In order to maintain the highest quality and ensure that the security of our services is always at par, SlicePay has a profile analysis model in place to audit and evaluate all the applications which makes a decision on approving a profile.
How does it do that? Well, unlike traditional financial institutions, we use alternative data instead of credit details like a bank statement or credit card details to evaluate the credit worthiness of an applicant. It all starts when you sign up and upload all the required information via our app. We have built a profile analysis model with thousands of variables related to the profiles. Several parameters affect the final approval, for e.g.: if you were referred by a friend who already uses SlicePay, this can be a differentiating factor during your profile analysis. From this information, we group customers into 2 groups:
- Profiles that fit our current criteria are got approved.
- Profile that did not fit in our current criteria are not approved and get in the Waitlisted queue (check what is Waitlisted), but you may reapply after 6 months
Our goal is to increase our ability to serve – but to ensure a great user experience, we need to approve a limited number of users in a certain amount of time to be efficient. Getting in the Waitlisted queue means that at the time, by the criteria used in our model, we can not offer our services to you – but, only at this moment. So you can probably calm down as that might change soon. We are always testing new criteria, adding new parameters to our databases and calibrating our models. We understand that people are changing – just like our criteria and our ability. If you have applied and are in a Waitlist queue, we urge you to try again after 6 months.
Not getting approved does not mean that your profile has issues. It just means that we were not able to meet your profile at that time, or we don’t have enough information to evaluate your request.
We look forward to serve you in future!