Beginning in the second half of 2016, customers can apply for an unsecured loan on the Regions Bank website through the Avant platform, which will carry Regions branding. Applicants will be evaluated on Regions’ underwriting criteria, a bank spokeswoman told Bank Innovation. The loans for the approved applicants will be funded and serviced by Regions.
“Applicants, who do not qualify for a Regions loan, but do qualify for an Avant loan, will receive a decline from Regions and also a loan offer from Avant for consideration,” she said. Loans sizes range from $1,000 and $35,000, and the platform will offer an immediate credit decision, according to company press release.
Regions.com featured personal unsecured loans on its website prior to the partnership, so why bring Avant into the mix? “Through the agreement with Avant, we can offer a more streamlined digital experience,” the spokeswoman explained. The terms of the revenue sharing agreement between the two lenders are not disclosed.
Globally, more than 480,000 loans have been originated through the Avant platform, surpassing the $3 billion mark in February. The marketplace lender launched a direct-to-consumer auto refinance loans in late March, with plans to launch new and used car purchase financing later this year.1 - Reader Likes This Post