US lender Regions Bank has teamed up with online lending platform Avant to deliver a streamlined online consumer loan application and underwriting experience for the bank’s customers.
The partnership will allow the bank’s customers to apply for an unsecured personal loan through the AvantPlatform on the Regions website, with loan sizes ranging between $1,000 and $35,000.
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Regions Bank said that loan applicants will be assessed and will get an immediate credit decision, with automated verification steps for final approval.
Applicants may also be able to gain access to funds as early as the next business day.
The Regions/Avant co-branded loan application process will be rolled out to customers in the second half of 2016.
Regions Bank executive vice president and head of consumer lending Logan Pichel said: "Working with Avant, we will be able to offer a better online experience, while maintaining our commitment to responsible lending — something that benefits customers, the community and our shareholders.
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By GlobalData"Regions is pleased to pair our expertise in service and traditional bank lending with a trusted and proven FinTech leader like Avant."
