Seattle Bank Introduces A Personal Line of Credit To Its Digital Direct Suite of Services
SEATTLE, WA – Seattle Bank, a locally owned boutique bank, is introducing a new Personal Line of Credit (PLOC) as part of its growing suite of Digital Direct services. Designed to provide short-term financial flexibility, the PLOC builds on Seattle Bank’s private banking and commercial banking business lines to attract new clients interested in digital-first services.
“As the rate at which people digitally manage their money continues to accelerate, we see the opportunity to deliver more meaningful value for an expanded group of consumers,” said John Blizzard, Seattle Bank’s president and CEO. “The launch of the PLOC as part of the Digital Direct suite underscores our position as a digitally-driven boutique bank with a technology platform and business strategy to craft a better banking experience.”
The addition of the unsecured PLOC bucks the trend of larger financial institutions that have discontinued or restricted this lending category. Seattle Bank’s PLOC provides clients with ready access to an established credit amount (between $15,000 and $150,000) and the ability to draw on funds over time. It provides a borrowing alternative to people who have strong credit profiles and ability to repay, but may want some additional, short-term financial flexibility, in the form of a revolving line of credit. (Note: All loans are subject to credit approval and underwriting standards. Individual rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications and discounts.)
“Despite the effects of inflation, we’re not seeing consumer spending die down,” said Josh Williams, executive vice president and chief banking officer at Seattle Bank. According to a recent Federal Reserve Bank of New York report, total outstanding credit card debt rose to $890 billion in the second quarter of this year, a $100 billion increase from the same time in 2021.
“We’re optimistic about the market in the Greater Puget Sound region and the PLOC offers consumers more favorable borrowing terms than credit cards or a margin loan,” explains Williams. “It’s also an appealing option to those who may already have a home equity line of credit, as well as newer homeowners who do not yet have meaningful equity to tap.”
Beyond the PLOC, the Digital Direct suite of services offers features more often associated with fintechs and neobanks. In addition to interest-bearing checking, Digital Direct integrates features such as:
SavvyMoney: Offering a credit score analysis and report feature within online and mobile banking
Early Pay: Allowing clients to get paid and access funds up to two (2) days early with faster direct deposits (when available)
Picture Bill Pay: Providing clients the ability to simply snap a photo of a bill with a smartphone, and the app does the rest of the work to send the payment
Seattle Bank’s low-interest PLOC allows people to draw on money over time and pay interest on the funds they use when needs arise. The application is available online and typically, clients will receive a response to their PLOC applications within two business days. Access to a PLOC requires a Seattle Bank Digital Direct or Private Concierge checking account.
The PLOC launch extends Seattle Bank’s reach as a forward-thinking boutique bank. Seattle Bank is one of a small number of banks in the country with a cloud-based, open API core banking system. This technology stack supports its growing array of personal and business banking offerings, as well as its partner banking services that enable fintechs, marketplaces, and brands to embed banking transactions into their customer experience. All business lines strive to deliver more secure, immediate, and flexible ways to manage and move money.