non-prime-credit
(3)
Applied Data Finance bets a bank statement can change a lender’s mind
The company behind Personify is using cash flow data to reconsider borrowers conventional credit models overlook. Its experiment widened approvals - but access and affordability remain two different questions.
Highline
Highline is a Dallas-based fintech that runs an intelligent payment network called Pay by Paycheck, which lets consumers automate bill and loan payments directly from their paychecks before the money reaches their bank accounts. By capturing funds through a payroll split at the moment payroll is run, Highline helps borrowers avoid missed payments, late fees and overdrafts while giving lenders and billers a more reliable way to get paid - expanding access to lower-cost credit for the roughly 40 million Americans who have steady jobs but thin or subprime credit files.
Kafene
Kafene is a New York-based fintech that gives retailers a point-of-sale lease-to-own option for shoppers who get turned away by traditional credit. Using a machine-learning model that weighs more than 20,000 data points, Kafene approves customers in seconds for purchases up to about $5,000 - furniture, appliances, electronics, tires - then lets them lease the item and either pay it off to own it or return it without penalty. It positions itself as a transparent, debt-free alternative to buy-now-pay-later for the roughly 100 million Americans with limited or no prime credit.