2022 NAFCU Services Innovation Award Winner
A partnership with Upstart can help your credit union improve upon the financial lives of your members and communities. As a leading AI lending platform, Upstart can help credit unions approve more borrowers safely while growing their membership. By leveraging Upstart’s all-digital platform, credit union partners can offer their members a modern, all-digital experience that originates loans in minutes. Over 87% of loans funded are fully automated with no human interaction.[1]
Upstart’s AI model leverages over 1,000 data points and advanced machine learning algorithms to enable more accurate risk-based pricing. With Upstart, credit unions can approve over 43% more borrowers than traditional credit score-based models[2] with low default rates[3]. Upstart works side-by-side with credit union teams to ensure they have full visibility and control over their lending program.
[1] As of 6/30/2023. Fully automated metric is calculated on a quarterly basis. Fully automated loans are defined as loans originated end-to-end (from initial rate request to final funding) with no human involvement. [2] As of December 31, 2021, and based on a comparison between the Upstart model and a traditional credit-score only model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical credit-score only model used in Upstart’s analysis was developed in connection with the CFPB No Action Letter access-to-credit testing program and was built from a traditional credit score only model trained on Upstart platform data. APR for the scorecard was averaged for each given traditional credit score grouping.[3] Compared to traditional bank models, Upstart’s model offers 53% fewer defaults at the same approval rate. In an internal study, Upstart evaluated the performance of our personal loan underwriting model as compared to the underwriting criteria used by a traditional bank. The results presented are based on loans originated on Upstart’s platform with at least one payment due prior to June 22, 2022.
Products and Services
-
Through the Upstart Referral Network, loans can be referred to your credit union from consumers who apply at Upstart.com and meet your credit and membership criteria.
By leveraging Upstart’s nationwide consumer marketing programs and the Upstart Referral Network, credit unions are able to more effectively grow membership with consumers who meet their field of membership criteria, while diversifying and growing their loan portfolio through personal and auto refinance loans.
Personal Loan
Auto Refi
Learn more at: https://www.upstart.com/lenders/personal-lending-referral-network/
Learn more at: https://www.upstart.com/lenders/auto-refinance-referral-network/
-
Upstart's turnkey platform helps credit unions meet their existing members' 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.
Your members can complete a loan in minutes from online application to online closing. With Upstart, credit unions can approve more members, experience lower loss rates, while staying in full control of their credit policy.
Learn more at: https://https://www.upstart.com/lenders/personal-lending-lender-branded/
-
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 through their website and branch network. 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/lenders/auto-refinance-referral-network/
Learn more at: https://www.upstart.com/lenders/auto-refinance-lender-branded/
