Now, when a U.S. Bank client applies for a personal loan that doesn’t meet its traditional requirements, Pagaya will complete a secondary review via its AI-powered credit decisioning capabilities. If the borrower is approved, U.S. Bank will originate the loan and service the clients over the life of the loan.

We know that we have many clients who don’t fall within our traditional credit parameters,” said Mike Shepard, head of consumer lending partnerships at U.S. Bank. “By expanding access to responsible credit solutions, we are giving clients access to funds when they need it the most, through their existing and trusted banking relationship with us

In just a few short months, more than 2,000 U.S. Bank clients have been approved for personal loans using this technology and credit intelligence network.

We share U.S. Bank’s commitment to increasing access to life-changing financial products and services,” said Leslie Gillin, Pagaya’s chief growth officer. “With Pagaya’s integrated and seamlessly embedded lending technology, our lending partners can expand and deepen their client relationships to a more diverse group of borrowers.

In addition to helping clients access capital with personal loans, the U.S. Bank Simple Loan helps clients meet short-term cash needs from $100 to $1,000 with a transparent, easy-to-understand installment loan. Since its launch in 2018, the U.S. Bank Simple Loan has saved borrowers nearly a combined $40 million (vs. borrowing from a typical payday lender)