The Creditworthiness endpoint is crucial in assessing the repayment capacity of potential borrowers who have applied for a loan and linked their accounts to your business using Mono. It provides summary information about the affordability status against a loan amount requested by your user. This is based on preset variables included in the API request, such as:
Bvn: The user's BVN
The principal amount: The amount of the loan to be disbursed to the customer
Interest rate: The percentage rate of interest to be applied to the loan.
Term: The period over which the loan will be repaid.
run_credit_check: This runs a check on the user's record to confirm their credit history information and returns either true or false.
With this endpoint, you can assess users' financial transactions and their potential to afford a specific loan amount using certain data points, minimizing the risk of default and ensuring responsible lending practices.
To get started, please look at the creditworthiness section of the API documentation.
This table provides an overview of the data elements returned in the webhook response from the creditworthiness endpoint:
Field | Description |
months_assessed.start | Start date of the period assessed i.e. YYYY-MM-DD |
months_assessed.end | End date of the period assessed i.e. YYYY-MM-DD |
summary.can_afford | This indicates whether the customer can afford the specified loan. i.e. true or false |
summary.monthly_payment | This is the amount to be repaid each month. |
total_debt | This field returns the total debt amount found on a user’s credit history profile and it is retrieved from the Credit Bureau. |
debt_by_institution | This field returns information containing the financial institution the user is owing and the respective amount being owed as well. |
Pricing
| Pricing |
When credit check is set to true | NGN 500 per successful API call |
When credit check is set to false | NGN 200 per successful API call |