As you already know, we strive to give every individual or legal entity the opportunity to gain access to borrowed funds, regardless of where the person or company is located.

But surely you have a question: how do we protect our creditors? Yes, of course, it is clear that the guarantor of the return of the borrowed money acts as an asset of the borrower, but in fact on the platform FinWhaleX there is also lending without collateral…

So how do we process the loan applications received to make sure the borrower is trustworthy?

The process undertaken by the platform FinWhaleX begins with the sending by the system FWX Scoring technology depersonalized data of the credit application.

Then follow:

The procedure for checking the application, which includes checking the validity of documents and the legal status of the applicant;

Scoring based on social demographic characteristics;

Analysis of credit history data, checking your own black and white lists;

Checking the borrower’s profile on the basis of predefined stop factors laid down by the client’s credit strategy;

Issue of recommendations on the terms of the transaction: amount, interest rate, period;

Provision of the final credit rating of the application.

Unlike the same banks, we try to enrich our scoring models with data and use as many sources as possible to make positive decisions on credit applications. That is, we use not only the official documents of the potential borrower (passport, etc.), but also, for example, analyze social networks, behavioral factors, etc. At the same time, we continue to improve our verification process.

For the convenience of lenders — on FinWhaleX platform, the profile of the participant is assigned a scoring point and risk assessment, which takes into account both the creditworthiness of the pledged security and the borrower’s credit history.

Our platform brings together an ecosystem between all parties to the loan transaction process.

That is, thanks to smart contracts and FWX Scoring Technology, only agreed terms between borrowers and lenders are concluded, which are clearly prescribed in the smart contract and are executed automatically. This process, in turn, is also a guarantee of transparency of all transactions.

Summarizing all the above, we note the most important thing: our mutual credit and information network manages huge data on lenders and borrowers from around the world, which means that lenders and borrowers will always be able to find suitable conditions for them to obtain and issue a loan.