| Features |
Proposed System |
Payday Loans |
Consumer Support Platforms |
Banks’ Online Credit Services |
| Loan Features |
Depends on the contract between lender and retailersAverage scale (1000TL-10000TL) |
100$-5000$ |
2000$-35000$ |
1000TL-25000TL |
| Application Process |
Inputting ID and verification through MERNIS |
Online application form |
Application process |
Online application(Available for bank’s clients) |
| Inputting requested loan amount |
Directing client to lenders |
Inputting requested loan amount |
Contact confirmation |
| Fraud detection (Psychometrics for high-risks) |
Loan options |
Evaluation |
Transfer of money to the bank account |
| Evaluation (Credit Scoring) |
Evaluation |
Approve/RejectLoan options (Payback period) |
| Approve/RejectLoan options (Payback period) |
Approve/Reject |
Using loan directly at the time of shopping |
|
|
Using loan directly at the time of shopping |
Money is transferred to bank account |
|
Money is transferred to bank account |
| Credit Decision Process |
3-4 minutes |
In-store credit (10-15 minutes) |
Maximum 48 hours |
5 minutes |
| Instant Decision-Making |
Yes |
Yes |
Varies among different systems |
Yes |
| Maximum Payment Period |
12-36 Months |
14-30 Days /12-36 Months |
12-26 Months/3-5 Years |
3-48 Months |
| Requirements for Credit Application |
ID |
Pay roll |
Mobile phone number |
*Requires becoming that particular bank’s client |
| Mobile for number |
Additional proof of income |
Occupational Information |
| Proof of Income |
No |
Yes |
No |
No |
| Occupational Status |
No |
Yes (Most systems require being employed for the last 6 months |
Yes |
No |
| Credit Scoring |
Yes |
Varies among different systemsMost systems use FICO Score |
Varies Most systems depends on Credit Bureau data |
Yes |
| Bank Account Information |
No |
Yes |
Yes |
*Requires becoming that particular bank’s client |
