Regions Financial in Birmingham, Ala., has introduced an online consumer lending product that uses technology developed by Avant.
Consumers can apply for an unsecured loan in amounts ranging between $1,000 and $35,000, Regions said in a Tuesday news release. The $126 billion-asset Regions will set underwriting criteria and it plans to hold the loans on its balance sheet.
Avant contributed technology to assess applicants' credit histories, generate immediate credit decisions and provide automated verification steps for final approval. Avant's technology also allows customers to see key information, such as the proposed interest rate, sooner in the application process.
If an applicant is rejected in the initial application, the consumer will be given an opportunity to apply for a loan with Avant. The Chicago marketplace lender specializes in loans to consumers with lower credit scores.
Regions has accepted online applications for unsecured consumer loans since 2007. The Avant partnership was announced in April.
