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Patelco Credit Union Selects Upstart for Personal Lending
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Upstart (NASDAQ: UPST), an AI lending platform, partners with Patelco Credit Union to expand access to AI-driven personal loans in Northern California. Patelco, a not-for-profit credit union, aims to enhance members' financial health through this collaboration. Leveraging Upstart's all-digital lending solution, they will provide tailored offers to qualified loan applicants, increasing inclusivity in lending. Since June 2021, Patelco has been part of the Upstart Referral Network, allowing seamless application processes for members seeking affordable credit.
Positive
Partnership with Patelco Credit Union enhances access to AI-powered personal loans.
Increased inclusivity in lending for communities in Northern California.
Patelco Credit Union will benefit from higher approval rates via Upstart's AI platform.
Negative
None.
SAN MATEO, Calif.--(BUSINESS WIRE)--
Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced Patelco Credit Union, a member-owned, not-for-profit credit union serving Northern California, has partnered with Upstart to offer AI-powered personal loans to more people.
Quote from Richard Wada, Chief Lending Officer, Patelco Credit Union (Graphic: Business Wire)
“Our mission is to bring the best products and services to our members as well as help improve their overall financial health and well-being,” said Richard Wada, Chief Lending Officer, Patelco Credit Union. “Our partnership with Upstart’s all-digital, AI lending solution allows us to drive more inclusive lending outside of our branch footprint and help even more people improve their financial wellness.”
An Upstart lending partner since June 2021, Patelco Credit Union will be part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Patelco’s credit policies receive tailored offers as they seamlessly transition into a Patelco-branded experience to complete the online member application and closing process.
“We are excited to partner with Patelco Credit Union to provide an all-digital personal lending experience that will enable them to serve more communities and grow their membership,” said Michael Lock, SVP of Lending Partnerships for Upstart. “With our AI lending platform, Patelco will be able to expand access to 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 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, 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 Patelco Credit Union
Dublin, California-based Patelco Credit Union is a not-for-profit credit union committed to serving the financial health and wellbeing of its membership. With more than 400,000 members primarily in and around northern California, Patelco is committed to improving their members’ financial well-being and fueling hope and opportunity for its members by offering personalized solutions, advice, and expertise that empower them to achieve personal financial freedom. Founded in 1936 with $500 in assets by employees of the Pacific Telephone and Telegraph Company, Patelco is in the top one percent of U.S. credit unions with more than $8 billion in assets. For more information, visit https://www.patelco.org/.
What is the partnership between Upstart and Patelco Credit Union?
Upstart and Patelco Credit Union have partnered to offer AI-powered personal loans, improving access to affordable credit for more individuals in Northern California.
When did Patelco Credit Union start its partnership with Upstart?
Patelco Credit Union has been partnering with Upstart since June 2021.
How does Upstart's AI lending platform benefit Patelco Credit Union?
Upstart's AI lending platform allows Patelco Credit Union to achieve higher approval rates and deliver a digital-first lending experience.
What does the Upstart Referral Network do?
The Upstart Referral Network enables qualified personal loan applicants to receive tailored offers from Patelco Credit Union through a seamless online experience.
