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In a dual-branded lending effort, Patelco Credit Union and artificial intelligence lending company Upstart announced on Wednesday a joint program to offer personal loans to more members using the Upstart Referral Network.
In a statement, the Dublin, Calif.-based Patelco ($8.8 billion in assets, 417,171 members) said it has partnered with Upstart to expand access to affordable credit by means of AI and a digital-first lending experience.
"Our mission is to bring the best products and services to our members as well as help improve their overall financial health and well-being," Patelco Chief Lending Officer Richard Wada said. "Our partnership with Upstart's all-digital, AI lending solution allows us to drive more inclusive lending outside of our branch footprint and help even more people improve their financial wellness."
According to details of the partnership using the Upstart Referral Network, qualified members who apply for a personal loan using Upstart and meet Patelco's credit requirements will "seamlessly transition into a Patelco-branded experience" with tailored offers to complete the online member application all the way to the closing process.
"We are excited to partner with Patelco Credit Union to provide an all-digital personal lending experience that will enable them to serve more communities and grow their membership," Upstart SVP of Lending Partnerships Michael Lock said. "With our AI lending platform, Patelco will be able to expand access to affordable credit."
According to Upstart, 71% of its loans are fully automated, from initial rate requests to final funding without any human involvement. Upstart applies AI programs that look beyond the FICO scores of applicants by using "non-conventional variables at scale" to improve consumers' access to credit.
The partnership between Patelco and Upstart began earlier this summer.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
