A unique feature to Fintern's credit assessment is that it revolves around a detailed assessment of your affordability, informed by Open Banking data. Rather than taking the traditional approach of asking you to set a loan term (e.g. 3 years), and then telling you the corresponding monthly payment, Fintern starts from the monthly payment and derives the term.
This works by presenting you with an affordable payment range, where:
the upper bound is set by your maximum affordable monthly payment amount
the lower bound is set by the minimum monthly payment amount for the loan you have requested
You can then explore where you would like to set your monthly repayment level within that range. As you test different repayment levels, the Fintern App calculates the impact on loan term and total cost of borrowing, showing you potential savings versus making the minimum payment.