Right Start Go - Get the Best Advice for Your Business
  • Automotive
  • Business
    • Manufacturing
    • Marketing
  • Finance
    • Loans
    • Insurance
    • Investment
    • Trading
  • Health
  • Home
  • News
    • Law
    • Learning
    • Property
    • Entertainment
    • Event
    • Travel
  • Shopping
  • Technology
    • Tech
    • Seo
No Result
View All Result
  • Automotive
  • Business
    • Manufacturing
    • Marketing
  • Finance
    • Loans
    • Insurance
    • Investment
    • Trading
  • Health
  • Home
  • News
    • Law
    • Learning
    • Property
    • Entertainment
    • Event
    • Travel
  • Shopping
  • Technology
    • Tech
    • Seo
No Result
View All Result
Right Start Go - Get the Best Advice for Your Business
No Result
View All Result
Home Business

Technology Helps in the Transformation of the Microfinancing Industry

Acker Palma by Acker Palma
February 17, 2018
in Business
0 0
0
Technology Helps in the Transformation of the Microfinancing Industry
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter
0
SHARES
ShareTweet

Microfinance is defined as giving out small loans to people who need them the most. Worldwide, it is a billion-dollar industry that provides help to millions of people. There are also thousands of institutions, big and small, that provide microfinancing loans.

Current issues

There are two main problems in the world of microfinance – repayment of loans and interest rates. There should be a clear deal between the lender and the person who borrows the money. To ensure that the one who borrows can repay, the lender has to employ people who will go out and collect the payments. Even before the deal is closed, there should be someone doing background checks to ensure that the person who applied for the loan deserves to get it.

The problem is not just on the side of the lender. Those who have borrowed the money also encounter problems regarding the interest rates that they are paying. There are also some cases in which they have already made payments, but these are not reflected in the database of the company. Hence, it is assumed that they are yet to pay a certain amount.

How technology helps

With the help of modern technology, lenders need not employ a lot of people in the field. They can do everything online. This hastens the transactions. It also reduces the operational costs. As such, they are now able to reduce the interest rates, which is highly beneficial to those who can’t afford the rising rates. All loans are disbursed electronically. There is also an algorithm that helps automatically define the interest rates depending on the information on the application form. This allows borrowers to make informed decisions before taking the loans.

They can also set up an online profile that allows them to check how much they are yet to pay and if their payments have already been entered into the system.

Resolving issues

There are also a lot of issues regarding payments and how they are not reflected in the system. Modern technology helps resolve such issues. The borrower only needs to log in, file a complaint and wait for someone to reach out regarding the problem. It will be immediately dealt with. There is also a toll-free number which they can use to call for conflict resolution. If the complaints are not dealt with at this point, it will be raised to a higher authority until problems are resolved.

This means that microfinance has become easier than ever. People who are in need of money can now seek help anytime without worrying about how much they need to pay, or which company provides them the loans that they need. You can also look at Sharone Perlstein and his expertise in the world of microfinance.

Image: Pixabay.com

Previous Post

The way to select a Document Management Company

Next Post

Understanding the Overall Performance of the Engine before Purchasing a Used Mercedes

Acker Palma

Acker Palma

Next Post
Understanding the Overall Performance of the Engine before Purchasing a Used Mercedes

Understanding the Overall Performance of the Engine before Purchasing a Used Mercedes

  • Trending
  • Comments
  • Latest
Creating the Best and Reliable Sheep Shed Design 

Creating the Best and Reliable Sheep Shed Design 

February 12, 2018
Five ways to take your weed

Five ways to take your weed

May 17, 2019
Five Fine Features of Sliding Gates for Houses

Five Fine Features of Sliding Gates for Houses

August 29, 2018
How to Get into the Funeral Business

How to Get into the Funeral Business

June 17, 2018
Safest Android online banking apps in India

Safest Android online banking apps in India

0

Important Tips When Renting A Vehicle

0

What Personal Vehicle Leasing Is

0

The Intricacies Of Invoice Finance

0
Safest Android online banking apps in India

Safest Android online banking apps in India

September 15, 2023
Choosing the Right Vehicle Insurance: A Comprehensive Guide

Choosing the Right Vehicle Insurance: A Comprehensive Guide

September 1, 2023
Navigating the Option Chain on Indian Trading Apps

Navigating the Option Chain on Indian Trading Apps

August 21, 2023
Stocks vs ETFs: the Differences

Stocks vs ETFs: the Differences

August 18, 2023

Recent Posts

  • Safest Android online banking apps in India September 15, 2023
  • Choosing the Right Vehicle Insurance: A Comprehensive Guide September 1, 2023
  • Navigating the Option Chain on Indian Trading Apps August 21, 2023
  • Stocks vs ETFs: the Differences August 18, 2023
  • Building the Foundation of Your Business Plan – Kavan Choksi June 1, 2023
  • Navigating the Competitive Landscape: Strategies for Small Businesses – Kavan Choksi June 1, 2023

2023

  • – September (2)
    • Safest Android online banking apps in India
    • Choosing the Right Vehicle Insurance: A Comprehensive Guide
  • + August (2)
  • + June (4)
  • + May (2)
  • + April (2)
  • + March (4)
  • + February (2)
  • + January (6)

2022

  • + December (3)
  • + November (8)
  • + October (3)
  • + September (1)
  • + August (3)
  • + July (3)
  • + June (1)
  • + May (7)
  • + April (3)
  • + March (2)
  • + February (5)
  • + January (6)

2021

  • + December (3)
  • + November (4)
  • + October (12)
  • + September (10)
  • + August (5)
  • + July (4)
  • + June (5)
  • + May (4)
  • + April (6)
  • + March (7)
  • + February (9)

2020

  • + December (1)
  • + April (1)
  • + March (2)
  • + February (1)
  • + January (1)

2019

  • + December (2)
  • + November (2)
  • + October (1)
  • + September (4)
  • + August (4)
  • + July (2)
  • + June (6)
  • + May (4)
  • + April (4)
  • + March (10)
  • + February (7)
  • + January (11)

2018

  • + December (15)
  • + November (26)
  • + October (20)
  • + September (16)
  • + August (29)
  • + July (31)
  • + June (24)
  • + May (19)
  • + April (13)
  • + March (16)
  • + February (24)
  • + January (37)

2017

  • + December (2)
  • + October (1)
  • + September (6)
  • + August (8)
  • + July (7)
  • + June (7)
  • + May (3)
  • + April (3)
  • + March (2)
  • + February (4)
  • + January (3)

2016

  • + December (5)
  • + November (3)
  • + October (1)
  • + September (8)
  • + August (2)
  • + July (5)
  • + June (4)
  • + May (6)
  • + April (1)
  • Write To Us

© 2020 Right Start Go- All Rights Reserved.

No Result
View All Result
  • Automotive
  • Business
    • Manufacturing
    • Marketing
  • Finance
    • Loans
    • Insurance
    • Investment
    • Trading
  • Health
  • Home
  • News
    • Law
    • Learning
    • Property
    • Entertainment
    • Event
    • Travel
  • Shopping
  • Technology
    • Tech
    • Seo

© 2020 Right Start Go- All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In