After many years of fintech research, let me say this - I am uncomfortable about payday loans, and automatic credit lines extended at high rates of interest. I am not even too happy about credit cards.
Just as sugar, alcohol and tobacco rely on catchin' em young, so to does the fintech industry. Being habituated to debt at a young age, can be disastrous for long term financial health.
People who want money to serve real needs - my maid who wants to buy a house, a friend who faces years of expensive treatment for blood cancer - cannot get credit. But any one who cannot live within their means, can get a payday loan easily.
As a culture, we have always been oriented to saving vs spending, and it would be good to see that behaviour being encouraged more, through more products/schemes and accompanying tax relief. I am unable to understand how credit at extortionate interest enriches anyone's life. It only enriches the companies providing it. Source : Engadget
FinTech paydayloans money2020 loans savings mobileapps playstore Google
Just as sugar, alcohol and tobacco rely on catchin' em young, so to does the fintech industry. Being habituated to debt at a young age, can be disastrous for long term financial health.
People who want money to serve real needs - my maid who wants to buy a house, a friend who faces years of expensive treatment for blood cancer - cannot get credit. But any one who cannot live within their means, can get a payday loan easily.
As a culture, we have always been oriented to saving vs spending, and it would be good to see that behaviour being encouraged more, through more products/schemes and accompanying tax relief. I am unable to understand how credit at extortionate interest enriches anyone's life. It only enriches the companies providing it. Source : Engadget
FinTech paydayloans money2020 loans savings mobileapps playstore Google
