How Online Lenders Figure If You're Worthy of A Loan

[BettorsChat]

And the company uses all types of data to determine real consumers from fraudulent profiles and to figure out which applicants are creditworthy.

Fraudsters use automated inputs to speed up loan applications online. The faster an application is being processed, Laplanche said, the greater the likelihood it is a bot and not an actual person.

Timing is key. Laplanche said on stage that Lending Club's ideal person to lend to was more likely to submit an application during regular business hours. If someone applies for a loan at 3 a.m., the person most likely poses a higher risk.

The browser and email service you use could make you a greater liability. Laplanche wouldn't say, however, which browsers and email addresses were most suspect.

Because business loans are regulated differently from consumer loans, Lending Club can factor Yelp reviews and Google search trends to determine creditworthiness for small businesses.

Watch the caps lock! Another lending-industry executive, who asked to remain unnamed, said his firm determined that consumers who filled out applications IN ALL CAPS had a higher likelihood of default.

[Drakus]

Thank you for the information, I think these companies know more about us than we think)

[MrMesat]

Now I understand why some companies refused me, I just work late and always sent the request at night.

[MrMesat]

Now I understand why some companies refused me, I just work late and always sent the request at night.

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