Fintech firm TurnKey Lender launched an app which allows lenders worldwide to evaluate borrowers, even in cases when there’s no access to their credit history or bank accounts.
The firm's app, called TurnKey Lender Psychometrics, does evaluation by means of psychometrics, a branch of psychology which helps gauge one’s personal traits in a numerical value, the company said in a media statement on Tuesday.
At the core of its software are TurnKey Lender’s proprietary AI algorithms and an advanced psychometric test which assesses potential borrowers based on criteria such as honesty, responsibility, money management, and financial planning, likelihood to take a risk so on and so fore.
Criteria for evaluation
Furthermore, it also takes into consideration the potential borrower’s reading speed, impulsiveness, and range of movement on the answer sliders – if they stick with initial answers or change them.
The test and risk evaluation can be completed under 10 minutes where the lender will receive a risk score of their potential decision where they can use in the loan decision. Turnkey Lender Psychometrics app can be integrated with other solutions for a more rigorous process when it comes to evaluating the borrower.
