BBVA Compass, the U.S. subsidiary of the global financial services group BBVA, announced on Monday it is now offering near-instantaneous decisioning and potential same day funding for both customers and non-customers with the footprint wide opening of the fully digital BBVA Compass Express Personal Loan. The company revealed:
“With the Express Personal Loan, customers and prospects can consolidate debt or fund large purchases with a low-interest personal loan that provides near instantaneous decisioning. Applicants with a BBVA Compass checking account can get same day funding upon loan approval. The loan, which represents months of effort across the entirety of the bank, underscores BBVA Compass’ drive to digital transformation and achieving excellence in customer experience.”
Executive Director of Consumer Lending at BBVA Compass, Shayan Khwaja, stated:
“There is a clear demand on the part of consumers for personal loans. This demand represents an opportunity for banks – which hold customer relationships, have the needed funding and boast a physical network – to demonstrate their own digital prowess and ability to serve the customer. Frankly, it’s an opportunity tailor made for a digitally-driven institution, like BBVA Compass.
“Post-recession, fintechs were clearly ready to meet increasing customer demand for personal loans, while banks took more time to find their footing. But BBVA and BBVA Compass have been building our global digital capabilities and are now in a position of strength with a strong digital foundation, and years of partnering with and investing in fintechs that has provided a solid understanding of how to achieve excellent customer experiences.”
BBVA also reported that when opened online, Express Personal Loan is an unsecured loan ranging from $2,000 to $35,000. Those applying in a branch can receive up to $100,000. For eligible applicants, only a signature is needed, and customers who have their loan payments auto-debited from a BBVA Compass consumer checking account can receive a one percent interest rate discount. The company then noted it offers a service which soft-pulls interested consumers’ credit for pre-qualification purposes giving them the ability to check their rate and see potential loan offers without affecting their credit score. In addition to the online application, interested consumers can apply for and digitally obtain the Express Personal Loan by using a mobile device. Khwaja added:
“We’ve had this product for some time, but wanted to be sure we launched the digital version right from the customer’s perspective, so we took our time before opening it to the general public. Now, we are ready for any consumer – customer or not – located across our footprint to apply for the Express Personal Loan digitally, either online at BBVACompass.com or by using a mobile device.”