The partnership will see the bank adopt its partner’s embedded lending technology and credit intelligence network to induce a “second review” of a loan application should the applicant fail to meet its traditional lending requirements the first time around.
A lender typically considers a range of factors when granting a loan, including data on the applicant’s credit score, credit history and debt-to-income ratio.
It’s expected that the partnership will be implemented across the bank’s Simple Loan function, which it says “helps clients meet short-term cash needs from $100 to $1,000 with a transparent, easy-to-understand instalment loan”.
