Photo credit: Pixabay.
Fintech startup IndiaLends has come out with a mobile app that lets anybody check their credit-worthiness instantly on their phone. It also provides tips on improving credit score.
“Credit awareness in India is very low. If you were to ask a consumer in the US what his credit score is, 10 out of 10 people would know it. In India, only a handful of consumers are aware of their credit score,” says Gaurav Chopra, co-founder of IndiaLends. “As a result, those who apply for loans are more likely to get their applications rejected or be charged higher interest rates and fees. Our app enables them to make better decisions and negotiate interest rates.”
The free app, launched yesterday, also has features to help users manage their personal finances, such as credit cards and home loans. You can set payment reminders or track your spending. It’s currently available only for Android, but an iOS app is expected soon.
IndiaLends initially introduced the tool on its website in December. A good response prompted it to launch the app to reach a wider audience in a country where most people access the internet on their phones. The number of mobile internet users in India is expected to cross 370 million by June.
One-year-old IndiaLends is a platform for individuals as well as small businesses to get unsecured loans. It has backing from Singapore-based DSG Consumer Partners.
See: IndiaLends formula for fintech disruption: tailored rates using risk analytics
Editing by Steven Millward and Kylee McIntyre
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