Powered by Upstart
A white label lending-as-a-service platform for banks and credit unions to quickly launch and easily manage their own online unsecured installment lending program.
A highly effective, proven platform
Borrowers expect an efficient process. More than 70% of loans originated through the platform are automated and approved instantly.*
Upstart’s advanced pricing engine and fraud detection models allow lenders to approve more applicants** while managing to the right risk appetite, and bring new customers into the bank while effectively managing fraud.
The lending-as-a-service platform provides all the capabilities you need to quickly launch a lending program from application to closing – with limited investment and budget. It’s easy to start quickly and expand to deeper integration as your program grows.
Consumers are increasingly looking to unsecured, installment loans to finance short term needs .
Whether their goal is to refinance high interest rate debt, make a large purchase, make home improvements or finance unexpected expenses, customers are increasingly turning to unsecured installment loans to finance their short term needs – which is why these personal loans are the fastest growing category of consumer lending.***
Source: TransUnion consumer credit database
Advanced underwriting techniques can help you approve more customers while effectively managing risk.
Most lenders want to serve as many customers as possible – without taking on excessive credit risk. By using machine learning techniques and alternative data to better understand the credit risk of each applicant, Upstart can help you approve more borrowers while also lowering losses. **
Fully automating your end-to-end origination process to delight customers.
Unsecured loans were the tip of the spear not just for digitizing the borrowing experience – but for fully automating it end-to-end. By using automated techniques for fraud detection and application verification, Upstart’s partners offer a fully automated experience to 70% of applicants with an average time to complete of just 28 minutes – resulting in NPS scores often in the 80s.****
Get started quickly and easily with a full lending-as-a-service solution.
With a full lending-as-a-service platform that provides a cloud-based application experience, automated underwriting, verification and online loan closing, the Powered by Upstart platform allows you to get your program launched quickly with minimal investment. And as your program grows, there are multiple options for deeper integrations to expand the value to both existing and new customers.
Choose a partner with a proven track-record of success.
Our bank partners have originated more than $6B in loans* through the Upstart platform over the last 5 years. With a history of strong credit performance, delighted consumers, low fraud rates and regulatory engagement (including the first No Action Letter issued by the Consumer Financial Protection Bureau), Upstart is a partner can trust to work with you to launch and manage effectively and with the proper oversight and compliance approach to meet your requirements.
Upstart platform originations
of loans fully automated*
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* as of 1/30/2020. Fully automated loans are defined as loans originated end-to-end (from initial application to final funding) with no human involvement.
** 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 funded borrower base as of December 31, 2017. Such results are the average of the differences between Upstart’s AI models and each of the three bank models..
*** Source: TransUnion consumer credit database
**** Upstart uses a third-party service to administer surveys to loan applicants immediately following an applicant’s acceptance of a loan on Upstart’s platform.Other banks NPS per Forbes (May 21, 2019) (Source: Temkin Research).