Affordability Assessment
Conducting an affordability check on a potential borrower to determine if they are capable of paying back the loan.
What are the documents we need?
Affordability Assessment
We need documents like 3 months bank statement, or credit card statements.
Assessing a borrower's eligibility for a loan requires an "affordability assessment" to determine if they can comfortably afford repayments. This helps prevent them from taking on loans they cannot repay. Factors considered include income, expenses, and outstanding debts. This practice promotes responsible lending and reduces the risk of defaults and financial hardship.
How to assess borrower's affordability?
Our analysis of transaction data from bank statements enables lenders to obtain a comprehensive risk profile that evaluates a consumer's capacity to pay and affordability.
What can you do with the affordability data?
The borrower affordability will determine how much the loan size can be.
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Finory is a financial data intelligence platform that uses proprietary AI to parse, categorize and enrich transactions, and authenticate banking documents. We provide a secure ecosystem where consumers gain financial clarity and lenders can instantly verify creditworthiness through fraud-proof document automation.
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kee@finory.tech