Ethical Lender of the Year 2024 – APAC Above all else, Beforepay Group is committed to its ethical lending approach. In an industry historically fraught with anti-consumer practices, it turns the borrowing process into a customer-friendly, accessible practice, taking many precautions to minimise customer risk. It is the leading Australian FinTech dedicated to a lending process in which everybody wins, customer and lender alike. Beforepay’s core offering is a wage advance product aimed at customers who require extra cash to cover unexpected emergencies, expenses and cash flow challenges. It aims to get customers on their feet while taking steps to ensure that borrowing does not put them at even greater risk. From the original application stage, eligible customers can advance up to $2,000 for a 5% fixed fee. Beforepay understands the pressures of unexpected financial hardship, so it ensures the time taken from application to funds in account takes as little as five–to–seven minutes. Beforepay also aims to not exacerbate those pressures, veering away from charging compound interest and late fees to support customers’ financial well-being. This loan structure is based on trust: trust that borrowing from Beforepay keeps the customer safe from predatory lending practices, and that customers repay in a timely manner. The company takes this seriously, employing data-driven loan analytics, machine learning and AI risk models to assess a customer’s financial stability and creditworthiness, set personalised limits aimed at minimising default risk, and build repayment schedules based on paycycle forecasting. This allows Beforepay to evaluate borrowers who may not have traditional credit history and are therefore underserved by other financial institutions. The value-driven approach that underpins Beforepay’s offering is truly what sets the company apart. It is a mission-driven business committed to providing safe and affordable financial products. Such straightforward products and transparent fee structures speak to the philosophy of customer care behind the company, which bases the lending relationship on respect and personal value. Further to this, Beforepay ensures that each advance is fully repaid before a customer is eligible for another. The company discourages revolving-door debt in an effort to protect borrowers. As well as being an enduringly ethical company, Beforepay is forwardthinking in its business approach. It employs AI, machine learning, uses large alternative datasets, and explores other technological advances to stay ahead of the curve, improving its already robust suite of analytics. Using its native AI risk-scoring model, the company tests over 50,000 variables to select the 400–500 among them that could impact a borrower’s financial stability and creditworthiness. “Our data-driven loan analytics has allowed us to lead innovation in lending and enhance financial access and inclusion in a safe and ethical way. ” In both its consumer and business-focused offerings, Beforepay Group is committed to providing an ethical, transparent, and innovative service. As our Ethical Lender of the Year 2024, APAC, Beforepay Group has clearly made its mark on the world, and we’re sure its success will only grow. It is an exciting time for the company, and as its team looks to form overseas partnerships, we expect big things, and to see lending as a whole change for the better. Contact: www.beforepay.com.au Company: Beforepay Group Web Address: www.beforepay.com.au Apr24065 Between its consumer and commercial arms, Beforepay Group is revolutionising loan products in Australia across the entire lending process. From the beginning of an application to the repayment stage, the company is leveraging AI and machine learning in tandem with an ethical approach to provide the best possible service. Here, we explore Beforepay Group’s successes, values, and innovations to understand the vision behind this award-winning company.
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