018. The solution provides small businesses with a turn-key financing option to help customers finance products and services with no additional cost to the merchant. In 2017, SuperMoney introduced its auto loan offer comparison tool.

Financial services comparison site SuperMoney is venturing into new territory this week with the launch of its student loan refinancing comparison marketplace. And since student loans are the largest source of unsecured debt in the U.S., with outstanding loan amounts totaling $1.53 trillion, now is as good a time as ever for the new endeavor.

The new marketplace aims to help students make smarter decisions when refinancing their existing student loans. By submitting a single application, users can receive actual rate quotes in real time from multiple lenders, including LendKey, CommonBond, and SoFi. Each offer transparently shows users a breakdown of monthly costs, payments, and fees so that they can make the best decision based on their circumstances.

The free process takes seconds and won’t hurt applicants’ credit scores. And unlike other loan offer aggregation sites, SuperMoney doesn’t harvest and sell applicant information.

Founded in 2013, SuperMoney offers a range of widgets to help users find the right tools to achieve their financial goals. Users can compare mortgage offers, credit cards, loan offers, and annual percentage yields on savings and checking accounts. The company’s CEO, Miron Lulic, recently showcased at FinovateSpring 2018, where he demoed SuperMoney’s No-Fee Financing Platform that offers merchants access to turnkey financing that can help save them up to 10% on discount rate fees.

Today’s announcement comes just a couple of months after SuperMoney’s last product launch— an auto loan comparison engine. The tools allow prospective borrowers to use a single platform to compare between secured and unsecured loans, refinancing, and private party auto loans. Also this fall, the company announced it has surpassed $1 billion in financing requests to lenders via its platform.

During the debut of their loan offer comparison tool at FinovateSpring 2017 in May, SuperMoney promised more to come. “Our goal is to extend the framework we developed into all lending-related verticals initially,” SuperMoney CEO Miron Lulic explained, “and then to other financial services where consumers can benefit from apples-to-apples comparisons and transparency.”

Last week SuperMoney embarked upon this expansion with the unveiling of its auto loan offer engine. With 20 participating auto lenders on board, SuperMoney is now able to offer comparisons between secured and unsecured loans, refinancing, and private-party auto loans all from the same platform. This means that potential auto loan borrowers can submit one online loan application and get multiple auto loan offers to choose from. Calling the traditional auto financing model “antiquated,” Lulic emphasized the ease of use of SuperMoney’s technology. “These days buying an airline ticket is fast and easy. We’ve brought that same great comparison shopping experience to the auto loan industry.”

Pictured (left to right): SuperMoney CEO Miron Lulic and Managing Partner Harry Langenberg demonstrating the SuperMoney loan offer engine at FinovateSpring 2017.

SuperMoney’s auto loan comparison engine adds a new element to the car buying experience, essentially giving car buyers the opportunity to “negotiate” over the price of financing instead of just being able to haggle over the price of the car itself. “Paying a high interest rate can cost you many times more than what you’re likely to shave off the purchase price of your vehicle, regardless of your negotiating skills,” Lulic added. He used the example of a 60-month loan with a 3% APR compared to the same loan with an APR that was twice as large. The difference over the life of the loan was more than 10% of the car price.

The problem, according to Lulic, is the lack of transparency combined with a misunderstanding of the how auto financing works. “Dealerships can hide interest hikes behind longer terms precisely because they know most borrowers focus on the monthly payment amount, not the overall cost,” Lulic noted. SuperMoney’s auto loan offer engine is free and uses a soft pull to avoid affecting the applicant’s credit. Borrowers can search and compare offers based on total cost and monthly payment, as well as get a breakdown on additional fees such as origination fees and any prepayment penalties. Among the platform’s lending partners are AutoPay, Springboard Auto, and USAA.

In a conversation with AutoFinanceNews, Lulic underscored the value of the solution to subprime consumers who have limited – and often expensive – options when it comes to financing a car. Between a lack of understanding about personal finance and their own income challenges, subprime auto buyers are those who have the most to gain from a solution that brings transparency to the financing experience. “We can bring these direct lenders to the table who give some more savings on these interest costs than if they just went to some used-car dealership and took whatever high interest-rate loan that was offered to them,” Lulic said.

Founded in 2013 and headquartered in Santa Ana, California, SuperMoney demonstrated its loan offer comparison tool at FinovateSpring 2017. Read our Finovate Debut post introduction to the company from earlier this year.