That PSOJ Masterclass I attended 2 weeks ago gave me a lot to think about. During a discussion about the mission of Tiddle LLC, we touched on loan turnaround time. Someone mentioned that because she was pre-approved with her bank, getting a loan took only 24 to 48 hours. Relatively speaking, that’s excellent. Yet it raised a deeper question: if strong trust already exists between lender and borrower, could that process be reduced to seconds?
The answer depends on credit assessment.
Early lending systems were built almost entirely on trust. In small communities, lenders personally knew borrowers and relied on reputation or collateral. As economies expanded and lenders began serving people they didn’t personally know, abuse and defaults increased. Merchants and banks needed a way to separate trustworthy borrowers from risky ones, which led to credit reporting systems and structured underwriting practices. Over time, lending shifted from intuition toward data, verification, and standardized risk evaluation.
In Jamaica, credit assessment follows that global evolution but reflects local realities. Lenders consider income stability, employment history, existing debt obligations, affordability ratios, and credit bureau reports while also complying with anti-money-laundering and customer due-diligence requirements. The goal is simple: reduce uncertainty before money is disbursed.
Steps for the Borrower
- Submit identification and supporting documents
- Provide proof of income and address
- Disclose existing obligations
- Consent to credit checks and verification
Steps for the Underwriter
- Verify identity and authenticity of documents
- Assess income, expenses, and repayment capacity
- Review credit history and risk indicators
- Evaluate collateral where applicable
- Assign risk level and recommend approval or decline
The interesting thing is that the better the historical trust and data between borrower and lender, the less friction is required. Credit assessment isn’t designed to slow lending down — it exists to create enough confidence that, over time, decisions can move from days to hours, and eventually, perhaps, to seconds.
