Maine Savings Selects Upstart for Personal Lending

January 10, 2024 at 9:00 AM EST
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HAMPDEN, Maine & SAN MATEO, Calif.--(BUSINESS WIRE)--Jan. 10, 2024-- Maine Savings, one of Maine’s largest credit unions with over 35,000 members, has announced a new partnership with Upstart (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, to provide personal loans across the communities it serves.

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“Maine Savings is committed to improving the financial well-being of our members and offering loan products that meet the needs of our community,” said Rick Moore, Chief Loan Officer of Maine Savings. "By partnering with Upstart, we are able to offer a modern, digital-first personal lending experience that helps and brings in new members wherever they are in their financial journey.”

Maine Savings became an Upstart Referral Network lending partner in September 2022. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Maine Savings' credit policies will receive tailored offers as they seamlessly transition into a Maine Savings-branded experience to complete the online member application and closing process.

“We are proud to have Maine Savings in the Upstart family of lending partners,” said Michael Lock, SVP of Lending Partnerships for Upstart. “Through the Upstart Referral Network, Maine Savings is able to lend to more creditworthy borrowers across their community while expanding their membership.”

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

About Upstart

Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates across races, ages, and genders, while delivering the exceptional digital-first experience customers demand. More than 80% of borrowers are approved instantly, with zero documentation to upload. Founded in 2012, Upstart’s platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small-dollar “relief” loans. Upstart is based in San Mateo, California, and Columbus, Ohio.

About Maine Savings

Maine Savings, founded in 1961, is a modern financial institution with state-of-the-art technology offering members a full range of financial services, including RedWallet Checking. With more than 35,000 members, 11 branches, and over 140 employees, Maine Savings is one of Maine’s largest credit unions. Maine Savings is committed to providing in-person services paired with modern conveniences. Branches are located in Bangor, Bar Harbor (Jackson Laboratory), Brewer, Corinth, Ellsworth, Hampden, Milo, North Vassalboro, Old Town, and Portland. Maine Savings continues to serve its membership as a federally insured not-for-profit credit union. To learn more, visit www.mainesavings.com.

press@upstart.com

Source: Upstart