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Pathward (CASH) Launches a Line of Credit for Underserved
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Pathward Financial, Inc. (CASH - Free Report) is adding a line of credit to increase credit access to challenged consumers. The company has also partnered with Propel Holdings Inc. to service the new loans through the latter’s lending as a service (LaaS) platform.
Particularly, the Pathward Line of Credit will provide pre-approved credit solutions to consumers through the company’s existing partner distribution channels. The model will enable existing partners to provide customers with credit access they may not otherwise have. Moreover, borrowers will only pay interest on any drawn amount when they sign up on the platform without any fees affiliated with the product.
By leveraging Propel’s experience and AI-powered, proprietary platform, Pathward can provide consumers access to credit with limited credit risk, providing credit options to an underserved population responsibly.
Customers can also move the funds to their core spending account. This offers flexibility in the line of credit.
Pathward’s president, Anthony Sharett, noted, “Creating financial access for individuals who often get overlooked by more traditional lenders by offering the Pathward Line of Credit aligns with our purpose.” He added, “We are thrilled to partner with Propel to bring this program to the market as a part of our Banking as a Service offering. Working together, we can provide eligible borrowers with year-round access to credit through a better alternative to high interest programs.”
Clive Kinross, CEO of Propel, remarked, “Propel and Pathward are driven by a common mission to expand financial access to consumers. For Propel, this partnership marks the launch of our lending as a service product offering, a natural and critical evolution of our business. When we founded Propel, we saw the limitations of existing technology and service to the tens of millions of underserved consumers and have met our goal of building out a best-in-class AI-powered solution. We believe that this is the beginning of a strong partnership that will have real impact for consumers overlooked by traditional lenders.”
Shares of this Zacks Rank #2 (Buy) bank have gained 26.3% in the past year compared with the industry’s decline of 18.8%.
Comerica Incorporated (CMA - Free Report) launched Comerica Small Business Convenient Capital, its first fully digital end-to-end lending platform, in collaboration with Amount, a leading digitally-enabled lender and credit solutions provider. The platform has been developed to provide convenient capital to small business customers having loan needs up to $100,000.
To avail of the loan facility, CMA will accept streamlined in-person and self-serve digital applications, as well as online customer applications. Also, no tax return documents will be required for loan application.
As part of its plans to exit retail banking in Italy, Barclays PLC (BCS - Free Report) is searching for bidders for its Italy mortgage loans. Per a Bloomberg report, citing people with knowledge of the matter, BCS is seeking to sell €5 billion ($5.3 billion) of its mortgage loans in the country.
According to the people with knowledge of the matter, Barclays has started the divestiture process for a portfolio of mainly performing loans to individuals. The package also includes non-performing mortgages and high-risk loans in Swiss francs.
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Pathward (CASH) Launches a Line of Credit for Underserved
Pathward Financial, Inc. (CASH - Free Report) is adding a line of credit to increase credit access to challenged consumers. The company has also partnered with Propel Holdings Inc. to service the new loans through the latter’s lending as a service (LaaS) platform.
Particularly, the Pathward Line of Credit will provide pre-approved credit solutions to consumers through the company’s existing partner distribution channels. The model will enable existing partners to provide customers with credit access they may not otherwise have. Moreover, borrowers will only pay interest on any drawn amount when they sign up on the platform without any fees affiliated with the product.
By leveraging Propel’s experience and AI-powered, proprietary platform, Pathward can provide consumers access to credit with limited credit risk, providing credit options to an underserved population responsibly.
Customers can also move the funds to their core spending account. This offers flexibility in the line of credit.
Pathward’s president, Anthony Sharett, noted, “Creating financial access for individuals who often get overlooked by more traditional lenders by offering the Pathward Line of Credit aligns with our purpose.” He added, “We are thrilled to partner with Propel to bring this program to the market as a part of our Banking as a Service offering. Working together, we can provide eligible borrowers with year-round access to credit through a better alternative to high interest programs.”
Clive Kinross, CEO of Propel, remarked, “Propel and Pathward are driven by a common mission to expand financial access to consumers. For Propel, this partnership marks the launch of our lending as a service product offering, a natural and critical evolution of our business. When we founded Propel, we saw the limitations of existing technology and service to the tens of millions of underserved consumers and have met our goal of building out a best-in-class AI-powered solution. We believe that this is the beginning of a strong partnership that will have real impact for consumers overlooked by traditional lenders.”
Shares of this Zacks Rank #2 (Buy) bank have gained 26.3% in the past year compared with the industry’s decline of 18.8%.
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You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Similar Moves by Other Companies
Comerica Incorporated (CMA - Free Report) launched Comerica Small Business Convenient Capital, its first fully digital end-to-end lending platform, in collaboration with Amount, a leading digitally-enabled lender and credit solutions provider. The platform has been developed to provide convenient capital to small business customers having loan needs up to $100,000.
To avail of the loan facility, CMA will accept streamlined in-person and self-serve digital applications, as well as online customer applications. Also, no tax return documents will be required for loan application.
As part of its plans to exit retail banking in Italy, Barclays PLC (BCS - Free Report) is searching for bidders for its Italy mortgage loans. Per a Bloomberg report, citing people with knowledge of the matter, BCS is seeking to sell €5 billion ($5.3 billion) of its mortgage loans in the country.
According to the people with knowledge of the matter, Barclays has started the divestiture process for a portfolio of mainly performing loans to individuals. The package also includes non-performing mortgages and high-risk loans in Swiss francs.