QuickCheck is Making it Easy for Nigerians to Access Loans
QuickCheck is a Nigerian Fintech Startup that aims to provide banking services to the undeserved, built by people who work towards solving real global problems, it is a modern app-based lending platform.
Founded by Fabiano Di Tomaso in 2016, it uses technology to deliver financial services to individuals and small businesses.
With QuickCheck, one is just a step away from accessing financial credit. Thousands of people have been helped to receive funding through the platform, as it is quite easy to apply for a loan, anytime, any day.
The mobile company builds financial profiles for the financially challenged through micro-lending and hence ensuring financial inclusion because it serves as a help space for lower class citizens who have small businesses and are always experiencing hinges when getting loans from banks.
Out of the 17% of people who have a commercial bank account in Nigeria 85%+ are underserved and that is where Quickcheck wants to disrupt.
QuickCheck uses machine learning to evaluate loans based on an estimate of the probability of default. The probability is based on both demographics filled by the applicant and non-traditional data gathered from the device. Approved loans are disbursed within seconds. Maximum loan amount is $100 and an interest rate of 1% is charged daily for a maximum of 30 days.
In the past 10 months they have received over 90,000 applications, 43,000 of them were unique loan applications and over 11,000 were granted loans. With over 60% of customers being returning customers.
The App’s ultimate goal is to be a bank in customers’ pockets where they can get very cheap loans, save and perform basic banking needs by using mobile technology to enable individuals and small businesses gain access to financial credit.
After filling in the necessary details and submitting your application, they start processing it in real time and ensure that the application process is fast and easy, making sure that users receive their money in 24 hours. In this regard, the startup is improving the lives of low income earners and citizens in Nigeria.