Duration
10 months
2024
UI Design / Development
Solutions
Project Overview
The lending industry harbors prejudice and bias and loan decisions are not always made based on objective criteria. The borrower community is as diverse as the United States and we needed a solution which communicated with borrowers in their native tongue. We developed a cutting-edge product to help determine borrowers' ability to pay a loan for various purposes using Web 5 technology, B2C web and mobile apps, and Large Language Models (LLMs). Using Web 5 principles and verifiable credentials the borrowers determined who had access to what information and the lenders could trust the data they were using to make underwriting decisions through verifiable credentials.
Our approach
We helped Formfree design and create a new app that makes it easier and fairer for people to get loans.
By using cutting-edge technology, we built a system that analyzes different factors (like income and credit history) to decide if someone can afford a loan.
What sets this app apart is that it removes bias, meaning it treats all borrowers fairly, no matter their background.
Additionally, it gives users full control over their own data, so they decide what information to share.
The app works on both web and mobile devices, making it accessible for everyone, and it’s built using the latest tech to make sure it’s secure and future-ready.
Outcome
The outcome was a marketplace of variable tokens representing the borrowers ability to pay, the purpose of the loan and the loan amount. Lenders could make firm offers for credit to borrowers based on these qualified leads. When a lender and borrower matched, only then was information shared about the borrower and their personal information.
