Think Finance are working with Equifax to optimise its application assessment process.
The financial technology and analytics company introduced its consumer lending product, Sunny, in August 2013, which bridges the gap between payday and mainstream financing for non-traditional borrowers.
Think Finance’s Sunny offers customers a new way to borrow up to £1000 with flexible payment schedules, a no fee guarantee and rates that drop over time with good payment history.
Jason Bumgarner of Think Finance said: “Equifax took the time to fully understand our business and the unique nature of the Sunny Loans product.
“Their knowledge of the short term lending sector combined with the power of Equifax data delivers real value to Think Finance.”
Equifax is providing predictive credit characteristics which are crucial in assessing an individual’s credit-worthiness and ability to afford the loan.
Craig Tebbutt, head of alternative lending at Equifax, added: “This new three year agreement with Think Finance reflects Equifax’s continued commitment to the short term lending sector.
“We are excited to work with Think Finance which continues to demonstrate real innovation in the marketplace.”