Finllect has launched a credit revolution that allows consumers with limited or no credit to build a credit score through open banking and unlock greater access to credit by owning their payments.
Building credit has never been simple or easy. Good credit scores are a gatekeeper to ‘entering’ all major financial opportunities – whether it’s a car, a house, education or monthly credit card bills. Finllect introduced a simple, powerful and smart new alternative to traditional credit scoring for the MENA region that takes into account millions of data points that lenders often overlook to qualify thin files, no files and credit invisible consumers instantly. It’s not just about a credit score with Finllect. All users can get credit instantly without any paperwork, waiting period or unwanted interaction with banks when applying for credit.
“Fair and equitable access to credit is a universal issue that, if ignored, creates serious obstacles for an economy. Since the MENA region is not party to a transnational credit reference agreement, such as Experian, FICO or Transguard, borrowers can often be rejected based on decisions made at random or heavily influenced by traditional data, which that doesn’t seem like much on a borrower’s creditworthiness,” said Maimoona Mohammed, Founder and CEO of Finllect.
Finllect is on a mission to transform credit, making it a space that empowers people and helps them thrive by removing the victimization of hard-coded bias in an age-old system.
With Finllect, millennials can create, identify, report, manage and repair credit on one platform. “Our goal is to help you establish a credit score and build the life of your dreams. Our approval process is quick, easy and will never affect your credit score. After approval, we give you all the tools, insights and insights you need to build a positive credit history and track your score,” said Monica Manoj, COO of Finllect.
Every payment made by a user contributes to their credit score. Users can seamlessly link all their bank accounts to the Finllect app. “Each payment on time will help you build your credit. All it takes is one click, and we’ll send you reminders to make sure. Our proprietary technology allows everyone, especially those with no credit history, to have a fair and equal opportunity to access credit.”
Finllect reports each potential borrower’s score to lenders directly through its APIs and offers them the right information and infrastructure to make informed decisions about applicants.
Having built a first-of-its-kind credit scoring engine and a revolutionary next-generation lending experience, Finllect is now gearing up to launch the first credit enhancement card for the MENA region. The Finllect card combines the security and predictability of a debit card with the lucrative rewards and benefits of a credit card without performing checks on a user. The card has no fees, no interest rates or hard-coded requirements, making it the choice of the next generation eager to experience a new approach to credit.
Finllect provides lenders with insights into a potential pipeline of borrowers through our plug-and-play infrastructure. Finllect’s credit score engine distills transactional data into proven predictive information that can be incorporated into scorecards and policies.
Finllect solves disjointed problems in the MENA consumer credit market by leveraging the right intelligence and infrastructure that enables lenders to make their loan portfolio relevant to their audience and target your customers from the good manner.