A Walmart-owned FinTech has announced plans to deliver personal loans to customers.
About the OnePay-Upgrade Personal Loan Partnership:
Today, OnePay (formerly ONE Finance) announced the launch of OnePay Personal Loans. Powering this new offering is a new partnership with fellow FinTech Upgrade.
Now, OnePay customers will be able to apply for loans of $1,000 to $50,000 through the OnePay app. APRs for these loans will range 7.7% to 35.99% depending on eligibility. According to the company, customers will be able to quickly check rates, view offers, and accept terms. They can also receive their funds as soon as the same day. Loan repayment is also done through the OnePay app, making it easy for users to manage their finances in one place.
More on OnePay’s Expansions:
This personal loan feature comes as OnePay has continually rolled out new capabilities and verticals to its app. For example, late last year, the platform added support for cryptocurrency trading and now offers dozens of coins. Elsewhere, in January, OnePay partnered with Klarna to introduce a “swipe to finance” option.
Amid high gas prices, OnePay has also gained notoriety for its promotion where customers can earn $1 per gallon in cashback each Wednesday. This deal is valid at more than 18,000 stations, which can be located in the OnePay app (along with details about the promotion). Currently, this recurring offer is set to expire on September 15th.
What They’re Saying:
Announcing the new personal loan feature, OnePay CEO Omer Ismail stated, “Getting access to credit in America today is harder than it should be. It’s never been more important to give consumers access to financing that’s simple, transparent, and meets them where they already are — and we’re excited to partner with Upgrade to introduce another financing option for our customers with OnePay Personal Loans.”
Additionally, Upgrade CEO and co-founder Renaud Laplanche said, “Our personal loans offer consumers the breathing room they need to get on the best financial path. We’re proud that this partnership makes that resource more accessible to millions of OnePay customers.”
My Thoughts:
As noted, OnePay has really been expanding its purview recently — and that continues with this Upgrade partnership. I suppose if the app does want to live up to its name and become a one-stop shop, then it makes sense to support all sorts of finance options. Of course, Upgrade has a similar goal, so I’m curious to see how this partnership works out.
If I can make a bold prediction, I suspect that OnePay may be among the next round of FinTechs to either acquire a licensed bank or apply to become one. Either seems possible to me, although I think the former is the more likely scenario. Maybe I’m completely off base here, but that seems like the most logical evolution for this quickly-expanding financial platform.
