The partnership will accelerate Carver’s ability to lend in diverse, middle-income communities through cutting-edge technology
Carver Federal Savings Bank, a certified Minority Depository Institution (“MDI”), announced that it has partnered with Upstart, a leading artificial intelligence (AI) lending marketplace, to provide personal loans to more borrowers and unlock credit where it is needed the most.
“Upstart’s AI technology is supporting Carver Bank’s priority to provide affordable credit to our customers. By using AI, we are expanding credit access while more appropriately assessing the creditworthiness of loan applicants to go beyond narrowly focused traditional credit scores,” said Michael T. Pugh, President and CEO of Carver. “Our partnership with Upstart is yet another way Carver aims to spread economic empowerment across the diverse communities the Bank serves.”
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Carver Federal Savings Bank became an Upstart lending partner in August 2022 and is part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Carver’s credit policies receive a tailored offer from the Bank as they seamlessly transition into a Carver-branded experience to complete the online application and closing process.
“We are excited to partner with Carver to provide the communities the Bank serves with greater access to fairly-priced credit,” said Michael Lock, SVP of Lending Partnerships for Upstart. “Through the partnership with Upstart, Carver is enhancing its offerings and delivering an all-digital, personal lending experience that better meets the needs of more consumers during these challenging times.”
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About Upstart
Upstart is a leading AI lending marketplace 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 across races, ages, and genders 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.
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