SMS (Short Message Service) is one of the most common ways banks and financial institutions communicate with customers. Customers often receive SMS alerts for things like salary payments, money transfers, airtime purchases, loan disbursements, and repayments.
In lending, this SMS data becomes valuable because it is a way to view a borrower’s financial activity.
The feature to request a customer’s SMS data is available to you on Lendsqr. This is a feature so as to help you as a Lendsqr lender to ethically pull user’s data from the mobile devices (Android) and process it to extract relevant information. This insight helps you assess a borrower’s financial behavior and repayment capacity, enabling more informed and responsible lending decisions.
For example, if a borrower doesn’t have a bank statement, you can still check their SMS alerts to see if they regularly receive money and pay bills. This helps you decide if they’re likely to repay the loan.
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