Why You Should Take The FINT Assessment Test

FINT assessment

We have established over time that when you’re taking a loan, there is a measure of due diligence that the loan provider must carry out to ensure that everything goes according to plan. At FINT, we pride ourselves on international best practices so the same applies with us. You may want to push back and say, “There are tons of quick loan platforms that don’t require any information beyond personal details, bank account and maybe place of work; so why do you?”

To that, we say, “Exactly! Quick loans not affordable loans like ours. You can read all about the difference here and why we require the extra layer of security.”

More so, because we are a peer-to-peer lending platform – loans are funded by members of the public – we must ensure that the risk of default is at the barest minimum, if not zero. That’s why we came up with the FINT risk assessment test; to create the highest level of security for both borrowers and lenders on our platform. The FINT risk assessment test is NOT intended to invade your privacy or needlessly harvest information. Rather, it is to assign a credit risk score that will encourage lenders to fund your project. Yes, it is essentially for your own good.

Don’t believe us? What if we told you the FINT score will also determine how much you pay in interest on your loan? The higher you score on your FINT risk assessment test, the less you pay as interest. That means that the more information you give us, the better we can work to give you a repayment plan that suits your lifestyle and will not break the bank or put you in a difficult place.

So, what does the FINT risk assessment test entail? It is broken up into simple questions categorized under personal, environmental and finance/business indices. While the personal index analyzes age, education and other factors relating to you; the environmental index analyzes residence, home ownership and other environmental factors; and the business index analyzes how much you earn, spending habits and credit history.

At the end of the test, you are given a grade from A++ to C- based on your total score out of 500. To break it down further, scores are graded as follows:

A++ to A+                500 – 479                                Excellent

A to A-                    478 – 428                                Very Good

B+ to B                   427 – 377                                Good

B- to C+                  376 – 326                                Average

C to C-                   325 – 275                                Fair

And if you have a score below 275, we will save you from yourself and encourage you to explore more disciplined methods of managing money.

Based on the scoring above, a borrower with an A++ rating will enjoy lower interest rates than a C- borrower if they request for the same amount of money for the same period. Before you ask why, we’ll tell you. A borrower with an A++ rating must have presented clear evidence that his finances can support the facility he/she wants to take regardless of the number of financial responsibilities he/she already has. Therefore, it is safer to lend to him/her than anyone else. He/she deserves some accolades for that.

Mind you, there are ways to improve your credit score if you are not happy with where you stand. As a borrower on the FINT platform, the more you take on loans and pay back, the better your scores will improve.

So, if you’re already signed up on the platform, feel free to tell us about your experience with the risk assessment test and how this has been of benefit to you. If you haven’t signed up yet, what are you waiting for?

Click HERE to Register / Login to take the Risk Assessment Test

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