We’ve create a technology platform that delivers for instant decisioning that is crucial for our clients because our clients canвЂ™t wait a couple of days like a bank customer can for money. They want their money as quickly possible and so they require a choice extremely fast and a easy choice procedure. Exactly What weвЂ™ve done we risk score the customers coming through the door with our proprietary risk analytics and then price to that risk and then our guarantee is that based on successful payment history, that that rate will go down over time isвЂ¦as I said.
And while that is occurring, weвЂ™re reporting to credit bureaus, weвЂ™re supplying free credit monitoring, free monetary literacy tools and just just just what weвЂ™re hoping is thatвЂ¦this is our motto, is you want to be great today and better tomorrow for our clients, we should have a very good product thatвЂ™s a great competitive substitute for real life products which they have been qualified to receive, but additionally help them be better with credit as time passes, assist them to build their credit scores up, reduce the price of credit. And, ideally, a few of the clients will finally graduate far from our items.
Peter: Right, appropriate. So then are these 30 days loans, 3 thirty days loans, exactly what are the terms that are typical these?
Ken: Yeah, we find thatвЂ¦in reality, youвЂ™re getting at a fantastic point about a lot of of the non prime credit items, you understand, the absolute most well known being an online payday loan which the theory is the fact that a person requires $600 or $700 for an urgent situation cost and theyвЂ™re somehow magically going to really have the cash to fully repay that when you look at the next pay duration. Needless to say that is not true and so they need certainly to re borrow and that is exactly what causes this period of financial obligation.