What is KayaCredit?
For hardworking Pinoys, KayaCredit provides quick and convenient access to personal and small business loans. For lenders, it serves as a better way to find qualified and responsible borrowers using a risk-based profile scoring system for the unbanked. KayaCredit will analyze data using artificial intelligence and deep learning from various sources such as mobile top ups, remittance transactions, bills payment, social media, loyalty programs and the borrower’s demographics.
KayaCredit operates a lender marketplace where partner lenders would be able to have access to various anonymous leads with KayaCredit Scores. Partner lenders can make loan offers and set interest rates for the various loan applications, and would be able to get the borrower’s personal and contact information once the borrower has taken the offer.
KayaCredit is a joint project of Ayannah and Bayad Center.
What is a KayaScore?
Your KayaScore is a grade that determines your creditworthiness based on an alternative profile scoring model. Instead of using traditional data such as bank transactions and credit card records, your KayaScore is based on mobile loading behavior, bills payments, remittance transactions, loyalty points and previous loan repayment history.
Where can you use your KayaScore?
Your KayaScore can be used by banks and financing companies to evaluate the probability that you will pay your loan. Having a higher KayaScore can signal that you are low risk borrower which can result to more loan offers with lower interest rates.
Aside from lenders, insurance companies can use your KayaScore to give you better insurance offers. Automobile and real estate companies may depend on your KayaScore to determine that you can pay your monthly amortization without difficulty.
How does KayaCredit work?
The individual borrower visits https://KayaCredit.com either directly or through over-the-counter (OTC) branches on Ayannah’s network and Bayad Center’s network. Borrower then creates a loan application where they may use their Facebook or Google account. They key in additional information such as demographics, employment status, debt history, and account information.
KayaCredit then generates a KayaScore for the borrower, published anonymously in the lender marketplace. Partner lenders will have access to these leads and loan applications based on the loan criteria they have set.
Once a partner lender makes an offer to the borrower through the partner lender’s KayaCredit lender dashboard, the borrower will be able to check how many offers he/ she has for each loan application.
The borrower can have as much as 5 different loan applications any given time. The borrower can choose one loan offer per loan application. When the borrower has chosen an offer, KayaCredit will send the borrower’s personal and contact information to the partner lender that had made the chosen loan offer.
After receiving the borrower’s personal contact information, the partner lender can conduct its own credit investigation and decide whether to push through with the loan offer or not. Once the loan offer has been decided on, the partner lender has to update the partner lender’s KayaCredit portal regarding the status of the loan.
If the loan is not approved, KayaCredit will inform the borrower that the loan application was not approved. If the loan is approved, partner lender will inform the borrower that the loan is approved and instructions are given on where they can claim the loan. Borrowers can claim the loan either through the branches of the lender or partner agents of KayaCredit.
How long is the application process?
You can get your KayaScore in less than 15 minutes by accomplishing a form that includes basic information about the borrower, employment details, debt declaration and information on your Bayad Center account if applicable. You will also be asked to indicate the amount of loan and your desired duration of repayment.
Who are eligible to apply?
It can be used by people who currently reside in the Philippines, ages 18 to 70 years old. Ideally employed or has a stable source of income.
What are the requirements for the loan?
The requirements are dependent on the lender that approves your loan application. They will usually require the borrower to submit documents to prove identification, source of income and residence. If collateral is involved, they will ask for proof of the property.
What is the lender marketplace?
KayaCredit is a portal where lenders can connect with their potential borrowers. Since it is a marketplace, the borrower has multiple choices so they can select the right loan for their budget.
How to speed up approval of loans?
You can speed up your loan approval by simply complying to the basic requirements required by KayaCredit and to the Requirements and Eligibility provided by the lenders.
What is Requirements and Eligibility?
These are the additional requirements that must be submitted in order for the lender to know if the borrower is eligible to receive the loan. The lender will then approve the loan if the requirements are met.