Partnerships / Acquisitions

LendingClub, Intuit Pair To Streamline Consumer Loan Applications

Intuit is set to offer an easier consumer loan application process and personalized financial advice through partnerships with LendingClub and Wealthfront.

“With more than 25 million users and rich insights into their financial profiles, Mint and Turbo are uniquely positioned to deliver value to both consumers and strategic partners,” said Varun Krishna, vice president of product management for Intuit’s consumer division. “Using machine learning, we are able to provide consumers a comprehensive view of their finances and highlight relevant opportunities to save time and money and generate unique value to our partners.”

The new platform will now offer Application Pre-Fill so that users will be able to connect their TurboTax account to pre-fill applications within TurboSM or Mint. And that information can then be sent directly to LendingClub and Wealthfront. LendingClub will use the information to reduce the time it takes to complete the loan application process, while Wealthfront clients can open an account faster and receive more personalized financial advice.

“We’re excited about partnering with Intuit and the power tax data has to help us not only speed up the application process but also unlock the access to credit for customers that ordinarily we might not be able to serve,” said Cole Gillespie, vice president and head of business development at LendingClub. “In our pursuit to help millions of Americans get control of their financial health, this partnership is a step in leveraging alternative data sources to help us increase the speed and access to credit.”

In addition, the latest iOS refresh of Mint will enable users to see personalized insights and tips to help improve their financial health, while Turbo users will be able to create a shared view of household income, credit score, and debt for a more complete picture of their total borrowing and savings power, which could increase their chances of qualifying for loans with better rates, pre-qualify or even be pre-approved for loans.

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