Backed is an online lending platform that gives borrowers easier access to competitive loans by allowing them to add a backer (co-signer) to their loan application to help them qualify or reduce their rate. The companys machine-learning underwriting algorithm offers a predictive scoring model to mitigate risk, which is then reflected in the loan approval and pricing offers. For example, parents can provide their own credit scores to help get their childrens loans approved.

The greater the quantity of personal information provided, the more attractive the loan terms, as the system is better able to predict the likelihood of default. Backed offers one-, two-, and three-year personal loans for diverse purposes in amounts ranging from $3,000 to $25,000 at APRs starting at 2.9%.