Jenius Bank, the digital-only division of Manufacturers Bank in Los Angeles, has debuted a new personal loan product.
Jenius, which is supported by Japan’s Sumitomo Mitsui Banking, is planning other products, including savings and checking accounts and a mobile app.
“Jenius Bank’s personal loans launch continues to fuel our mission to empower customers with smarter banking to create a richer life for themselves,” John Rosenfeld, the bank’s president, said in a press release.
“Personal loans offer the ability for customers to save thousands on higher-rate debt. In an environment where many are looking to save and pay down debt, our personal loans with flexible terms and discounted rates are a great option,” Rosenfeld added.
Manufacturers Bank has $5 billion of assets.