There was a time where getting a loan consisted of only a few factors. Lenders would assess whether the loan being given was profitable for them and they would vet your likelihood of making repayments by checking your credit report. However, in recent years the process of receiving a loan has evolved.
Today, in addition to assessing whether a loan will be profitable, lenders will also assess whether a consumer can repay a loan. They require further verification of a consumer’s financial information beyond just reviewing a credit report and score. The name for this additional step is Loan Affordability and it generally takes on six criteria:
- Verification of income
- Assessment of quality of income
- How many loans you currently have outstanding
- Amount of disposable income vs. the monthly loan amount to be repaid
- Gambling
- Bounced checks
Until recently, the Loan Affordability Assessment required faxing bank documents to verify these criteria. However, with our Loan Affordability Assessment, this no longer has to be the case.
We have teamed up with Account Score and their sister company Consent Online to bring what currently happens with lenders today directly to the consumer so that you have the ability to understand exactly how lenders view you. These companies facilitate the usual Loan Affordability consumer interaction electronically by allowing the consumer to authorize the transfer of this information from their bank to the lender directly.
So how does it work?
After you sign up for ScoresMatter you can begin your onboarding experience in the loan affordability feature. There, we will effortlessly guide you through verifying the criteria mentioned above. It’s as simple as verifying your information, connecting to your bank, and from there you can see what loans you can afford. All of which is demonstrated in easy to read scales and scores. You will also receive insight on how to improve your chances for loans in the future and even the ability to view all of your past, present and future in Loan Affordability terms.
Tap Into The Digital You at ScoresMatter today and see what you can afford.