Nov22526 FinTech Awards 2023 Wealth & Finance Best Online Consumer Lender 2023 - USA In the US, 92 million adults cannot be scored using traditional credit scoring systems, and 69 million have an income of $50,000 or less. Traditional credit scores only measure the quality of an individual’s credit history, not their repayment capability. They do not take into account the stability of their job or their potential to generate income in the future. By determining an individual’s creditworthiness based on their historical access and use of credit rather than their ability to repay loans in the future, these traditional processes create barriers to financial inclusion. This means that those who lack credit history may be forced to turn to predatory lenders, who charge extremely high interest fees. Dollarito is working to tackle this issue by offering customers credit based on their current repayment capabilities rather than their credit score or credit history. Through a completely online application process that can be completed in under 10 minutes, the company provides personal microloans. These loans are delivered quickly, making them perfect for those who need to cover unexpected expenses and emergency costs. To fairly and accurately evaluate the repayment capabilities of an applicant, Dollarito has created a unique, AI-based risk model. It assesses their banking, transactional, and behavioural data, taking into account up to 24 months of their checking, debit, and credit account history to detect certain patterns and behaviours. In addition to this, Dollarito’s model assesses job stability by considering the applicant’s occupation and the economic environment in their area of residence. For example, if they work in the construction industry in the Austin metro area, where house prices are increasing, the firm can expect that they will have a stable job for the next 12 months. Throughout the duration of their defined loan period, Dollarito monitors their Loan Quality Profile continuously. Each time the user makes a transaction, their repayment risk is updated in real time. This means that the firm can respond proactively if their risk increases. Using AI, behavioural economics, cloud technologies, and real-time data to measure the repayment capabilities of applicants, Dollarito’s model is highly efficient, enabling it to deliver loans to clients as quickly as possible. From application to loan approval, Dollarito offers a completely digital experience, available in both English and Spanish. All individuals need in order to apply is government issued identification, a bank account, and proof of address. On Dollarito’s easy-to-use website, applicants complete a short survey designed to collect information about their income, employment, spending patterns, and more. They will then receive a personal loan offer along with details about the associated terms. When everything is approved and finalised, the loan will be deposited into the user’s account in as short as 10 minutes. People are at the centre of everything Dollarito does. The company understands that money is not impersonal but rather emotional, and that financial services can truly help people achieve their goals in life. Carmen Roman, Co-Founder and CEO of Dollarito, comments, “We are convinced that technology is a tool that helps to improve people’s lives. The most important element is always people. We see our company and services as a means to increase individuals’ wellbeing.” In recruitment, Dollarito aims to hire individuals who share its passion for serving people and demonstrate values that align with the company’s. These are inclusiveness, collaboration, professionalism, friendliness, humbleness, supportiveness, and trustworthiness. With people at its core, Dollarito works to provide clients with an easy, transparent, and secure experience from start to finish. For this reason, Jul23006 Located in Houston, Dollarito is a digital lending platform that provides microloans to underserved low-income populations, utilising a unique AI-based alternative credit scoring system to assess their creditworthiness. With people at its core, the company works to provide clients with a straightforward experience and efficient service.
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