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Financial products Act. 26 Mar 2018

He ordered up an easy personal loan: He got one

Kevin Cox of Locust Fork, Ala. was the first digital customer for BBVA Compass Express Personal Loan.

For Kevin Cox, the adage ‘time is money’ was never more true than when he applied for the BBVA Compass Express Personal Loan.

The Locust Fork, Ala. resident was the bank’s first digital customer for the personal loan product, starting and completing his journey from application to funding in fewer than 13 hours. According to Cox, when it comes to his financial life, ease and convenience are everything, and the BBVA Compass Express Personal Loan fit the bill precisely.

“For me, ease is most important,” he said. “We live in a rural area, so we have to drive a good distance to services. If I can sit at home, with my computer, and apply for a loan, that’s the way I prefer to do it.”

According to Executive Director of Consumer Lending Shayan Khwaja, ease, convenience and accessibility are hallmarks of the BBVA Compass Express Personal Loan.

“We really focused on making this loan easy and accessible to anyone, and give them the option of applying for it in the way that’s most convenient to them,” he said. “With the digital application, people in our footprint(1) are able to apply for the loan on their own time via a computer or mobile device, even if it’s outside branch hours. For those who are most comfortable having a conversation with branch personnel about the loan, we can accommodate that, too.”

Cox says he can appreciate having multiple channels through which to apply, and in his situation, which includes having had bad experiences at other banks where it took branch visits and anywhere from hours to weeks to get approved for a loan, the digital application was his happy path. “This is the easiest loan I’ve ever done in my life,” he said. “I clicked a link, filled my information in and had my money within 24 hours - and I don’t even have my checking account with BBVA Compass!”

When asked why he decided to get a loan from the bank, Cox said that he’s driven by interest rates, and this loan was no different, helping him consolidate other loans into one with a lower rate and a single payment.

“I can not stress enough how easy it was to get this loan,” Cox said. “I’m pleased. Beyond pleased.”

When opened online, the BBVA Compass Express Personal Loan is an unsecured loan ranging from $2,000 to $35,000. Those applying in a branch can receive up to $100,000. For eligible applicants, only a signature is needed, and customers who have their loan payments auto-debited from a BBVA Compass consumer checking account can receive a one percent interest rate discount. BBVA Compass also offers a service that soft-pulls interested consumers’ credit for pre-qualification purposes giving them the ability to check their rate and see potential loan offers without affecting their credit score.

(1)Excludes California

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