Upstart Announces Availability of Upstart Referral Network
Today, banks are experiencing record levels of cash deposits and reduced demand for loans. The Upstart Referral Network offers an easy way to put this cash to work. Qualified personal loan applicants on Upstart.com who meet a bank partner's credit policies receive tailored offers as they seamlessly transition into a bank-branded experience to complete the process.
"Finding the right loan applicant can be a huge hurdle for banks. AI-driven lending eliminates a lot of the guesswork," says
The Upstart Referral Network, which was in limited preview for existing bank partners, now includes newly released features that enable banks and credit unions to add customers and expand their loan portfolio while maintaining visibility and control into those loans based on their risk policy.
- Performance Console: Analytical dashboard allows banks to track loan originations in near real-time and optimize their portfolio for desired credit and risk parameters.
- Demand Deposit Account (DDA) for Banks: Borrowers on Upstart.com can now automatically open a new checking account with bank and credit union partners during the application process, often for a better rate.
"To provide more people in our community access to affordable credit while effectively managing risk, KEMBA chose the Upstart Referral Network to get to market quickly and expand member reach," said
Banks and credit unions are able to get started on the Upstart Referral Network with minimal costs and be implemented in as little as 60 days, starting with as low as
"We believe in high quality, high touch transparency and that's what Upstart and the Upstart Referral Network offered. We were looking for a turnkey solution, and we found the right partner and program to make this easy," said
For more information, please visit https://www.upstart.com/for-banks/referral-network/ and watch this video.
This press release contains forward-looking statements, including but not limited to, statements regarding the future of AI-based lending. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "project", "intend", "target", "aim", "believe", "may", "will", "should", "could", "can have", "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future events. Forward-looking statements give our current expectations and projections relating to AI-based lending. Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The forward-looking statements included in this press release relate only to events as of the date hereof. Upstart undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. All forward-looking statements are subject to risks and uncertainties that may cause actual outcomes to differ materially from those that we expected.
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