The Interactive Payday Loan Provider
case study 5 minutes

CREDITEX & CO SRL is a Moldavian start-up that ensures fast access to payday loans to retail consumers and ensures lead acquisition to the greatest micro-financing provides. The company’s purpose is to ensure delivery of best crediting options to Small and medium enterprises, retail buyers and shops delivering financial options for their customers.  The company has selected EBS to build its online credit processing platform based on their previous experience with financial systems that were deployed across several financing partners they’ve started the Idea with. Since the proof of experience was there CREDITEX did not hesitate with their choice of the technical provider:

“We found out about EBS from one of our partners that were already making use of ABAC – a financial management system that has been tailored specifically for payday loan and credit delivery enterprises. Based on their feedback, we understood that EBS would be the best company to build our interactive crediting system”

– stated Mr. Nicolae Lungu, CEO of CREDITEX & CO SRL.

The Challenge

One of the main challenges Creditex experienced was delivering an option that does not discriminate against loan providers and ensures the most convenient financing options for its retail consumers. Another head scratcher was building an easy-apply model that does not imply hundreds of fields to be filled-in. Since there are no credit-score tools available on a local level, the above-mentioned challenges gained in complexity and required an “out of the box” approach that would aid payday loan providers and their market consumers. In addition to the above, CREDITEX-es technology choice has been also a key factor since it required process automation at several levels while using a PHP framework.

The Result

Right from the beginning, EBS focused on understanding the business to act in line with the challenges defined by the client’s vision: “When we sat down for our first meeting, we thought that we’ll need hundreds of hours to deliver the system’s structure.  What pleasantly surprised us, was the ease of their understanding and their valuable input for each of our system modules.” – Stated Mr. Nicolae Lungu, CEO at CREDITEX.

After understanding the complexity of the platform EBS delivered the best-fit solution for each challenge outlined by the platform’s design.
To ease the loan application process, EBS built a simplified questionnaire for each stakeholder reducing the number of manual fields to a minimum.  Instead of 4 different application forms, each stakeholder could now benefit from a unique, multi-purpose form, that sped up both: the loan application and approval times. In avoiding discrimination amongst loan providers, the team built a queueing algorithm that distributed applications evenly across all of the active providers, ensuring a fair lead flow. The same algorithm ensured consumers aren’t disadvantaged, delivering them the most suitable credit option delivering an instant choice amongst several payday loan providers.
To solve the credit-score dilemma, the platform features a crowdfunded database that calculates credit scores for retail consumers, based historic records feed by each provider, in a secured environment, available only for a loan provides.

All of the above resulted in the platform, a tool that processes (on average) 3224 loan applications quarterly and delivers loan options to each applicant in as little as 10 minutes per request (compared to the usual 1,5-hour term).

The Result

Here’s a sneak-peek of the platform’s looks after it’s release:

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