Backed

Backed Inc is a US-based online lending platform that gives borrowers easier access to a fair loan by letting them add a backer (co-signer reinvented) to their loan application to help them qualify or reduce their rate. The company's patent-pending machine-learning underwriting algorithm offers a predictive scoring model to mitigate risk, which is then reflected in the loan approval and pricing offers. Parents, for example, can provide their own credit-score ratings and help approve their childrens loans -- the greater the quantity of personal information provided, the better the terms of the loans because the system is better able to predict likelihood of default.Backed offers one-, two-, and three-year personal loans for diverse purposes in amounts ranging from $3,000- $25,000 at APRs starting at 2.9%.