Launched an affordability calculator.
Pancredit, a lending systems provider, has launched an affordability calculator for unsecured lenders. The calculator provided by Callcredit will be integrated into Core Pancredit, the firm’s complete loan application, administration and collections system.
The affordability calculator accesses data from banks and other parties, relative to a loan applicant’s salary and financial circumstances, in order to validate the accuracy of the details given at the time of application without requiring manual intervention. By doing so, the tool will enhance the affordability assessment that lenders apply, helping to promote responsible lending and mitigate fraud.
David Fletcher, Strategic Partner Manager at Callcredit Information Group, said: “We’re delighted that Pancredit has chosen to extend Core Pancredit with the integration of our affordability calculator. As a result of this partnership, Pancredit’s clients will be able to make smarter and more responsible lending decisions. Levels of consumer indebtedness are remaining high and many consumers are suffering from an unprecedented squeeze on their disposable incomes. Providing a robust affordability assessment is an increasingly crucial aspect of effective and responsible credit management.”
“The unsecured lending sector is currently under real scrutiny by the regulators, so actively demonstrating best practice in affordability assessment is a must for all lenders in this space,” adds Graham Donald, Commercial Director at Pancredit. “Our partnership with Callcredit will help lenders promote responsible lending by allowing them to easily match their loan products to the financial circumstances of those applying for them, helping to better inform the decision over whether to grant or deny an application.”
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