Apple Bank, a bank holding company based in New York, has introduced digital unsecured personal loan product called ‘Personal Loans by Apple Bank’.

The offering is powered by Upstart, a leading artificial intelligence (AI) lending platform.

The personal loans will be available to the bank’s new and existing customers to meet short term financial requirements.

Apple Bank executive vice-president and chief retail banking officer Jim Matera said: “Through our partnership with Upstart, Apple Bank will now offer unsecured consumer loans in our marketplace to better serve the New York community and our customers/

“We selected Upstart because of the dynamic nature of the AI underwriting model that allows us to approve credit-worthy applicants at competitive rates. Thanks to Upstart, we are able to provide our customers a digital-first consumer lending product as yet another step in the Bank’s digital transformation.”

Upstart co-founder and CEO Dave Girouard said: “Apple Bank’s decision to launch personal loans during the pandemic will be hugely beneficial to the New York community.”

Established in 1863, Apple Bank is a mid-sized regional lender offering consumer and small business banking services in greater New York.

The bank has more than $16bn in assets and 79 branches located in Long Island, Westchester, Rockland and the five boroughs of New York City.

Last month, Apple Bank reportedly agreed to pay $12.5m fine for non-compliance to an anti-money laundering (AML) act.