How AI Impacts Personal Loan Decisions?

Artificial Intelligence (AI)-driven lending practices are gaining visibility and credibility. AI tools used with machine learning can analyze more data for a more accurate answer to loan requests. Lenders using new AI systems can evaluate bank account balances calculated with purchase history, social media habits, and utility payments to determine a person's creditworthiness. Those without established credit can benefit greatly from AI lenders. New startup lenders are using AI to approve personal loans for people with a short or non-existing credit history who have a reliable income and a high earning potential.