The terms bills, utilities and instalments are all that the contemporary folks are quite familiar with. These terms are the reasons why we labour around every weekday and sometimes even on weekends.
The perpetually rising inflation rates keep making the commoners expenses hard to deal with. It is not just the expenses that are often too out of reach for us, but our desires as well.
Going through life with just the necessities and not one fancy item for yourself is not ideal by any means.
We are only given one life, and it should be our responsibility to live it to the fullest. And experiencing the best in life is the only way to do that.
Money is at the root of luxury. If you have money, you have the luxury, and if not, you might just be left wanting. You would be surprised to believe that technology is one way to achieve just that without you possessing any money.
Let us find out how technology is helping us.
The Financial Technology
Like we have already established, money is the central force of the luxurious and illustrious world we want to experience.
There is a possibility and a high one at that that we may not have the means to get that luxury.
You do not always need money in your pocket to get things. Much like you pay the bill of a credit card later, you can buy anything today and pay for it later at a time more convenient to you.
This convenience is called loans.
Unlike the past, you do not need to stand in a long queue with tons and tons of paperwork, to get your loan rejected.
Nope, today’s finance providers use technology and none of the paper to check your eligibility of a loan.
Be it the verification of your credentials;
Be it the validation of your bank statements and income proof;
Be it the checking of your credit score and evaluation of your history with loans;
Each of these is done through a few clicks on the lender’s computer, and you would have your approval. Sometimes this process hardly takes a minute to get done.
The Internet at Play
The term online is an integral part of the present-day financial services. And you must know that there is no online without the internet.
Internet is the heart and soul of financial technology. Without it, every aspect of finance would come to a standstill.
A person can apply for a loan only when he has access to the internet.
A person can make loan repayments only when he can surf the website or the application of his lender, again through an internet connection.
A person can only check his eligibility and creditworthiness for financial assistance when his Wi-Fi is working.
So yes, when the internet is at play, only then can you get the full experience of the contemporary financial services.
The Story To Be Told
It is a personal story and a real one, in which financial technology helped save me from a regret my entire life would have burdened me.
It is your daughter’s sweet 16, and she wants a pink scooter for her birthday along with a grand bash for her friends. She would not turn 16 ever again. It is a significant milestone for both of you.
I am a single mom, and my income was not as high to throw lavish parties, but the way my daughter requested me was enough to make me agree. Also, denying her of the things she wants would make her birthday a sour experience, so you seek financial aid and make it happen.
So, I went online and opened Google. On the search bar, I typed loans for an emergency, and I was taken to a website of a direct lender.
After going through the various loans, I chose installment loans and clicked the Apply Now tab. 15 minutes later, I received a call from them letting me know that my loan was approved and within the next hour, I had the money and we off to scooter shopping.
My daughter’s sweet 16th is my best memory with her. The way her eyes twinkled that day made me so proud of myself and fintech as well.
Now, do you agree that one click is enough to make you get anything you want?