Bringing Financial Assistance to Where It hasn’t Reached So Far

Human beings are known for a myriad of different things, but most importantly, we are known for getting better on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Pathward, a national bank driven by its purpose to power financial inclusion, has officially confirmed its decision to add a new line of credit specially dedicated towards servicing usually underserved customers. According to certain reports, the stated line of credit is a pre-approved facility extended through the company’s existing partner distribution channels. Talk about how the whole program is looking to separate itself from the previous efforts we have seen in this space, the answer, apart from touching on its targeted customer segment, also digs into its structure. You see, under the agreed arrangement, consumers only have to pay interest on the amount they actually withdraw. In case that doesn’t make the promised value proposition attractive enough for you, then it must be mentioned how you also don’t have to pay any affiliated fees or other hidden charges.

“Creating financial access for individuals who often get overlooked by more traditional lenders by offering the Pathward Line of Credit aligns with our purpose,” said Anthony Sharett, President of Pathward. “We are thrilled to partner with Propel to bring this program to the market as a part of our Banking as a Service offering. Working together, we can provide eligible borrowers with year-round access to credit through a better alternative to high interest programs.”

To make this initiative a reality, Pathward has notably formalized a partnership with Propel Holdings Inc. Best known for its AI-powered Lending-as-a-Service (LaaS) proprietary platform, Propel is well-equipped in terms of handling customer service, outreach, applications, collections, and more. But what would be the company’s role across the partnership in question? Simply speaking, Propel will apply its vast experience in catering to a consumer segment which has often struggled to get financial help from those traditional financial institutions, doing so to let them seamlessly access the credit they need. Beyond that, the company will also go ahead and cut back on the risk that one might expect to be present in such a setting.

“Propel and Pathward are driven by a common mission to expand financial access to consumers. For Propel, this partnership marks the launch of our lending as a service product offering, a natural and critical evolution of our business. When we founded Propel, we saw the limitations of existing technology and service to the tens of millions of underserved consumers and have met our goal of building out a best-in-class AI-powered solution. We believe that this is the beginning of a strong partnership that will have real impact for consumers overlooked by traditional lenders,” said Clive Kinross, CEO of Propel.