How BCU is growing consumer lending in uncertain times

by Upstart

BCU, a $5.5B credit union outside of Chicago, noticed a growing consumer need for personal loans for debt consolidation and home improvement projects. Combined with a significant dropoff in branch traffic during the pandemic, the credit union knew they needed to offer a digital personal loan solution.

Especially amidst an uncertain economic environment, BCU needed a fintech partner that could help them grow loans and members within their desired loan volume and risk appetite.

Vetting the right partner

As BCU began its fintech partner search, one of the most important factors was finding a partner that could help grow loans and members within its Company Partners on a national scale, a strategy that allowed BCU to lend beyond its branch network. As a Company Partner-focused institution, BCU partners with Fortune 100 companies to provide financial benefits to their employees.

The BCU team learned about the success of other large credit unions like Patelco and Abound Credit Union on the Upstart Referral Network, a program where qualified personal loan applicants who met the credit union’s specific credit policies received tailored offers. Through the Upstart Referral Network, prospective members would be transitioned into a BCU-branded experience, complete with digital application, closing and fast funding.

 

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