Knowing the Advantages and Disadvantages of Borrowing Money at Fintech

24 Feb 2018 by Edwin

In this era, the needs of society are increasing. As a result, the need for additional funds also increased quite high. This raises the number of loan sharks seeking opportunities beyond the difficulties of others. But now, you doesn’t need to worry. Borrowing money on fintech can be a solution.

Fintech as a Funding Solution

In today’s technological era, financial problems can be solved quite easily. Yes, fintech or financial technology is now a solution for you who need cash quickly and easily.

With ever-increasing technology, and increasingly easy access to data tracked and verified, the lending process of money is now even easier.

Prospective debtor only needs to submit personal data such as photo/scan ID. And all can be processed through the smartphone.

This easy process certainly has advantages and disadvantages. Provide benefits to the debtor, but of course, there is also a loss for a debtor. What are they?

Advantages of Borrowing Money at Fintech

For those of you who do not have a bank account, borrow money now does not have to whine to a friend, or resigned to the lend of the moneylender. You can take advantage of fintech as a solution to the need for quick funds.

As for some other advantages of using financial services from Financial Technology include:

  • Money Borrowing Process is Classified Fast, Range 15 Minutes to 1 Day Only
  • Proposed Requirements Classified as Easy, Only ID and Fill Some Forms
  • Flowers are Classified More Light and Transparent
  • Submission can be done through Smartphone
  • Payment or Installment can be done through Smartphone

There are so many advantages to using Fintech services, but unfortunately, citing the World Bank data, there are about 60% more Indonesians who have not:

  • Technology literate
  • Do not have formal financial access such as banks or cooperatives
  • Do not know what fintech is

This is certainly a big loss in the process of acceleration of development in Indonesia.

The Dangers Behind The Easy To Borrow Money

Borrow money should be smart and should see various sides. It is easy to borrow money at Fintech to pay attention to several things so as not to harm you yourself later.

As for some things you should note include:

  • The priority of whether borrowing money should be done
  • The ability to make payments.