BBVA Compass, the US subsidiary of Spanish banking major BBVA, has launched digital version of Express Personal Loan product that offers instant decisioning and same day funding for both customers and non-customers.
The fully-digital service allows customers and prospects to consolidate debt or fund large purchases with a low-interest personal loan.
Once the loan is approved, BBVA Compass current account-holders will receive same day funding.
BBVA Compass executive director of consumer lending Shayan Khwaja said: “There is a clear demand on the part of consumers for personal loans.
“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.”
Express Personal Loan is an unsecured loan that is available in the range from $2,000 to $35,000 for online customers, whereas the branch customers can receive up to $100,000 in loan.
Apart from the online application, consumers can also apply for and digitally obtain the Express Personal Loan by using a mobile device, the bank said.
“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 added.
“Now, we are ready for any consumer – customer or not – located across our footprint to apply for the Express Personal Loan digitally, either online at BBVACompass.com or by using a mobile device.”