Rapidly Financial Inc., platform on a mission to change credit and financial services for consumers by using artificial intelligence, today announces the launch of RefundNote, a platform using AI to automate the Tax Refund Advance and Payday lending process.
Rapidly Financial is changing the way financial lending is orientated in the US. With the launch of RefundNote, its mission is to make the Refund Advance and Payday lending industries simpler and more useful for consumers by increasing transparency and efficiency and lowering the price of origination. The Company’s automation platform is already helping consumers with better access to credit and lower fees.
To use RefundNote users apply online and upload information about their identity and finances – information crucial to the underwriting process. RefundNote’s automated system and underwriting process then pulls data from the IRS database as well as from the user’s own information. By using a combination of API and a customized machine learning tool, RefundNote can identify all issues and why users are experiencing delays. In as little as 30 minutes, cases can be approved and users can be funded up to $2,500.
With an increase in regulation and compliance tactics to combat rampant fraud, the IRS has seen more and more delays of tax refunds. These delays, can postpone over $150 billion worth of personal income tax refunds – money that is often relied upon to pay rent, unforeseen financial circumstances or medical bills. RefundNote provides financing to those who need cash flow quickly, by identifying tax refund delays in minutes.
“By utilizing technology we have been able to service over 10,000 customers, helping them avoid losing their job or home due to sudden financial circumstances. We’ve helped mothers pay doctors in an emergency for their child’s medical treatments,” said Gaurav Khanna, CEO and co-founder of Rapidly Financial. “Our AI technology allows us to underwrite better than anyone else.”
The Refund Advance and Payday lending markets are traditionally mostly served by retail locations, or charge exorbitant fees and interest. Through RefundNote’s proprietary model Rapidly Financial is able to originate loans cheaper and faster.