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In this article, we examine the downfall of a company once valued at $1 billion, ask what role financial authorities played in their introduction of affordability regulations, and consider the future of the lending market.
DirectID supports our underwriting process and decisions and helps demonstrate how we’re lending responsibly.
CEO, Fair Finance
The current process of affordability assessments is long, inaccurate, and allows for a high chance of human error. With so much physical documentation, and manual assessment required, fraud also becomes a high risk factor to every application. And adding to this, poor affordability decisions can lead to weak long-term businesses!
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