Atlanta-based fintech direct loan provider, LendingPoint, announced on Tuesday it has formed a new partnership with FinWise Bank, which will allow the company to offer its full suite of loan products to customers nationwide.
LendingPoint stated through the partnership with FinWise Bank, it will be able to expand its reach nationwide to tens of millions of new potential consumers, with standardized rates, loan agreements, product portfolios, marketing and services across the U.S. The company expects to complete nationwide rollout during the first half of 2017. LendingPoint noted it combines data and technology to create a model that adds other dimensions to credit analytics, which allows the company to get a complete financial story of the customer and approve more people. Loans range from $3,000 to $20,000, with terms from 24 to 48 months.
While discussing the new partnership, Tom Burnside, Founder and CEO of LendingPoint, stated:
“We founded LendingPoint on the core belief that a person’s credit score is not their complete financial story. By partnering with FinWise Bank, we can bring better loans to more people across the U.S., helping them improve their financial story and live better lives.”
Juan E Tavares, Chief Strategy Officer of LendingPoint, also noted:
“Traditional lending relies too heavily on FICO, which overlooks a lot of creditworthy people who deserve better access to money. And newer lenders often lack the experience to reinterpret creditworthiness. This leaves a lot of good customers with little to no responsible borrowing choices. We’re in the business of unlocking access to affordable loans, and through our partnership with FinWise, we can now provide more financial opportunity for even more people nationwide.”
David Tilis, Vice President of Specialty Lending at FinWise Bank, added:
“LendingPoint’s technology and development is seamless, and we are so excited to partner with the team.”