Writer: Lucy Lazarony
Editor: Adam West
Reviewer: Ashley Fricker
Key Takeaways
- Backed by Walmart, OnePay now offers personal loans from $1,000 to $50,000 to OnePay customers.
- OnePay partner Upgrade provides lending infrastructure and expertise to OnePay personal loans.
- When determining the amount of a personal loan, lenders look at a borrower’s income, debt-to-income ratio, and credit score.
Walmart-backed OnePay is moving deeper into consumer lending with personal loans of up to $50,000 available entirely through its app.
Customers can apply, review and accept an offer, and manage repayment without leaving OnePay. Those who bank through OnePay may receive their money as soon as the same day, although standard ACH funding typically takes one to three business days after verification.
The loans range from $1,000 to $50,000 and are intended for debt consolidation, major purchases, and unexpected expenses. Cross River Bank makes the loans, which are offered through and serviced by Upgrade.
“Getting access to credit in America today is harder than it should be.” — Omer Ismail, OnePay CEO
OnePay CEO Omer Ismail positioned the new offering as a way to expand access to financing.
“Getting access to credit in America today is harder than it should be,” Ismail said. “It’s never been more important to give consumers access to financing that’s simple, transparent, and meets them where they already are.”
Partnering With Upgrade
Upgrade, a fintech company, powers OnePay personal loans by providing its lending infrastructure and expertise, according to a press release.
“Our personal loans offer consumers the breathing room they need to get on the best financial path,” said Renaud Laplanche, Co-Founder and Chief Executive Officer of Upgrade. “We’re proud that this partnership makes that resource more accessible to millions of OnePay customers.”
Since its inception in 2017, Upgrade has delivered more than $50 billion in credit to more than 8 million customers. The Upgrade platform includes mobile banking, Buy Now Pay Later, personal loans, credit cards, home improvement financing, and auto financing.
In addition to personal loans, OnePay provides its customers with banking, high-yield savings, credit cards, point-of-sale lending, investment, and crypto offerings.
OnePay also acts as a digital wallet for in-store and online shopping at the popular retailer Walmart. OnePay launched a Builder Card, a secured Mastercard with no security deposit, no interest charged, and no monthly or annual fees, earlier this summer.
Getting Access to Credit
While borrowers with subprime credit are unlikely to qualify for the maximum $50,000 loan, they may qualify for smaller loan amounts.
Lenders decide the personal loan amount that borrowers will qualify for by looking at factors such as a borrower’s income, debt-to-income ratio, and credit score.
OnePay personal loans have repayment terms ranging from 24 to 84 months and may include an origination fee that is deducted from the loan proceeds. Borrowers can check available offers with a soft credit inquiry, but OnePay says it performs a hard inquiry if the loan is funded. Current rates and fees are available on OnePay’s website.
