Tilt Introduces Innovative Credit Cards for Fair Access

Tilt Transitions from Empower Finance to New Brand Identity

Tilt, previously known as Empower Finance, has undergone a significant rebranding that signifies its evolution into a comprehensive financial solution provider. The renaming represents a broader suite of cash and credit products targeted at enhancing access to fair credit globally. The company recently launched Tilt Credit Cards, which are designed specifically to cater to consumers who may face challenges in obtaining credit through traditional channels.

Introducing Tilt Credit Cards and Their Benefits

At the heart of this new initiative are three unsecured credit cards issued by WebBank. These products strive to support customers who may not qualify for standard credit offerings. Unlike traditional financial institutions that solely rely on credit scores, Tilt assesses an individual’s financial situation using real-time cash flow and alternative data sources. This approach ensures that millions of individuals who actively manage their finances but may have limited or no credit history are provided fair opportunities to access credit.

Understanding the Unique Value Proposition of Tilt

Tilt’s products are tailored for individuals who are often overlooked by conventional lenders. Many of these consumers have steady incomes and manage expenses responsibly. However, traditional credit systems do not cater to their unique needs, resulting in low approval rates. For instance, only about 41% of non-prime credit card applicants receive approval, while individuals with no established credit history experience even lower rates of acceptance. Tilt aims to address this gap by creating a system that values potential rather than solely focusing on past credit history.

Growing Presence and Market Strategy

Since its inception, Tilt has been focused on expanding its reach. It launched a consumer credit business in Mexico in 2022 under the Empower name, which is set to transition to the Tilt brand shortly. The past year has seen Tilt engage in strategic acquisitions to bolster its service offerings. Notable acquisitions include Petal, a credit card company in the United States, and Cashalo, a digital credit platform based in the Philippines. Additionally, Tilt acquired NIRA, a provider of personal loans in India. These steps reflect Tilt’s dedication to building an inclusive credit system accessible to more consumers on a global scale.

Commitment to Fairness and Financial Inclusion

Tilt's commitment to serving those inadequately represented by traditional lenders is evident through its innovative approach. The company believes that many individuals possess the capability to repay debts but have been systematically marginalized by conventional credit offerings. Its proprietary underwriting process integrates six years of performance data along with over 250 nontraditional indicators of financial health, providing a fresh perspective on financial assessments.

Voices Behind the Vision

Warren Hogarth, Co-Founder and CEO of Tilt, emphasizes the necessity of redefining how lending is approached, stating that the typical credit system fails to acknowledge the true potential of many capable borrowers. His insights highlight Tilt's objective of leveling the playing field and making credit more available to those who need it.

About Tilt Finance, Inc.

Tilt Finance, Inc. is a dynamic financial technology company committed to enhancing access to fair credit for individuals worldwide. By focusing on real-time income and spending patterns rather than relying solely on credit scores, Tilt aims to empower users to improve their financial security. Their product offerings include unsecured credit cards, flexible lines of credit, and personal finance tools designed to foster better financial health over time.

Frequently Asked Questions

What does the rebranding from Empower Finance to Tilt signify?

The rebranding represents Tilt's evolution and its commitment to providing a broader range of financial products aimed at promoting fair access to credit.

What are Tilt Credit Cards?

Tilt Credit Cards are unsecured credit cards that focus on helping non-prime customers by leveraging real-time cash flow data instead of solely relying on credit scores.

How does Tilt assess an individual's creditworthiness?

Tilt uses a proprietary underwriting model that considers real-time cash flow and alternative data to evaluate a person's financial capability, moving beyond traditional credit scores.

Which markets does Tilt operate in?

Tilt currently serves consumers in the US, Mexico, the Philippines, and India due to its strategic acquisitions and expansion efforts.

What is the company's mission?

Tilt's mission is to expand reliable access to fair credit, ensuring that individuals across the globe have opportunities to improve their financial status and overall security.

About The Author

Dedicated Author and financial expert Logan Wright here, 29 years old. After earning an economics degree, I spent a number of years working in different financial industries. My great passion is enabling everyone, from any background or experience level, to understand and be literate in financial matters.

My books and writings are centered on simplifying difficult financial ideas into doable, understandable guidance. Whether it's retirement planning, investing, or budgeting, I want to arm readers with the information they need to make wise financial choices and realize their financial objectives.

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