Folkefinans is a leading provider of convenient everyday financial services and a pioneer in mobile lending for consumers. Folkefinans differs from competitors in many important ways - above all it is the way we operate the company and our ambition to give our customers the best service possible and to grow with our customers by adding new and innovative financial products and services. Future focus is on delivering higher customer value than market alternatives through truly digitalized operations and processes enabling easy and accessible products and services for everyday financial needs.
Folkefinans is one of only handful players who have a credit and finance license, regulated by Norwegian FSA. Folkefinans mission is to secure that credit applicants have the right financial conditions to manage the obligation. Folkefinans offers credits that are appropriate to customer´s needs and financial capacity, and we make sure that customers understand their financial obligations. The future of Folkefinans´ business depends to a great extent on our customers´ ability to repay their obligations. The relation between us and our customers is built on mutual trust and respect.
Folkefinans works ambitiously to improve routines for credit rating to decrease the risk of granting credits to customers who cannot pay back their loans. We have developed a proprietary scoring system that is ~300% more accurate than the generic model. The internal scoring system has been successful in reducing default levels by 40-50% while not reducing sales by more than ~5-8%