Long Term Loans with No Guarantor
  • Olivia Elmore
  • September 5, 2018

In the recent years, technology has come across various modifications leading to great noticeable changes in the financial industry. In the history of finances, the first bank that came into the existence was back in the 19th century. From then, until now, the journey of banking and finance has evolved a lot. Earlier, when payments were made through coins and pound notes, now an easy cheque is enough to facilitate the same. Families and friends were the sole alternatives for the financial help but today, the concept is different, variant loans like long term loans with no guarantor are available to facilitate the situations of financial shortage.

With these improvements taking place, one of the changes that have come into existence is regarding the lending process. It has become more advanced and effective since the time FinTech direct lenders came in. Finance and technology when intermingled, give birth to FinTech lending. The concept of FinTech borrowing and lending took place firstly in the year 2007 since then, the concept became famous and people started enjoying its benefits. The effortless process of borrowing started adding to its advantages, which thus became the reason for the continued practice of the concept.

Categories of FinTech

Three different categories of the FinTech exist in the concept. Let us take a look at them:

  • B2C FinTech enterprises – In this category, they target the wider circle of an audience through the products including management apps etc.
  • B2B FinTech services – This category is different from the previous one. They focus mainly on payment methods and different systems.
  • B2B2C FinTech enterprises – This category includes the projects targeting various investors and dirrct leaders of project.

These are the different categories of FinTech. An important thing that most of the people tend to forget while taking them into the consideration is that they are not banks but, they are the financial institutions that work through mutual contract with banks. All that these institutions perform is, take care of the technological area in order to facilitate the working.

How FinTech makes the payments easy?

Technology, undoubtedly, has helped the world in many ways. Similarly, the concept of technology introduced and mixed with finances helps in making the payments easier. You can opt for loans with no guarantor to smoothen your financial journey.

Here is how the introduction of FinTech in the financial market helps in easy repayments –

Blockchain technology – Blockchain technology is the main element of this technology that facilitates easier and less time-consuming payments. It helps in creating a record of the transactions processed, which further helps in creating security. In addition, they also help in making the international transactions facile by cutting the intermediaries.

Alternate payment choices – Usually, while making the payment, it is mandatory to log in to your bank account to process it. However, if you talk about the FinTech concept, making alternative payments is not an issue. There are various forms of payment channels that can be used to make the successful clearances without any need to log into your bank account.

Mobile payments – Another way in which these sources help in making the payments easier is through the increasing use of mobiles. Since most of the working takes place through phones. This adds up to the advantage, people do not have to travel miles to make a payment rather they can do the same through their phones. Additionally, it also creates better security as each transaction can be viewed a number of times.

The above listed are some of the ways that are how FinTech source of finance gives assistance to making timely and easy payments. Additionally, these ways also create positive impacts over the borrowers and the lenders in their own consecutive ways.

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