February 3, 2024
Beyond Credit Scores: How AI is Revolutionizing Loan Access
The article highlights Upstart, an online lending platform that utilizes artificial intelligence to approve more loan applicants and offer lower interest rates compared to traditional lenders. Unlike conventional models that heavily rely on credit scores, Upstart’s machine learning technology considers a wider range of factors to assess creditworthiness, potentially benefiting those with bad or no credit. This results in 26% more loan approvals and an average of 10% lower interest rates (between 3.99% and 35.
