AgFed Credit Union Selects Upstart for Personal Lending

Rhea-AI Summary

Upstart (NASDAQ: UPST), an AI lending platform, announced a partnership with AgFed Credit Union to offer personal loans to new members. This collaboration aims to enhance AgFed's ability to serve eligible borrowers across the nation. Since joining the Upstart Referral Network in September 2021, AgFed can provide tailored loan offers to applicants who meet its credit criteria. AgFed CEO Margie Click emphasized their commitment to high-quality service, while Upstart's SVP of Lending Partnerships, Michael Lock, highlighted the benefits of serving a broader borrower base.

Positive

• Partnership with AgFed Credit Union enhances Upstart's lending reach.
• AgFed's use of Upstart's AI platform is likely to improve loan approval rates.
• Collaboration enables tailored loan offers to eligible applicants.

Negative

• None.

WASHINGTON & SAN MATEO, Calif.--(BUSINESS WIRE)-- Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced AgFed Credit Union (AgFed), a Washington D.C.-based credit union, has partnered with Upstart to provide personal loans to better reach new members in the communities it serves.

Quote from Margie Click, AgFed CEO (Graphic: Business Wire)

“With our focus to provide the highest quality of service and market-leading products, AgFed is excited to partner with Upstart to expand our reach and ability to serve more eligible members nationwide,” said Margie Click, AgFed CEO. “With Upstart’s modern, all-digital lending experience, AgFed will be able to meet the expectations and needs of today’s consumer.”

AgFed became an Upstart lending partner in September 2021 and will be part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet AgFed’s credit policies receive tailored offers as they seamlessly transition into an AgFed-branded experience to complete the online member application and closing process.

“We are proud to partner with AgFed Credit Union to offer personal loans to new and current members nationwide,” said Michael Lock, SVP of Lending Partnerships for Upstart. “As a lending partner on the Upstart Referral Network, AgFed will be able to lend to and serve more creditworthy borrowers.”

To learn more about Upstart for Credit Unions and the Upstart Referral Network, please watch this video.

About Upstart

Upstart (NASDAQ: UPST) is a leading AI lending platform partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates for every race, ethnicity, age, and gender, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by ex-Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.

About AgFed Credit Union

AgFed began in 1934, in Washington, DC and now serves individuals nationwide. Providing the highest quality of service is our top priority. We offer market leading mortgages, auto loans, credit cards, checking, and a wide range of other accounts with our members' interests always in mind. AgFed is federally insured by NCUA and is an equal housing lender. With over $300 million in assets, over 25,000 members, and 6 AgFed branches, members have access to their accounts and our services 24 hours a day, 7 days a week.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220112005446/en/

Mike Nelson

mike.nelson@upstart.com

Source: Upstart

FAQ

What is Upstart's recent partnership announced in October 2023?

Upstart partnered with AgFed Credit Union to provide personal loans, expanding access to new members.

How does the Upstart Referral Network benefit AgFed Credit Union?

The Upstart Referral Network allows AgFed to offer customized loan offers to applicants meeting its credit policies.

When did AgFed Credit Union join the Upstart Referral Network?

AgFed Credit Union became an Upstart lending partner in September 2021.

What is the significance of Upstart's AI lending platform?

Upstart's AI platform enhances approval rates and reduces loss rates for a diverse range of borrowers.