What is the Role of SLQ in a Personal Loan Landscape?
Nearly 480 million Indians aged below 65 or almost 50% of the population of earning Indians are "credit-unserved". One of the reasons for that is a poor credit score. You may not get a loan from a bank or a traditional lending institution if your score falls marginally short of the lender's expectations. On the other hand, new-age digital lenders consider many factors, along with your credit score, before lending you funds. The good news is that these factors are non-traditional, making credit assessment more effortless and advanced. Social Loan Quotient (SLQ) is based on this concept to offer financial inclusiveness to borrowers rejected by conventional financial institutions and banks. It has changed how credit assessment works and made it simpler for you to access an instant personal loan . Read on to know more about SLQ. How Does the SLQ Score Work? Social Loan Quotient works on the loan app of a fintech lender in India and is the first of its...