ONLINE PRE-SCREENING AND MARKETING
China Rapid Finance has developed a sophisticated “Predictive Selection Technology” in order to target potential credit consumers. “Automated Decisioning Technology” is then applied to develop risk assessments of the borrowers based on their application scores, fraud scores, and response scores. If approved, EMMAs can receive funds within one hour via all mobile devices. This technology is successfully used for loans under a 3-month term and less than $900.
If a loan term is greater than 3 months or greater than $900, China Rapid Finance requires additional data verification. Currently the company maintains data verification centers across China where loan decisions are based on multiple algorithms, not employee discretion. EMMAs can quickly qualify for larger and longer term loans at one of these centers enabling them to obtain lifestyle loans for purchases such as cars, education and housing.
With both an online and offline strategy, China Rapid Finance can build a relationship with EMMAs while ensuring risk reduction as these relationships matures.