Mr. Levchin spoke critically of the financial industry, in particular the “misalignment” of incentives between traditional banks and borrowers. Pointing to the high profit margins on late fees, Mr. Levchin argued that some banks have succeeded most when borrowers don’t pay their loans back on time. Affirm has tried to move past traditional methods of loan underwriting like credit scores by, for instance, asking borrowers to allow it to peak into their personal financial accounts to see their income. Some borrowers are “mispriced” by their FICO scores and unable to get loans that they otherwise should, Mr. Levchin said.

https://www.wsj.com/articles/affirm-wants-to-move-beyond-simple-lending-to-provide-financial-advice-1508349486?mg=prod/accounts-wsj