Most lenders need statement data to assess the creditworthiness of potential borrowers. This information helps them determine an individual's ability to repay a loan by providing insight into their financial behavior and habits.
Statement data includes information such as income, expenses, assets, and debts, as well as a history of past payments and balances. With this information, a lender can determine if a borrower has a stable source of income and if they have sufficient resources to cover repayments. By using statement data, lenders can make informed decisions about lending money and minimize the risk of default.
Lendsqr powered lending apps come with different statement data providers which can easily be configured. Unfortunately, several of these providers are challenged and the quality of their data may not meet our minimum service quality standards.
In an effort to continually improve the service we provide, we are currently reevaluating data providers such as Mono. During this period, the services may not be available for lenders.
Because we know that statement data is critical for sound credit decision making but our providers are under-available, we are outlining two alternatives that can be used independently or collectively to help lenders make good decisions.
Manual request, review and approval of statement data
Oraculi SDK for accessing transaction data via sms (Android users)
Manual request, review and approval of statement data
Lenders can do without having to use automated statement data for various reasons such as cost or quality. To configure your loan products to use manual statement data, please see the the following steps:
Configure the decision model not to use statement data. By using Karma, Ecosystem, Loci, Scoring, and Credit Bureaus, you can achieve a significant level of quality of inbound loan requests. Read more about how to configure decision models
Configure the loan product to require manual statement upload. Read more about how to configure documents for your loan products
Whenever a customer has been approved for loan by the system, you can then review the statement for additional insights. Read more about why statements are good for loan decisions
We understand that some advanced analytics may not be immediately available with manual statement review. You may also want to pay attention to the genuineness of the statement provided by the customer
Oraculi SDK for accessing transaction data via sms for Android users
Lenders with mobile apps have an option to leverage our Oraculi SDK which enables them to access transaction data of their customers obtained via sms. However this option only covers Android device users and is currently not available to iOS users.
For those lenders who are currently utilizing our web-based application, but do not possess a mobile equivalent, they may request access to our Lendsqr admin console mobile app offerings in order to utilize the Oraculi SMS SDK service.