Category: Finance

Your Guide to credit scoring API

Posted on by

One of the most challenging tasks for lenders or banks is to accurately verify and process loan applications. After all, sanctioning loans to a person with a poor credit score can be devastating for a lender. There are many unbanked persons who need a loan, but assessing their credit history is a little challenging. This is where the best Credit Scoring API comes to play. The modern credit score API allows you to assess unbanked persons through alternative data sources to ensure that they meet your desired risk requirement.

Make the Right Decision By Analyzing Alternative Data

Credit scores can’t give a complete picture of the financial condition of loan applicants. This means both borrowers and lenders can miss out on some opportunities if they don’t consider other metrics to evaluate creditworthiness.

Around 32 percent of UAE’s total population is unbanked, earning around AED 2,500 per month (UAE Federal Competitiveness and Statistics Authority). Analyzing alternative data inputs, for example, utility payments, on-time rent payments, etc., can show a more detailed picture of unbanked applicants. While alternative credit data is generally not considered in credit scores, this can boost the rates of loan approval. And you can easily analyze this data …

Continue reading

Signs You Need a Financial Consultant

Posted on by

 

Finance in a family or individual greatly influences the choices and welfare of one’s life. Without stable financial support, a person will not be able to have a quality of life with many choices. It is not uncommon for bad finances to make a person fall psychologically.

But there are many reasons why someone fails to manage their finances. The first reason may be due to lack of access to information. It may also be a lack of financial knowledge and an effective way to manage it makes someone fail. One reliable solution is the help of financial consultants.

But when exactly do you need the help of a financial consultant? Here are three signs you need professional help.

223ebb454d3df31c2a1a01164b41faeac7ed283c

  1. Poor financial condition

The need for financial consultants is very high when you are experiencing a bad financial condition and this condition does not improve. This condition is usually caused by errors of unconscious financial arrangements. A healthy financial condition means between expenditure, income, debt and balanced investment. If there is swelling in one of these things, it means that your finances are unhealthy.

The first thing that can cause a bad financial condition is spending that exceeds revenue. …

Continue reading

Apply for a Loan Online in Quick Easy Steps: The Why’s and How’s Explained

Posted on by

 

Gone are the days when the only way to get a loan was to go to the bank and sit through lengthy processes and paperwork filling all the time feeling nervous about whether the loan is going to come through or not. For the most part, the customer was at the receiving end of scrutiny, the level of which depended upon what kind of loan was being applied for and in what capacity.

 

Not so much anymore.

 

Apply for a loan online: the “why” of it-

 

The alternative to offline application is applying for loans online which is a popular option already with a huge population. Reason: people are busy and time is money.

 

The convenience of applying of a loan online and the time that gets saved in the bargain are the biggest pull factors and clearly both of these are very relevant and critical.  What also works in favor of an online application is the way some of the services have been devised from structure point of view. For example, if one takes the model of crowdfunding loans, it’s a win-win situation for both the borrower and the lender. There is almost zero …

Continue reading