Upstart , a leading artificial intelligence (AI) platform, today announced that its personal loan platform is now available in Spanish, making it the first online personal loan platform entirely available to Spanish-speakers in the US.
“Taking out a loan is an important decision, and consumers deserve to be fully informed throughout the process,” said Dave Girouard , co-founder and CEO of Upstart . “By making all relevant information available to Spanish speakers in their native language, Upstart is taking another step in making the financial system more accessible and inclusive for those who need it most.”
More than 63 million Americans are of Hispanic origin, and more than 70 percent use Spanish as their preferred language at home, according to a 2020 Cervantes Institute report. Spanish-speakers are also the primary drivers of population growth in the US. US, according to Pew Research .
Upstart was founded to improve access to affordable credit while reducing the risk and cost of lending for banking partners. In 2020, Upstart ‘s model approved 27.2% more Hispanic borrowers than a traditional model with 10.5% lower interest rates, even though it offered its service only in English. By providing an end-to-end lending experience in Spanish (including disclosures, application, loan agreement, customer service, and payment dashboard), the process will be increasingly inclusive.
To access the Spanish version, Upstart.com visitors can simply change the language option on the home page here or go directly to this link. If the visitor to the home page has the browser set to Spanish, the Spanish language option will open by default. Upstart hopes to provide a Spanish version of its auto loan product in the near future. Loans in Spanish are currently available through Cross River Bank, with more Upstart banking partners expected in the future.
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Upstart is an AI lending platform that partners with banks and lenders to expand access to affordable credit. Leveraging Upstart ‘s AI platform, Upstart -powered banks and lenders can have higher approval rates and lower interest rates while providing the exceptional first digital lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and fully automated. Upstart was founded by former Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.
