Providing the right loan options to members in a timely manner can be a difficult problem for some credit unions; and by “timely”, members increasingly mean “almost immediately”.
Chicago-based all-digital Alliant Credit Union ($16.4 billion in assets, 694,474 members) announced that it has partnered with artificial intelligence-focused organization Upstart to offer members ‘Bringing together an AI-powered personal loan experience nationwide that could allow members to receive a loan offer within five minutes.
On Wednesday, Alliant SVP, Chief Capital Markets Officer and Head of Commercial Lending Charles Krawitz said of the announcement, “We are very particular when choosing a fintech partner. Our partners must agree to do things the right way, with legal maturity and risk compliance. We believe Upstart has invested in robust systems that ensure borrowers are well vetted and will be a strong partner in delivering value and options to our members.
According to details of the AI-powered loan program, as part of the Upstart referral network, qualified personal loan applicants who meet Alliant’s credit and membership domain requirements can use Upstart.com to apply. loans and will transition to “an Alliant-branded experience to complete the online member application and closing process. Officials said credit and rate decisions using Upstart’s artificial intelligence tool will offer a member loan option in approximately five minutes, based on Alliant’s credit criteria.
“As a digital credit union, Alliant strives to create meaningful value for our members through fintech partnerships that have a mission similar to ours,” said Robert Perrelli, vice president of partnership development at Combining. “Through our strategic partnership with Upstart, Alliant will be able to reach and lend to more creditworthy borrowers nationwide while expanding our membership through a modern, all-digital personal lending experience.”
Michael Lock, SVP of Lending Partnerships for Upstart, said, “We are delighted to have Alliant join the growing family of Upstart Lending Partners. As part of the Upstart referral network, Alliant will be able to increase its membership while providing greater access to affordable credit. »