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MIDFLORIDA Credit Union Selects Upstart for Personal Lending
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Upstart has partnered with MIDFLORIDA Credit Union to provide affordable personal loans to Floridians, enhancing their digital lending options. MIDFLORIDA, serving over 434,000 members and holding more than $6.6 billion in assets, aims to attract new members through this collaboration. As part of the Upstart Referral Network, qualified personal loan applicants will receive tailored offers that transition them to a MIDFLORIDA-branded application process. This partnership signals Upstart's commitment to expanding access to affordable credit using AI technology.
Positive
Partnership with MIDFLORIDA Credit Union enhances Upstart's reach in Florida.
MIDFLORIDA will provide affordable, AI-powered personal loans, improving member services.
Joining Upstart Referral Network allows tailored offers for personal loan applicants.
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None.
LAKELAND, Fla. & SAN MATEO, Calif.--(BUSINESS WIRE)--
MIDFLORIDA Credit Union, one of the largest credit unions in Florida with more than 434,000 members and assets totaling more than $6.6 billion, today announced that it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, to provide affordable personal loans to more Floridians.
Quote from Dennis Pershing, Executive Vice President/Consumer Lending for MIDFLORIDA Credit Union (Graphic: Business Wire)
“We are excited to partner with Upstart to enhance the online lending options that will better serve existing members and allow us to attract new members across the communities we serve,” said Dennis Pershing, Executive Vice President/Consumer Lending, for MIDFLORIDA Credit Union. “With Upstart, MIDFLORIDA will be able to provide an all-digital, AI-powered consumer lending experience for affordable, fairly-priced personal loans to more Floridians.”
MIDFLORIDA became an Upstart lending partner in December 2021 and is now part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet MIDFLORIDA’s field of membership requirements and credit policies will receive tailored offers as they seamlessly transition into a MIDFLORIDA-branded experience to complete the online member application and closing process.
“We are excited to partner with MIDFLORIDA Credit Union through the Upstart Referral Network,” said Michael Lock, Senior Vice President of Lending Partnerships for Upstart. “The modern, all-digital personal lending experience Upstart provides offers credit unions like MIDFLORIDA a cost-effective and competitive means to grow memberships and loans while still remaining true to their credit standards and field of membership requirements.”
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 MIDFLORIDA
MIDFLORIDA is a state-chartered financial institution headquartered in Lakeland, Florida. The Credit Union serves more than 434,000 members with assets totaling more than $6.6 billion through its network of branches, ATMs and website, MIDFLORIDA.com. MIDFLORIDA Credit Union is open for membership to anyone who lives, works, worships or attends school within its Florida service area, which spans from Gainesville to Stuart and coast to coast.
What is the partnership between Upstart and MIDFLORIDA Credit Union about?
Upstart has partnered with MIDFLORIDA Credit Union to provide affordable personal loans through an AI-powered platform, enhancing online lending options.
How will the Upstart Referral Network benefit MIDFLORIDA Credit Union?
The Upstart Referral Network will allow MIDFLORIDA to offer tailored loan applications to qualified users, streamlining the lending process.
What are the key benefits of the Upstart platform for credit unions?
The Upstart platform provides credit unions like MIDFLORIDA with higher approval rates and lower loss rates for loans.
What is MIDFLORIDA Credit Union's membership size and assets?
MIDFLORIDA Credit Union has over 434,000 members and assets totaling more than $6.6 billion.
Since when has MIDFLORIDA been a partner of Upstart?
MIDFLORIDA became an Upstart lending partner in December 2021.
