We now have developed a technology platform providing you with for instant decisioning which will be crucial for our clients because our clients canвЂ™t wait a couple of days such as a bank client can for money. They require their funds at the earliest opportunity and additionally they require a choice quickly and a decision process that is simple. Just What weвЂ™ve done we risk score the customers coming through the door with our proprietary risk analytics and then price to that risk and then our guarantee is that based on successful payment history, that that rate will go down over time isвЂ¦as I said.
And while this is certainly taking place, weвЂ™re reporting to credit bureaus, weвЂ™re supplying free credit monitoring, free economic literacy tools and just just what weвЂ™re hoping is thatвЂ¦this is our motto, is we want to be good today and better tomorrow for the clients, you want to have a good product that is a great competitive substitute for real life items that they have been qualified to receive, but additionally help them be much better with credit with time, assist them build up their fico scores, reduce the price of credit. And, ideally, a few of the clients will finally graduate far from our items.
Peter: Right, appropriate. Therefore then are these 30 days loans, 3 thirty days loans, which are the typical terms on these?
Ken: Yeah, we find thatвЂ¦in reality, youвЂ™re getting at a fantastic point about numerous of these non prime credit items, you understand, probably the most well understood being an online payday loan which the idea is a client requires $600 or $700 for an urgent situation expense and theyвЂ™re somehow magically going to truly have the cash to totally repay that when you look at the pay period that is next. Continue reading “they want their cash at the earliest opportunity and so they require a determination extremely fast and a decision process that is simple.”