The feature is designed to provide:

• Instant identification of a lender's customer and their trade line status, enabling an immediate and automated response with a customized and branded offer of credit.
• Credit offers tailored to existing customers, including credit box, risk tolerance, return target, loan size and terms and geographic focus.
• Ability for nationwide lenders to choose between Upstart's AI-enabled credit decisioning or the institution's existing and approved underwriting model.

The company plans to expand the feature eventually to auto loans and home equity lines of credit (HELOC).

"In the current economic environment, lenders are laser focused on retaining their customers and increasing the lifetime value of those relationships," Michael Lock, Upstart's SVP for lending partnerships, said. Upstart's new feature "enables them to reach their existing customers in a new way, provide more value and build loyalty."

Michael Lock

The feature is available to lenders on the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet a bank or credit union's credit policies receive tailored offers. If they respond, they move into the lender's website to complete the online application and closing process.

The news release included statements from officers at Patelco Credit Union of Dublin, Calif. ($9.7 billion, 496,307 members) and Abound Federal Credit Union of Radcliff, Ky. ($2.3 billion, 134,931 members).

Josh Garrison, Patelco's vice president of consumer lending and cards, said the credit union has added the feature to help members who are looking for affordable credit on Upstart.com.

"Our existing members are our most valuable asset, so ensuring that we are there for them throughout their entire financial journey is a top priority for us," Garrison said.

Abound Chief Lending Officer Charles Eads said the feature will help the credit union, based 50 miles south of Louisville, retain and improve service to its existing members.

"This innovative program will allow us to continue to meet the financial needs of our members in the communities we serve, as well as those members who have moved outside of the area," Eads said.