Pay Day Loan
The payday loan market in Southeast Asia is growing steadily. Many players have entered the market with unique offering, rates, and ease of process to entice non-banked or under banked customers to avail quick and easy loans.
One such player from Indonesia wanted to launch a fully mobile Pay Day Loan application process. However, it faced challenges that stopped the efficiency of the business and lead to heavy losses in terms of high non-performing loans and low approval rates.
The Challenges
- Launching a mobile-only payday loan
- Right loan amount, terms, and interest rates
- Lack of credit bureau and historical financial data
The Solution
- CredoLab's SDK integration with existing app
- Scoring the applicant based on the device metadata, in real time
- AI-powered algorithm converted mobile data into predictable behavioural score
