Your Facebook Account Could Get You A Personal Loan LoanTap, a three year-old Pune-based startup, is handing out unsecured personal loans based on people’s social media activity. While banks typically depend on credit scores, bank account statement, and income tax returns, some fintech firms are using algorithms to come up with dynamic credit scores that effectively evaluate a customer’s creditworthiness.
LoanTap uses an amalgamation of the both, Co-Founder and Chief Executive Officer Satyam Kumar told BloombergQuint. While it assess a customer’s application based on a few traditional methods, the digital non-banking financial company also uses algorithms to collect supporting personal, professional and financial details of the potential borrowers. The list of terms assessed can include social media activity ….
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