PRODUCT & SERVICES
We Provide Consumer Loans Financing and Infrastructure
Short term loan with rates from 0.05% to 0.8%
We are offering 2 types of consumer loans to our clients: Short-term loans and installment loans. Short-term loans are often required for unexpected situations. Also called as emergency or single-payment loans, consumers can borrow up to $1,000 and with terms ranging from 5 to 45 days. Our unique risk-based model calculates a specific daily interest rate for the applicant, which is tied to the loan for its duration. The rate can vary from as low as 0.05% to 0.8% depending on the market and the preference of our partner who facilitates the loan.
On the other hand, installment loans are offered at higher amounts and with terms from 2 months to 12 months. Interest rates are usually lower but still defined individually for customers based on their risk-profile.
Performance in Numbers
Risk based pricing boosted ROI by 35% for myKredit
We have helped our partners setting up and growing their consumer loan operations in 5 markets. Thousands of loans are being issued every month using gkCredit’s credit facilities. In 2015 November, myKredit, a consumer lender authorized by FCA (Financial Conduct Authority) has started its operations. In a short time, Non-Performing-Loan ratio of the outstanding loan balance has settled below 8%, performing better than its key competitors in the UK market. The success has been achieved mainly through the effective use of customers’ transactional bank-account data, -at which myKredit was one of the pioneers in using the technology-. In Spain, gkCredit has designed one of the most innovate and efficient processes for myKredit.es from acquisition of customers to the repayment of the loan. The dynamic risk-based pricing and limit-allocation has helped boosting the performance of the sales funnel. Approval rates have increased by 40% and marketing costs dropped by 60%. Credit delivery times have been reduced to matter of minutes, over-performing its competitors in the Spanish consumer loan market. Recently, gkCredit has setup its operations in the South-East Asia, launching Finsy.id for the Indonesian market, Finsy.ph for Phillippines, and myKredit.vn for Vietnam.
Scorecard improves constantly with accumulating data and results
The entire product is delivered through gkCredit’s proprietary credit software, including the credit decision system which utilizes the application data acquired through the mobile or web channels. Credit decision system generates and constantly improves a machine learning algorithm to decide which customers should be granted a loan, and what the limit of each applicant should be. When launching our credit system in a new market, we initially deploy a credit scorecard which that takes into account the accumulated knowledge from similar markets and segments, as well as insights from credit underwriting and local credit bureau experts. This scorecard is set as a basis and is constantly updated as the new data flows and results are observed.
Allows dynamically managing the application flow
GkCredit’s credit application process is tailored to give room for our partner’s to choose from 6 blocks of data points. It is up to the credit provider to decide the order and detail of these processes. For instance, partners using our mobile-app infrastructure can choose to request access to the applicant’s device location, device settings, currently used applications, analysis on media files stored and captured with the device. The partner can dynamically add new questions to be asked to the customers in the application process aside from the already existing data points embedded to gkCredit’s standard process.
“We have improved our process and performance from all aspects after switching to gkCredit’s credit infrastructure. Constantly evolving credit scorecard helps us focus on the delivery as we watch the returns improve with minimum effort.”