New Pay Day Loan Business

CredoLab Helps New Payday Lender Set Up Best Practices & Reduce the First Payment Defaulters by more than 63%

The Challenge

  • To launch a mobile-only payday loan product from scratch
  • Lack of credit bureau data or historical data
  • No parent company’s support

    The Solution

    • Integrated the CredoLab’s SDK into the lender’s Android mobile app
    • Developed a set of smart knockout rules based on application data and non-anonymous data collected from the clients’ smartphones
    • Launched CredoLab scorecard 7 months after start-up with gini of .42 developed on1200 loans of which 460 are defaulters

    Drop in FPD

    63%

    (First Payment Defaulters)

    User Adoption

    100%

    (% of customers who grant permissions)

    Time to Loan

    <1Hr

    (time from scoring request to disbursement)

    Schedule a Demo

    Let CredoApp Transform Your Business

    Thank you! Your submission has been received!
    Oops! Something went wrong while submitting the form.