State Farm and U.S. Bank have announced the expansion of their partnership, enabling State Farm customers to apply for U.S. Bank personal loans up to $50,000 through their agents. This new offering adds to the existing range of U.S. Bank products available via State Farm agents, which includes deposits, co-branded credit cards, and a comprehensive suite of business banking services.
"Together, we have already helped more than 900,000 State Farm customers access the financial products they need through their agent relationships," said Arijit Roy, head of consumer and business banking products at U.S. Bank. "Our strategy around alliances and collaborations is one we continue to invest in to reach new customers and help grow our business."
This opportunity will be accessible to all State Farm agents as part of the ongoing collaboration between the two companies that began in early 2020.
For qualified borrowers, U.S. Bank personal loans offer one-time funding for significant purchases or projects such as home improvements, debt consolidation, or vehicle purchases. Recently, U.S. Bank expanded its personal loan availability across all 50 states.
Luke Kasten, head of Corporate & Business Development for State Farm, commented on this development: "At State Farm, we are committed to providing financial products that help meet the needs of our customers. Adding U.S. Bank unsecured personal lending to an already robust banking suite enhances our ability to add value and help meet the evolving financial needs of the State Farm customer." He added that they are excited about expanding their alliance with U.S. Bank to enable agents to assist more people in diverse ways.