loanDepot, one of the largest nonbank lenders, announced that it would be teaming up with Avant, an online marketplace lending platform, in order to give borrowers throughout the nation more credit options.
The two FinTech platforms will allow greater access to credit a digital borrower referral. Borrowers will have more access to credit products that are more similar to their financial needs.
“Consumer demand for credit continues to climb across the country, but not everyone has access to the credit they want or need,” loanDepot CEO and Chairman Anthony Hsieh said. “The launch of our personal loans has been incredibly successful.”
“We’ve funded over $400 million in personal loans to more than 26,000 consumers since the launch of the product,” he said. “Through this partnership with Avant, loanDepot will be better positioned to help consumers who are traditionally outside our core borrower base to access credit. This initiative supports our strategy to evolve and enhance the loanDepot brand to meet increasing consumer demand in all market cycles.”
Avant offers access to personal loans from $1,000 to $35,000. The technology uses machine-learning algorithms and advanced analytics to approve customers in real time. At times, the funds are delivered as early as the next business day.
Since its founding in 2012, Avant’s more than 950 employees worked to issue more than 480,000 loans, reaching more than $3 billion globally.
Since 2010, loanDepot has funded over $60 billion in mortgage and nonmortgage loans.