Florida-based Liberty Savings Bank has partnered with artificial intelligence (AI) lending marketplace Upstart to provide personal loans.
The bank, which serves Florida’s Sarasota-Manatee County and has over $1.2 billion in assets, will provide these personal loans to both new and existing customers, the companies said in a Thursday (March 21) press release.
“By partnering with Upstart, we are able to offer a fast, easy and modern personal lending experience to meet the needs of both current customers and new customers,” Tim Fiedler, executive vice president at Liberty Savings Bank, said in the release.
With this partnership, Liberty Savings Bank offers personal loans on its own bank website, powered by Upstart’s all-digital, AI lending platform, according to the release.
The bank also offers personal loans through the Upstart Referral Network, in which qualified personal loan applicants on Upstart.com who meet Liberty Savings Bank’s credit policies will receive tailored offers and seamlessly transition into the bank’s branded experience to complete the online application and closing process, the release said.
Upstart’s AI lending marketplace connects millions of consumers to more than 100 banks and credit unions, per the release. Upstart AI enables these lenders to approve more borrowers at lower rates, deliver a digital-first experience, and approve more than 80% of borrowers instantly, with no documentation to upload.
“We are proud to have Liberty Savings Bank in the Upstart family of lending partners,” Michael Lock, senior vice president of lending partnerships at Upstart, said in the release. “The partnership between Upstart and Liberty Savings Bank expands access to affordable credit to more creditworthy borrowers across the Gulf Coast.”
Upstart reported in February that it achieved an all-time high in its automated credit origination process in the fourth quarter, with 89% of its unsecured loans approved through an instant and fully automated process.
The trend toward greater automation delivers a “big win” for Upstart and an “obviously better” user experience, Upstart CEO Dave Girouard said Feb. 13 during the company’s quarterly earnings call.
“We believe a fast, automated approval is essential to winning over borrowers who have lots of choices and little patience or time — and these tend to be the best borrowers,” Girouard said.
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