Is this Personal or Business?
A number of loans are provided by banks for small business purposes and hence involve both personal credit and business plan evaluations. Traditional lending is very silo based. You are either a personal borrower or a business borrower. Almost all SOHO borrowing is business borrowing using personal credit.
Typically, lenders require a business plan. Business plans take time to read. And often it requires to be placed before a credit committee. Time consuming, expensive and leads to a poor customer experience.
The solution to the above is automation of the business plan evaluation and scoring process. Our platform has converted qualitative aspects into quantitative metrics that can be easily evaluated and scored, and the resultant value is used as part of the decision process leading to a holistic approach.