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U.S. Bank Taps Pagaya’s Credit Intelligence Network for Personal Loans

U.S. Bank on Thursday, February 15, reported that over the past few months, more than 200 of its clients have received approval to get personal loans using technology and a credit intelligence network, which was enabled as part of the implementation of the partnership between this financial institution and Pagaya Technologies.

U.S. Bank Taps Pagaya’s Credit Intelligence Network for Personal Loans

The mentioned lender has started working with the specified technology company to expand access to loans for a wider range of consumers. The relevant information is contained in a message posted on the blog of the financial institution on Thursday.

As part of the specified partnership, are used Pagaya’s artificial intelligence-based product solutions designed for organizations operating in the banking sector.

In the case that a U.S. Bank customer submits an application for a personal loan that does not meet the traditional requirements of financial institutions, the technology partner will complete a secondary review, applying its AI-powered credit decisioning capabilities. If the provision of the relevant service is approved, the lender will originate a loan and will serve the consumer.

Mike Shepard, head of consumer lending partnerships at U.S. Bank, says that there are currently many customers who do not meet the traditional credit parameters of a financial institution. According to him, expanding the availability of relevant services provides clients with the opportunity to receive funds at a time when this need is most urgent.

In most cases, the list of traditional requirements for obtaining personal loans includes parameters such as credit score, debt-to-income ratio, and credit history.

Leslie Gillin, chief growth officer at Pagaya, said that the company shares U.S. Bank’s commitment to expanding access to life-changing financial products and services. According to her, the integrated lending technology offered by the firm allows partners to expand and deepen customer relationships. In this case, the engagement of a diverse group of borrowers is guaranteed.

In early February, Pagaya announced that it secured of a $280 million credit facility from the world’s leading asset managers and financial institutions. These funds will provide capital and liquidity for the future growth of the company and the extension of corporate debt maturity to 2029.

As we have reported earlier, Wells Fargo & Centerbridge Offer Loans to Middle-Market Companies.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.