BBVA USA offers digital HELOC application powered by Prosper

By Pavithra R

BBVA USA, the U.S. subsidiary of Madrid-based BBVA, has announced offering a digital Home Equity Line of Credit (HELOC) as part of its website, powered by Prosper, a leading online marketplace for consumer loans.

Prosper’s digital HELOC platform, built to simplify the process of applying and obtaining a HELOC, is now available to BBVA USA customers in selected states via the BBVA-branded version of the platform.

BBVA & Prosper began working together in 2019 and has launched a digital HELOC solution that provided customers with the ability to complete an online application in minutes and receive instant pre-qualification. 

“We are excited to expand our relationship with Prosper by using their digital platform to power our online HELOC application process, as we both strongly believe that digital can lend convenience, speed and efficiency to customers’ banking experiences. Customers’ expectations are continuously being shaped by faster delivery and more convenience like they experience in other industries, so naturally they demand the same from financial services. This partnership is well aligned with the core of our strategy, which aims to meet rapidly evolving customer expectations. Now, more than ever, customers can quickly and efficiently tap into the equity they have in their homes, which can provide much needed peace-of-mind knowing they have access to the money they may need for home improvements, debt consolidation or other major financial needs,” said BBVA USA Head of Mortgage Banking Murat Kalkan.

Key benefits of the HELOC platform include:

• Ability to apply from anywhere without the need to visit a branch
• An online application that can be completed instantly with offers and information about the rate & pre-qualification status
• Easy access to dedicated client services team that can help users get answers to their questions immediately and understand the benefits of getting a HELOC
• Electronic documentation uploads & disclosure delivery

“Consumer spending on home improvement has risen over the past six months as people spend more time at home during the pandemic. A home equity line of credit is a great option for financing a large project as it offers flexibility and access to low rates. With Prosper’s digital HELOC platform, it’s easier than ever to apply online, get an immediate offer, and secure a HELOC. We’re thrilled to extend our partnership with BBVA to now have our digital experience available to BBVA customers through their website,” said David Kimball, CEO of Prosper.

Also, read: Lending Systems and Suppliers Report 2020