The news: U.S. Bank and State Farm have expanded their partnership, allowing State Farm customers to apply for U.S. Bank personal loans up to $50,000 directly through their agents, per a press release. The new product adds to their existing offerings, which include deposits, co-branded credit cards, and business banking products.
How we got here: State Farm has over 91 million active insurance policies, per its website. And since its partnership with U.S. Bank began in 2020, over 900,000 State Farm customers have accessed U.S. Bank’s products. Through the partnership, State Farm aims to provide a more comprehensive set of solutions to its customers, while U.S. Bank hopes to expand its customer base through State Farm’s vast network.
Product details: The loans can be used for various purposes, including home improvements, debt consolidation, or vehicle purchases. State Farm advertises these loans digitally in places where customers might be looking for more information on a particular financial product. For example: