First, we’ll ask you some questions about how much you think your monthly expenses are.
Then, when you link your accounts or upload your financial statements, we'll validate your stated expenses by comparing them to what's coming in and out of your accounts. Our platform can do this digitally using our data models, which makes Tic:Toc a leading responsible lender. If you're a low spender, we use an Australian average expenditure benchmark called the Household Expenditure Measure (HEM) as a baseline for what your household would typically spend. This was developed by the clever humans at the Melbourne Institute of Applied Economic and Social Research.
What do we do with that information? We use it to make sure you can afford to repay the loan. Which you’ll thank us for later.