BBVA USA customers can now directly apply for a digital home equity line of credit on the company’s website.
The technology was created by Prosper, an online marketplace for consumer loans that is based in San Francisco. BBVA, of Birmingham, Ala., is the first bank partner to use Prosper’s technology on its own website. Though the offering was officially announced Tuesday, BBVA began offering these digital HELOCs in September to customers in Alabama, Arizona, Florida, Colorado and New Mexico.
The two companies first partnered in 2019, but customers of the $100.9 billion-asset BBVA could only apply for HELOCs online through Prosper’s website.
“Consumer spending on home improvement has risen over the past six months as people spend more time at home