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Creditors want to sneak into your phone before they give you a loan

As digital lending starts to rely increasingly on phone records, messages and social media, questions about reliability of proxy indicators remain unanswered

Topics
Retail Loans  |  Algorithms  |  Peer-to-peer Lending

Mayank Jain 

If you're in your early 30s, applying for a loan at 10 a.m. in the morning and using a lot of backspace to delete your answers while filling an online application for a loan from a digital lender, chances are you won’t get the money. This is the not some new regulation, but just how self-learning algorithms work.

Deployed by lenders to vet a person’s ability and intent to pay, computer algorithms are now replacing human intervention and making lending decisions on a company’s behalf in a matter of 30 seconds to seven minutes. These lenders come in different avatars. ...

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First Published: Wed, May 23 2018. 17:57 IST
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