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ThinCats unveils new credit tool

ThinCats unveils new credit tool

ThinCats Australia has enhanced the group's lending capability with the launch of a new credit assessment tool.

Created by Othera, the tool is designed to make the loan application process faster and easier by allowing small businesses to pre-qualify for loans on ThinCats’ platform, with the P2P lender using Othera’s lender dashboard to run credit assessments.

“What makes Othera’s credit assessment tool unique and invaluable to lenders and borrowers is that the complex pre-qualification process has been automated with credit-decisioning algorithms, yet borrowers require no financial expertise to begin the online process,” Othera CEO John Pellew said.

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“Rather than relying on official credit rating reports and previous financial years’ tax returns which use historical data, lenders now have access to a credit assessment report that is generated from real-time accounting data.”

With no requirement to upload documents, the online pre-qualification form takes borrowers less than five minutes to complete, according to ThinCats, and the credit assessment report is delivered to lenders within minutes.

“Othera’s credit assessment tool will help small businesses qualify for loans more quickly, allowing them to be matched on the ThinCats platform with lenders more efficiently,” ThinCats Australia CEO Sunil Aranha said.

“We are targeting $20 million in loans to businesses this year and the tool should accelerate our growth through a better matching process.”

Mr Aranha said the tool will also attract more lenders to ThinCats’ platform by improving the quality of information on which they are basing their lending decisions.

[Related: ThinCats receives funding boost]

ThinCats unveils new credit tool
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