The consumer-loan company InstaLoan has contracted with FactorTrust for information on the underbanked, to help it expand its pool of loan candidates.
InstaLoan will use FactorTrust's proprietary data and scoring models to identify potential new customers, the companies announced Tuesday. The data will also allow InstaLoan to better determine the proper loan size and the most appropriate type of loan for each customer, the news release said.
"Our main goal is to give consumers easy access to more financial solutions that best fit their needs, and through this partnership we are able to do just that," says Doug Marohn, InstaLoan's senior vice president of operations, in the news release. "FactorTrust provides us with access to data that is instrumental in creating credit relationships with our consumers."
InstaLoan offers several types of short-term loans. FactorTrust compiles and analyses data on the underbanked.