Upstart

AI Lending Platform

Silver Partner

Upstart is a leading AI lending platform provider that partners with credit unions to help them grow their memberships and expand access to affordable credit. By leveraging Upstart’s all-digital, AI lending platform, Upstart-powered credit unions can grow consumer loan portfolios, lend to more creditworthy borrowers safely, and deliver a modern, all-digital experience for their members that allows them to originate loans in minutes. Over 70% of loans funded are fully automated with no human interaction.[1]

Upstart’s AI model leverages over 1,000 variables and advanced machine learning algorithms to enable more accurate risk-based pricing and greater automation. With Upstart, credit unions can approve almost 3x the number of borrowers at the same loss rates as traditional credit score-based models[2] with near-zero default rates.[3] Our credit union partners can achieve these results while retaining full control over their credit policy.  

[1] As of 3/31/2021. Fully automated loans are defined as loans originated end-to-end (from initial application to final funding) with no human involvement. [2] In an internal study, Upstart replicated three bank models using their respective underwriting policies and evaluated their hypothetical loss rates and approval rates using Upstart’s applicant base in late 2017. Such result represents the average rate of improvement exhibited by Upstart’s platform against each of the three respective bank models. [3] Based on an internal Upstart data analysis of personal loans first payment defaults as of 9/30/2020. 

Products and Services

  • With credit unions experiencing record levels of cash deposits and reduced demand for loans, the Upstart Referral Network offers an easy way to put excess cash to work and build a profitable consumer loan portfolio tailored to your credit union’s desired risk profile.  

    Through the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet a credit union’s credit policies receive tailored offers as they seamlessly transition into a credit union-branded experience to complete the online application and closing process using your loan documents.  

    In addition, credit union partners can grow their membership by incentivizing qualified borrowers to open a demand deposit account (DDA) within the application flow.  

    Upstart Referral Network Overview for Credit Unions from Upstart for Lenders on Vimeo.

  • With personal loans as one of the fastest growing consumer lending categories over the past 5 years, Upstart's turnkey platform helps credit unions grow their consumer loan portfolio while meeting member expectations by deploying a seamless, digital personal lending experience on their website that delivers higher approval rates and lower loss rates, all enabled by AI.  

    Borrowers can complete a loan in minutes from online application to online closing. With Upstart, credit unions can approve more borrowers, experience lower loss rates, and stay in full control of their credit policy. 

    Learn more at: https://www.upstart.com/credit-unions/personal-loans/

  • With Upstart’s digitally-enabled auto refinance solution, credit unions can expand their auto loan portfolio with a smarter and faster lending experience that delivers higher approval rates and lower loss rates while saving their members money. 

    Credit unions will be able to deliver faster credit decisions and more accurately price auto refinance applicants entirely within their own website. Borrowers can complete the application in minutes and Upstart handles the entire process, including stips and lien perfection. For borrowers who fit within a credit union’s credit policy, Upstart’s platform will provide individualized, risk-based pricing unique to the borrower and vehicle combination. 

    Learn more at: https://www.upstart.com/credit-unions/auto-loans/