Wonga's real-time risk-profiling algorithm judges the creditworthiness of its borrowers, who can obtain up to £400 in minutes. Launched in October 2007, it has approved more than four million loans with an average value of £230; t...
See More he proprietary algorithm makes 1,000 loan decisions every minute. It's a far cry from the near-disaster of its early weeks: approving 90 per cent of loans, the founders realized that about half of borrowers were defaulting.