Payday loans
Fuelled by increasing financial pressures, the pay day loans market has grown exponentially in recent years as consumers seek short term loans that see them through to the end of the month. Often targeting a sub-prime audience, the market has experienced increasing bad debt rates, partly due to the intentional defaults of a growing number of first party fraudsters. With loans typically agreed and transferred within hours, risk assessment decisions need to be made instantaneously and the relatively low loan amounts involved mean low cost processing is also a must. These requirements often exclude the use of credit bureau data, especially where the applicants seek to avoid leaving a credit foot-print.
Fraudscreen offers a solution that is carefully tailored to overcome these challenges.
- Our Cipher database, built using the retail payment behaviour of 18 million UK consumers, accurately predicts who will and won't repay.
- This assessment can be delivered sub-second, using our real-time platform which can be easily integrated into your website, leaving no foot-print.
- Our commitment to automation means the cost of using our data solution is typically far lower than using credit bureau data.
- For lenders using credit data, Fraudscreen often provides a match where credit data cannot, for consumers with little credit history. This can provide the missing insight needed to make profitable accept/decline decisions.
- As an upfront, real-time risk assessment tool.
- To determine an appropriate maximum loan value on application, or accept/decline decision.
- To improve the cost effectiveness of your collections activity, by focusing effort where payment is most likely.
- To decide the tone and content of any approach to defaulters.
