Tech Innovations in Lending and Credit

Being that our modern economic and financial systems almost wholly consist of digits within computers, it’s no surprise that technological advancements have spurred innovations in all sub-sectors of the financial industry. 

Most notably, lending has seen major changes in the past decade with almost all loan decisions being made by algorithms rather than humans. Let’s take a look at some of the most innovative new lending platforms.

1. Now Loan

Founded in 2018, NowLoan helps individuals from a variety of backgrounds acquire fast funding in the form of personal loans. The fin-tech platform also features easy access to bad credit loans, online personal loans, instalment loans as well as resources on terms and rates, and loans without credit checks, which can allow a person to choose a loan and rates that is the right for them.

2. Billd

Founded in 2018, Billd is the lending platform that comes with 120-day terms allowing contractors to easily access the tools and supplies they require in order to complete the projects while the suppliers can open up the new avenue to move products. Billd pays suppliers upfront, prior to shipping products to suppliers. As for builders, they never have to decline any projects because of cash flow. And the fact that they have 120 days in order to pay back their balance brings more equity to the whole building industry.

3. Stavvy

Founded in 2018, Stavvy aims to set a novel standard for digital servicing. This platform was designed by security, banking, and legal professionals for moving processes along much more swiftly when some modifications are needed for averting foreclosure. Remote signings, encrypted document transfer, videoconferencing, identity proofing as well as other additional tools are included within a platform, along with an ability to connect with notaries and signers online for granting power of attorney, sealing offer letters, and completing more tasks faster.

4. Avant

Founded in 2012, Avant uses fintech for simplifying a loan application process. After providing background information, selecting the loan option (home improvement, emergencies, debt consolidation, etc.), and signing the digital contract, a loan-seeker can expect to see money deposited into a bank account in just one day. Moreover, Avant uses the Avantcard as its newest fintech tool. This credit card helps a user access lines of credit for relatively smaller purchases, such as vacations or shopping, or larger payments for the home repair or new car.

5. Tala

Located in Santa Monica, California, Tala uses big data in fintech so that it can financially serve the world's traditionally under-banked areas. The consumer lending app of a company underwrites loans by using cell phone data, such as social connections, calls, bill payments, and texts to determine creditworthiness.

Tala also has teams in the Philippines, Kenya, Mexico, Tanzania, and India, working to secure loans for small business owners and individuals through alternative credit checks.

Bottom Line

As you can see, there are a lot of modern and novel options you can use in order to get and manage your loan as well as everything related to it. All you need to do now is to choose the most suitable option that works best for you.


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