Fintern was founded to address some of the biggest pain points in the UK consumer finance market. These pain points have been intensified as a result of the COVID-19 situation:
(i) Over 15 million people in the UK are unable to access affordable finance, and end up borrowing at excessive rates from high cost lenders;
(ii) Still more finance persistent debt on credit cards with no clear repayment plan;
(iii) Existing lenders are failing consumers through their use of traditional credit scoring that does not reflect actual affordability, and by not empowering consumers to minimise their borrowing costs through understanding their repayment capacity.
Fintern integrates digital technology and Open Banking to smartly connect the dots in consumers' banking data, allowing us to:
(i) Obtain the most accurate view of borrower's affordability and spending behaviour using the up-to-the-minute transaction info, not just their behavioural credit score;
(ii) Qualify more people for low-cost loans, and provide flexible and dynamic credit on demand;
(iii) Provide insights on affordability and debts back to consumers, showing how they can use their financial capacity to minimise their total borrowing cost, create sustainable repayment plans and become debt free faster
Fintern's mission as an ethical lender is to significantly increase access to affordable credit in the UK and help transform the financial lives of our customers.