Farmers Insurance Federal Credit Union
Partners with Upstart to Expand Access to
Personal Loans Nationwide
LOS ANGELES & SAN MATEO, Calif., August 16, 2023—In a significant move to enhance financial services for its members, Farmers Insurance Federal Credit Union (FIGFCU), a credit union primarily serving members of the Farmers Insurance community, has announced its strategic partnership with Upstart (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace. This collaboration aims to provide personal loans to consumers across the country, fostering a modern, all-digital lending experience.
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Empowering Financial Wellness through Modern Lending
The alliance between Farmers Insurance Federal Credit Union and Upstart reflects a commitment to empowering individuals to achieve their best financial lives by granting them greater access to tailored products and services. Laura Campbell, CEO of Farmers Insurance Federal Credit Union, expressed their dedication to this mission, stating, “With Upstart, we are able to reach more people outside of our traditional field of membership with a FIGFCU personal loan through a modern, all-digital lending experience.”
A Step towards Financial Inclusion
Farmers Insurance Federal Credit Union became a part of the Upstart Referral Network lending partner community in December 2021. Under this network, individuals who meet FIGFCU’s credit criteria and are qualified personal loan applicants on Upstart.com will receive personalized loan offers. As they transition seamlessly into a FIGFCU-branded experience, they can complete the member application and closing process online, simplifying and streamlining the lending process.
Michael Lock, SVP of Lending Partnerships for Upstart, highlighted the significance of this partnership in expanding access to affordable credit, saying, “Our partnership with Farmers Insurance Federal Credit Union provides greater access to affordable credit to more people outside of FIGFCU’s traditional field of membership. Through the Upstart Referral Network, FIGFCU is able to gain new members while providing personal loans that can improve their financial lives.”
Unlocking Financial Opportunities with Upstart
The Upstart platform has emerged as a pioneering AI lending marketplace, connecting millions of consumers with a network of 99 banks and credit unions. Leveraging Upstart’s AI models and cloud applications, these financial institutions can provide credit products that are tailored to individual needs. What sets Upstart apart is its ability to approve a significant percentage of borrowers instantly, with a hassle-free application process that requires zero documentation uploads.
About Upstart
Founded in 2012, Upstart (NASDAQ: UPST) has become the go-to platform for AI-driven lending solutions. By facilitating connections between borrowers and lenders, Upstart ensures that more individuals, regardless of their background, are approved for loans at competitive rates. This fosters financial inclusion while delivering the digital-first experience that today’s consumers expect. Upstart’s offerings span personal loans, automotive retail and refinance loans, as well as small-dollar “relief” loans.
About Farmers Insurance Federal Credit Union
For over 80 years, Farmers Insurance Federal Credit Union (FIGFCU) has been a reliable financial partner for Farmers employees and agents. With over 60,000 members and assets totaling more than $1.5 billion, FIGFCU’s commitment to its members’ financial well-being is unwavering. As a nonprofit financial institution, FIGFCU is dedicated to providing higher savings yields and lower loan rates compared to traditional financial entities. Service excellence is at the core of their values.
For more information about Farmers Insurance Federal Credit Union and their offerings, visit http://www.figfcu.org.
In a dynamic financial landscape where digital innovation plays a crucial role, partnerships like the one between Farmers Insurance Federal Credit Union and Upstart showcase a collective effort to make financial services more accessible, efficient, and personalized for individuals across the nation. As the world of finance continues to evolve, these collaborations lay the foundation for a brighter, more inclusive financial future.
