Walmart-Backed Fintech OnePay Expands Into Consumer Lending
By CU Today Staff —
NEW YORK—OnePay, the Walmart-backed fintech, has partnered with consumer lending platform Upgrade to launch a personal loan offering that will allow customers to apply for loans ranging from $1,000 to $50,000 directly through the OnePay app, PYMNTS reported.
The new OnePay Personal Loans program is designed to address growing demand for credit as consumers contend with higher living costs and a tighter lending environment. Eligible customers can receive loan offers within the app, and those who bank with OnePay may receive funds the same day.
"Getting access to credit in America today is harder than it should be," OnePay CEO Omer Ismail said in announcing the partnership.
The loans will be powered by Upgrade's lending platform, enabling OnePay to expand into larger-dollar consumer lending while leveraging Upgrade's underwriting and servicing capabilities. "Our personal loans offer consumers the breathing room they need to get on the best financial path," said Upgrade Co-founder and CEO Renaud Laplanche in the PYMNTS report.
The launch comes as consumer borrowing habits continue to evolve. According to recent PYMNTS Intelligence research, many households are increasingly using credit to manage cash flow between paychecks and expenses rather than for discretionary purchases, with younger consumers becoming more selective about the credit products they use. Credit card installment plans, for example, are now being used about twice as often as buy now, pay later financing among younger borrowers, according to PYMNTS.
Originally reported by CU Today.