BENTONVILLE, Ark. — Walmart-backed OnePay has partnered with financial technology company Upgrade to launch a new consumer lending program designed to provide personal loans to customers facing tighter credit conditions and rising living costs.
The new OnePay Personal Loans product was announced Monday and will allow eligible customers to apply for unsecured loans ranging from $1,000 to $50,000 directly through the OnePay mobile app, according to the companies.
OnePay said the new offering is intended to help address growing consumer demand for access to credit as higher costs and a more restrictive lending environment make borrowing more difficult.
‘Harder Than it Should Be’
“Getting access to credit in America today is harder than it should be,” OnePay CEO Omer Ismail said in a statement. “It’s never been more important to give consumers access to financing that’s simple, transparent, and meets them where they already are.”
Under the program, customers can apply for a loan, review available offers and accept financing within the OnePay app. Loan approval and borrowing amounts are subject to eligibility requirements. Customers who use OnePay for their banking may receive loan proceeds as soon as the same day, according to the announcement.
The lending program is powered by Upgrade, a consumer credit FinTech company that will provide the lending infrastructure behind the product. The partnership enables OnePay to expand its lending offerings with larger-dollar personal loans while relying on Upgrade’s underwriting and loan servicing capabilities.
‘Breathing Room’
“Our personal loans offer consumers the breathing room they need to get on the best financial path,” Upgrade Co-founder and CEO Renaud Laplanche said in a statement. “We’re proud that this partnership makes that resource more accessible to millions of OnePay customers.”
OnePay, which is backed by Walmart, has been expanding its suite of consumer financial services as it seeks to deepen customer relationships through digital banking, payments and credit products. The addition of personal loans marks the latest expansion of its financial services platform.
