Online lending marketplace Prosper has teamed up with BBVA USA to offer a new way for consumers to apply for a home equity line of credit (HELOC), which involves significantly less paperwork and waiting than traditional means, according to a release.
BBVA USA, which has a large presence in Alabama, Texas, Arizona, New Mexico and Colorado, has worked with Prosper to provide its institutional knowledge of HELOC applications while the new initiative was being developed.
“We are thrilled to have a partner like BBVA that believes, as we do, in the power of technology to improve efficiency and deliver a great customer experience,” said David Kimball, CEO of Prosper Marketplace. “Working closely with BBVA, we’re excited to be able to offer our customers the opportunity to quickly and easily apply for a HELOC online, which can be a smart and affordable financing option for things like home improvement and debt consolidation. We look forward to expanding this product offering to more states and continuously improving the experience.”
The company wants to make it quick and easy to apply for a HELOC, with instant decisions and an application that takes only minutes. The rates will be competitive, and BBVA offers bank-paid closing costs.
“BBVA is the leader in digital banking globally, and as such, we’re focused on a transformation that leverages digital to help us drive growth and improve the banking experience for our customers,” said BBVA USA Head of Retail Banking Çağri Süzer. “The digital HELOC with Prosper is reflective of the type of transformation we think will carry us into the future, but more than that, we’re excited to work with a FinTech stalwart like Prosper to help people quickly and easily access the equity that they have built up in their homes.”
The two companies said the venture will offer flexible monthly payments and that customers will have access to credit within weeks, instead of the months it traditionally takes.