The lending space in India has come a long way from lending through traditional financial institutions to digital lending. To accommodate the new technologies to make finance easily accessible to people, they have altered the fine points of the business model. The last few decades have ushered in an incredible array of technological advancements in the Indian lending space.
Let’s take a look at how fintech companies have played a crucial role in the evolution of personal loans over the years:
Personal loans have always been a popular financial tool because of their unique characteristics. They are unsecured, they are flexible, and they can be used for any purpose. The advent of fintech companies has fine-tuned these characteristics for the benefit of the lender as well as the borrower and that has made this financial product more popular than ever.
There are numerous ways by which fintech companies have made the borrowing process better and easier. Let’s look at some solid examples of how fintech has changed the lending space:
- Finance is easily accessible
- End-to-end online loan application & disbursal
- Connects to your financial institution’s account
- Doesn’t hamper your credit score
- Reduced bias culture in the lending & decision-making process
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