Guaranteed price is looking to diversify its product mix amid the mortgage downturn. The mortgage bank has launched its first personal loan product.

Customers can apply for personal loans in 10 minutes and receive funds ranging from $4,000 to $50,000 in hours, the company said Tuesday. With no processing fees, late fees or insufficient funds fees, the unsecured loan offers flexible repayment options from one to five years depending on the guaranteed interest rate. Standard fixed rate loans range from 5.74% APR to 19.99% APR.

“Personal loans are a really smart way for customers to reduce the cost of high-yield credit card debt or fund unexpected purchases,” said Anand Cavale, executive vice president and head of unsecured credit product at Guaranteed Rate.

The launch of a personal loan product follows the hiring of three executives last month, including Cavale, who, according to the company, is making an investment to “rapidly develop end-to-end digital solutions to serve customers across a variety of financial products beyond mortgages was. ”

The personal loans could also be a good source of leads for mortgages in the future.

Chicago-based Guaranteed Rate also introduced a new underwriting program for its clients this week to better compete with cash buyers and institutional investors.

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Called “PowerBird Approval,” Guaranteed Rate said the program accelerates full underwriting approval to less than 24 hours in some cases, the company said.

“PowerBid Approval’s priority processing times mean borrowers receive our fastest approval, often in less than 24 hours,” the company said in a statement. “Less thorough permits that are not fully signed often lose out in competitive bidding situations. It’s quick and easy to use from anywhere, on any device, and a 90-day lockdown gives borrowers the time they need to find the home they really want.”

The program requires the customer to provide income, employment, assets and credit, all of which can be digitally validated or obtained from customer documentation for instant review, said Paul Anastos, chief innovation officer. The permit will be completed with an address or after house hunting so clients can compete with cash, he added.

In January, Guaranteed Rate shut down its third-party wholesale channel, Stearns wholesale credita year after it acquired the lender from Blackstone Group. By acquiring Stearns for an undisclosed amount, the company had sought to boost personal lending, scale its joint venture platform and develop new multi-channel capabilities.

According to Inside Mortgage Finance, Guaranteed Rate was the 7th largest commercial mortgage lender in America as of 2021. It created $56.64 billion in mortgages, just behind rocket mortgagethe nation’s largest mortgage lender.