James Gutierrez recently addressed the importance of names and compared it to that of the classic Shakespeare play “Romeo & Juliet”, had Juliet not been a Capulet. James Guiterrez’s lending startup company changed its name to fit with their current mission and agenda. More importantly, the firm wants to view the customer differently compared to others. While traditional lenders often hold credit scores to the utmost regard, fintech innovator James Gutierrez wants to place more of a focus on the potential of the customer.
His firm has provided many loans to borrowers but wants to open the doors to more consumers in the future. Some new additions for customers will be a complimentary credit score check backed with a budget summary. James Gutierrez, a social entrepreneur, states it will also come with an analysis of their debt-to-income ratio and a recommendation on how much people should save from each paycheck. A loyalty program will be offered to persuade consumers to use financial educational tools.
People will be represented with a level of hearts, with each one showing how much they care, and it playing a role in being able to take out another loan with a lower APR and entailing a speedier process to acquiring one. People can earn hearts by completing financial workshops and using tools. In the finance technology space, James Gutierrez touts that these visual aids will serve as cues for customers to increase their participation, and earn access to financial products by tracking their progress in real-time.
The company and CEO understand some could be strapped by not being able to take out a loan due to high-interest rate offers. Thus, they want to allow people to take out a loan at a fair rate, on top of being able to build their credit score. The way the company works in detail is a biweekly payment and a focus on customers going through with the repayment plan. Loans are given at six months minimum to over a year and must be over $1,000. James Gutierrez has seen tremendous results with two-thirds of its customers improving their credit scores and default rates being a bit lower than 10 percent. James Gutierrez has devised a system that is geared for people living paycheck to paycheck who want to do better.