The Bank of Elk River Selects Upstart for Digital Personal Lending
July 24 2024 - 8:00AM
Business Wire
The Bank of Elk River, one of the largest community banks in
Sherburne County, Minnesota, has announced a new partnership with
Upstart (NASDAQ: UPST), the leading artificial intelligence (AI)
lending marketplace, to provide digital-initiated personal loans to
customers outside of their typical footprint.
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the full release here:
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“The Bank of Elk River aims to exceed customer expectations with
superior personal service and a variety of quality products,” said
Pete Onstad, Director of Consumer Banking at The Bank of Elk River.
“We partnered with Upstart to offer digital-first lending services
to customers outside of our typical reach and create more
possibilities across the communities we serve.”
The Bank of Elk River became an Upstart Referral Network lending
partner in June 2023. With the Upstart Referral Network, qualified
personal loan applicants on Upstart.com who meet The Bank of Elk
River's credit policies will complete an online application and
closing process in a Bank of Elk River-branded experience.
“We are proud to have The Bank of Elk River in the Upstart
family of lending partners,” said Michael Lock, Senior Vice
President of Lending Partnerships for Upstart. “As an Upstart
lending partner, The Bank of Elk River is able to offer access to
credit to more people through a fast, modern personal lending
experience.”
To learn more about Upstart for Banks and the Upstart Referral
Network, please watch this video.
About Upstart
Upstart (NASDAQ: UPST) is the leading AI lending marketplace,
connecting millions of consumers to more than 100 banks and credit
unions that leverage Upstart’s AI models and cloud applications to
deliver superior credit products. With Upstart AI, lenders can
approve more borrowers at lower rates across races, ages, and
genders, while delivering the exceptional digital-first experience
customers demand. More than 80% of borrowers are approved
instantly, with zero documentation to upload. Founded in 2012,
Upstart’s platform includes personal loans, automotive retail and
refinance loans, home equity lines of credit, and small-dollar
“relief” loans. Upstart is based in San Mateo, California, and
Columbus, Ohio.
About The Bank of Elk River
The Bank of Elk River is a family-owned and operated community
bank with a rich history dating back to 1885. It is one of the
largest community banks in Minnesota with more than $650 million in
assets and 100+ highly trained employees. The bank offers fast,
local funding solutions for businesses and robust financial
services for consumers. Community engagement has been a pillar of
The Bank of Elk River’s mission since its inception—each year, the
bank donates more than $80,000, and employees log about 1,000
volunteer hours. The Bank of Elk River offers four branch locations
with two in Elk River and one in Otsego and Zimmerman. For more
information, visit thebankofelkriver.com. Member FDIC. Equal
Housing Opportunity.
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