Upstart Launches First Digital Lending Platform In Spanish
September 01 2021 - 9:00AM
Business Wire
Upstart (NASDAQ: UPST), a leading artificial intelligence (AI)
lending platform, today announced that its platform for personal
loans is now available in Spanish, becoming the first online
lending platform for personal loans with full support for Spanish
speakers across the U.S.
“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 is taking another step toward making the financial system
more approachable and inclusive to those who need it most.”
More than 63 million Americans are of Hispanic origin, and more
than 70 percent use Spanish as their preferred language at home,
according to Instituto Cervantes 2020. Hispanics are also the
primary driver of population growth in the U.S., according to Pew
Research.
Upstart was founded to improve access to affordable credit while
reducing the risk and costs of lending for its bank partners. In
2020, Upstart’s model approved 27.2% more Hispanic borrowers than a
traditional model with 10.5% lower interest rates, despite offering
its service only in English.1 By providing an end-to-end lending
experience in Spanish—including disclosures, application, loan
agreement, customer service, and repayment dashboard—the process
will become even more inclusive.
To access the Spanish-language version, visitors to Upstart.com
can simply toggle the language option on the home page here, or go
directly to Upstart.com/préstamos. If a visitor to the home page
has the browser set to Spanish, it will default to the
Spanish-language option. Upstart expects to provide a Spanish
version of its auto loan product in the near future.
Spanish-language loans are currently available through Cross River
Bank with more Upstart bank partners expected in the future.
About Upstart
Upstart (NASDAQ: UPST) is a leading AI lending platform
partnering 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
exceptional digital-first lending experience their customers
demand. More than two-thirds of Upstart loans are approved
instantly and are fully automated. Upstart was founded by
ex-Googlers in 2012 and is based in San Mateo, California and
Columbus, Ohio.
1Upstart does not collect demographic data on borrowers. Upstart
uses standard industry methodology to estimate borrower demographic
status to conduct access to credit analysis comparing Upstart to
traditional credit model outcomes.
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Mike Nelson mike.nelson@upstart.com
Upstart (NASDAQ:UPST)
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