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Commonwealth Credit Union Partners with Upstart for Personal Lending
Rhea-AI Impact
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Rhea-AI Sentiment
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Tags
partnership
Rhea-AI Summary
Commonwealth Credit Union, serving over 117,000 members in Central Kentucky and the Louisville Metro Area, has partnered with Upstart (NASDAQ: UPST) to offer personal loans to more residents. This collaboration expands access to affordable credit via Upstart's AI lending platform. Since becoming a partner in June 2022, Commonwealth has utilized the Upstart Referral Network to provide tailored loan offers to qualified applicants. Both organizations aim to improve financial situations for more Kentuckians, with Commonwealth emphasizing its commitment to community service.
Positive
Partnership with Upstart expands access to personal loans for Kentuckians.
Utilization of Upstart's AI platform can lead to higher approval rates and lower loss rates.
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None.
FRANKFORT, Ky. & SAN MATEO, Calif.--(BUSINESS WIRE)--
Commonwealth Credit Union, a leading credit union with more than 117,000 members in Central Kentucky and the Louisville Metro Area, today announced that it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, to provide personal loans to more Kentuckians.
“At Commonwealth Credit Union, we have a passion to serve our community and better lives,” said Karen Harbin, President & CEO of Commonwealth Credit Union. “Through our partnership with Upstart, we are able to reach more people who need access to affordable credit. If a personal loan could improve their financial situation, we want to be there for them.”
Commonwealth Credit Union became an Upstart lending partner in June 2022 and is part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Commonwealth’s credit policies receive tailored offers as they seamlessly transition into a Commonwealth-branded experience to complete the online member application and closing process.
“We are excited to partner with Commonwealth Credit Union to offer personal loans to more people across the communities they serve,” said Michael Lock, SVP of Lending Partnerships for Upstart. “As an Upstart lending partner, Commonwealth is able to cost-effectively help more Kentuckians access affordable credit."
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 marketplace 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 Commonwealth Credit Union
Established in 1951, Commonwealth Credit Union currently serves over 117,000 members. Anyone who lives, works, worships, goes to school, or volunteers in one of 25 eligible counties in Central Kentucky and the Louisville Metro Area can bank at Commonwealth Credit Union. Commonwealth Credit Union is the Official Credit Union of the University of Louisville. Insured by NCUA. Equal Housing Opportunity.
