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

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.
 
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