On the Road Lending Selects Scienaptic’s AI-Powered Credit Decisioning Platform
Auto lender will use the platform to automate loan decisioning and scale operations
Oct 27, 2022
Leading global AI-powered credit decision platform provider, Scienaptic AI announced today that On the Road Lending has chosen its AI-based underwriting platform to automate and streamline its credit decisioning and expand its customer base.
Founded in 2013, On the Road Lending is a 501(c)3 nonprofit organization that provides vehicle selection assistance and long-term financial mentoring to low-income individuals and families to overcome transportation barriers so they can get to work, lead healthier lives, and avoid predatory lending. The organization helps people improve their credit and purchase fuel-efficient, reliable cars, financing them through a sister private-equity loan fund with a low-cost loan. By using Scienaptic’s AI-powered loan decisioning platform, the auto lender aims to offer affordable credit to subprime and deep subprime borrowers.
“On the Road Lending is passionate about helping borrowers meet their transportation needs, build their credit and better their lives,” said Lonnie Smith, president of On the Road Lending. “We were thrilled to see that Scienaptic’s values aligned with our own. A borrower is more than just their credit bureau score, and Scienaptic helps us get to know borrowers in greater depth. Through the platform, we will be able to grow our volume, test strategies, and maintain our ability to provide affordable loans to customers without adding more risk.”
Correspondingly, Pankaj Jain, president of Scienaptic AI said, “We are thrilled that On the Road Lending has chosen our platform to streamline its credit decisioning. Our platform will help scale volume so On the Road Lending can spend its time on complex loan applications and help thousands of deserving car owners lead financially successful lives.”
Scienaptic AI’s mission is to increase credit availability across the globe by transforming the technology used in credit decisioning. Whether credit union, auto lender, bank, or fintech, Scienaptic’s AI native credit decisioning platform enables lenders to constantly improve the quality and speed of their underwriting decisions, helping them reach a greater number of borrowers, including underbanked and underserved individuals, and say “yes” more often, without increasing risk while addressing all regulatory aspects especially fair lending and explainable adverse actions.
The company’s AI platform is used by lenders of all sizes, integrating seamlessly with their existing systems. Scienaptic-enabled lenders have processed more than 190 million transactions worth $36 billion in credit decisions, benefiting millions of borrowers, and helping them get access to the credit they need. For more information, visit www.scienaptic.ai.