HOUSTON, March 12, 2018 /PRNewswire/ -- BBVA Compass,
the U.S. subsidiary of the global financial services group BBVA,
now offers near instantaneous decisioning and potential same day
funding for both customers and non-customers with the footprint
wide1 opening of the fully digital BBVA Compass Express
Personal Loan.
With the Express Personal Loan, customers and prospects can
consolidate debt or fund large purchases with a low-interest
personal loan that provides near instantaneous decisioning.
Applicants with a BBVA Compass checking account can get same day
funding upon loan approval. The loan, which represents months of
effort across the entirety of the bank, underscores BBVA Compass'
drive to digital transformation and achieving excellence in
customer experience.
"There is a clear demand on the part of consumers for personal
loans," said Executive Director of Consumer Lending Shayan Khwaja. "This demand represents an
opportunity for banks - which hold customer relationships, have the
needed funding and boast a physical network - to demonstrate their
own digital prowess and ability to serve the customer. Frankly,
it's an opportunity tailor made for a digitally-driven institution,
like BBVA Compass."
According to TransUnion's "Fact versus Fiction: FinTech Lenders"
study, fintechs owned a 32 percent share of originated personal
loan balances through June 2017,
compared to 29 percent for banks, 24 percent for credit unions and
15 percent for traditional finance. While banks' share in 2017
represents a three percent increase from 2016, it's a six percent
decline from 2012 when banks boasted 35 percent of originations and
fintechs came in at just four percent.
"Post-recession, fintechs were clearly ready to meet increasing
customer demand for personal loans, while banks took more time to
find their footing," Khwaja said. "But BBVA and BBVA Compass have
been building our global digital capabilities and are now in a
position of strength with a strong digital foundation, and years of
partnering with and investing in fintechs that has provided a solid
understanding of how to achieve excellent customer
experiences."
When opened online, Express Personal Loan is an unsecured loan
ranging from $2,000 to $35,000. Those applying in a branch can receive
up to $100,000. For eligible
applicants, only a signature is needed, and customers who have
their loan payments auto-debited from a BBVA Compass consumer
checking account can receive a one percent interest rate discount.
BBVA Compass also offers a service which soft-pulls interested
consumers' credit for pre-qualification purposes giving them the
ability to check their rate and see potential loan offers without
affecting their credit score.
In addition to the online application, interested consumers can
apply for and digitally obtain the Express Personal Loan by using a
mobile device.
"We've had this product for some time, but wanted to be sure we
launched the digital version right from the customer's perspective,
so we took our time before opening it to the general public,"
Khwaja said. "Now, we are ready for any consumer - customer or not
- located across our footprint1 to apply for the Express
Personal Loan digitally, either online at BBVACompass.com or by
using a mobile device."
For more information on the Express Personal Loan, click
here.
For more on BBVA Compass, click here.
1.Excludes California
Rates are set based on credit eligibility, loan amount, term
length, and other factors. An Interest Surcharge, based on loan
amount, is payable at closing and will be withheld from loan
proceeds. All loans subject to eligibility, underwriting, and
approval, including credit approval.
To learn more about BBVA Compass, visit: www.bbvacompass.com
For more news visit: www.bbva.com and
newsroom.bbvacompass.com
About BBVA Group
BBVA (NYSE: BBVA) is a
customer-centric global financial services group founded in 1857.
The Group has a strong leadership position in the Spanish market,
is the largest financial institution in Mexico, it has leading franchises in
South America and the Sunbelt
Region of the United States; and
it is also the leading shareholder in Garanti, Turkey's biggest bank for market
capitalization. Its diversified business is focused on high-growth
markets and it relies on technology as a key sustainable
competitive advantage. Corporate responsibility is at the core of
its business model. BBVA fosters financial education and inclusion,
and supports scientific research and culture. It operates with the
highest integrity, a long-term vision and applies the best
practices. More information about BBVA Group can be found at
bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based
financial institution that operates 649 branches, including 336 in
Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 18 in New Mexico. BBVA Compass ranks among the top
25 largest U.S. commercial banks based on deposit market share and
ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). BBVA Compass has been
recognized as one of the leading small business lenders by the
Small Business Administration (SBA) and ranked 6th nationally in
the total number of SBA loans originated in fiscal year 2017.
Additional information about BBVA Compass can be at
www.bbvacompass.com. For more BBVA Compass news, follow
@BBVACompassNews on Twitter or visit
newsroom.bbvacompass.com.
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SOURCE BBVA Compass