Upstart Launches First Digital Lending Platform In Spanish | National company
SAN MATEO, Calif .– (BUSINESS WIRE) – September 1, 2021–
Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced that its personal lending platform is now available in Spanish, becoming the premier online lending platform for personal loans with full support for Spanish speakers across the United States.
“Taking out a loan is an important decision and consumers deserve to be fully informed throughout the process,” said Dave Girouard, co-founder and CEO of Upstart. “By making all relevant information available to Spanish speakers in their native language, Upstart takes another step towards making the financial system more accessible and inclusive for those who need it most.”
More than 63 million Americans are of Hispanic descent, and more than 70 percent use Spanish as their preferred language at home, according to Cervantes Institute 2020. Hispanics are also the main engine of population growth in the United States, according to Bench search.
Upstart was founded to improve access to affordable credit while reducing lending risk and costs for its banking partners. In 2020, the Upstart model approved 27.2% more Hispanic borrowers than a traditional model with 10.5% lower interest rates, although it only offers its service in English. 1 By providing an end-to-end loan experience in Spanish, including Disclosures, Application, Loan Agreement, Customer Service, and Repayment Dashboard, the process will become even more inclusive.
To access the Spanish version, visitors to Upstart.com can just toggle the language option on the homepage here, or go directly to Upstart.com/préstamos. If a visitor to the home page has configured the browser in Spanish, they will use the Spanish language option by default. Upstart plans to deliver a Spanish version of its car loan product in the near future. Spanish language loans are currently available through Cross River Bank with more Upstart banking partners expected in the future.
Upstart (NASDAQ: UPST) is a leading AI lending platform that partners with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates, while simultaneously delivering the experience of exceptional digital loan demanded by their customers. Over two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by former Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.
1 Upstart does not collect demographic data on borrowers. Upstart uses an industry standard methodology to estimate the demographic status of borrowers in order to access a credit analysis comparing Upstart to the results of the traditional credit model.
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CONTACT: Mike Nelson
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSUMER TECHNOLOGY SOFTWARE FINANCE BANQUE HISPANIQUE
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PUB: 09/01/2021 09: 00 / DISC: 09/01/2021 09:01
Copyright Business Wire 2021.