Regions Bank and online lending platform Avant announced on 8 April an agreement to offer a streamlined online consumer loan application and underwriting experience for Regions Bank customers. The unique agreement will combine Regions’ established banking and online presence with Avant’s technology platform to provide a fast, convenient digital experience for customers seeking consumer loans.
“Working with Avant, we will be able to offer a better online experience, while maintaining our commitment to responsible lending — something that benefits customers, the community and our shareholders,” said Logan Pichel, head of Regions Consumer Lending. “Regions is pleased to pair our expertise in service and traditional bank lending with a trusted and proven FinTech leader like Avant.”
The Regions/Avant co-branded loan application process will be made available during the second half of 2016. Customers may apply for an unsecured personal loan through the AvantPlatform on the Regions website. Applicants are assessed and receive an immediate credit decision, followed by automated verification steps for final approval. Loans sizes range from $1,000-$35,000 and many applicants may have access to funds as soon as the next business day.
Avant is a marketplace lending platform dedicated to creating innovative and practical financial products for all consumers. Through its unique and highly customized approach to streamlined credit options, Avant has issued more than 500,000 loans worldwide through its online platform since 2012.
“Our agreement with Regions demonstrates how forward-thinking banks and marketplace lending platforms can collaborate to meet the needs of consumers,” said Al Goldstein, CEO of Avant. “Through this agreement we can bring responsible access to credit to a new demographic of borrowers. The technology offered by AvantPlatform has the power to be a game-changer in the banking industry.”