Skip to main content

The place for all things credit union™
Log in
Upstart-Logo-Stacked-Square-1

Upstart

Upstart is a leading AI lending platform provider that partners with credit unions to help them grow their memberships and expand access to affordable credit. By leveraging Upstart’s all-digital, AI lending platform, Upstart-powered credit unions can grow consumer loan portfolios, lend to more creditworthy borrowers safely, and deliver a modern, all-digital experience for their members that allows them to originate loans in minutes. Over 70% of loans funded are fully automated with no human interaction.[1]Upstart’s AI model leverages over 1,000 variables and advanced machine learning algorithms to enable more accurate risk-based pricing and greater automation. With Upstart, credit unions can approve almost 3x the number of borrowers at the same loss rates as traditional credit score-based models[2] with near-zero default rates.[3] Our credit union partners can achieve these results while retaining full control over their credit policy. ...

[1] AS OF 3/31/2021. FULLY AUTOMATED LOANS ARE DEFINED AS LOANS ORIGINATED END-TO-END (FROM INITIAL APPLICATION TO FINAL FUNDING) WITH NO HUMAN INVOLVEMENT. [2] IN AN INTERNAL STUDY, UPSTART REPLICATED THREE BANK MODELS USING THEIR RESPECTIVE UNDERWRITING POLICIES AND EVALUATED THEIR HYPOTHETICAL LOSS RATES AND APPROVAL RATES USING UPSTART’S APPLICANT BASE IN LATE 2017. SUCH RESULT REPRESENTS THE AVERAGE RATE OF IMPROVEMENT EXHIBITED BY UPSTART’S PLATFORM AGAINST EACH OF THE THREE RESPECTIVE BANK MODELS. [3] BASED ON AN INTERNAL UPSTART DATA ANALYSIS OF PERSONAL LOANS FIRST PAYMENT DEFAULTS AS OF 9/30/2020.