Download the Love Credit App now to view the analysis of your Credit Profile.
Open your camera app to scan the code or download a QR code scanner to proceed
We deploy Machine Learning AI tools to get a comprehensive analysis of how your credit profile appears to lenders so you can understand what all matters.
Income and Credit Capacity Projection:
Get a glimpse into how your earnings may evolve in the future and plan your financial goals. We use the demographic data shared by you like your age, location, education, employer profile, industry and few other parameters as data input.
Loan Eligibility:
We use commonly-used parameters deployed by various lenders to indicate loan eligibility amounts for different types of loans. It is primarily a function of your earnings, earning capacity and current liabilities.
Bank Statements:
Your bank statement provides information about credits and debits in your account - earnings or loans, the nature of your spend and trends of your income, expenditure, investments and savings. Bank statement analysis is a strong tool, and you can use the analysis to explain to the lenders any exceptional items that you think do not represent your normal financial position. Lenders depend on bank statement analysis to determine your loan repayment capacity.
Digital Footprint:
Based on the App permissions obtained from you, lenders access your phone data to build a digital footprint of your online activities. Using advanced analytical tools this data is used to build your credit profile. We do not obtain or store any personally identifiable information or access your galleries or contact lists.
What is a Credit Score?
We partner with Experian to understand your credit score. Your credit score is a number between 300-850 which depicts the likelihood to repay a debt. A higher credit score signals that a borrower is lower risk and more likely to make on-time payments.
How is Credit Score calculated?
Credit scores are calculated by the credit bureaus in the country such as Experian, Equifax, CRIF. Every credit bureau used its own set of algorithms which they make use of while computing its credit score. Credit bureaus may consider factors such as your credit activity, credit age, payment history and so on.
However, Love Credit is the first App in India that also uses your digital footprint to compute your credit score, which has a significant impact on your score.
800-850
A credit score ranging from 800 to 850 are considered to be excellent. A person with such a score can get loan approvals instantly and are usually offered the best lending options with low-interest rates.
740-799
Scores within this range are also considered very good and individuals with such scores are also more likely to get the best lending options with low-interest rates and fees.
670-739
Scores within this range are also considered to be good and people with these scores qualify for being “acceptable” borrowers. There is a spectrum of loans that people within this range qualify for, however, they are most likely to be charged higher interest rates and fees.
580-669
Scores within this range are considered to be fair. Consumers with these scores may be disqualified when applying for mainstream loans and are usually considered subprime borrowers, who are offered higher interest rates and fees.
300-579
Scores within this range are a matter of serious concern and individuals with such scores are usually disqualified by lenders when applying for a loan. Such low credit scores can be a result of credit problems such as bankruptcies and credit defaults.
Love Credit enables consumers to build, understand and share their credit profiles and avail multiple financial products online. We believe that access to credit is important for financial security.
