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Where you call home can make it hard to get a loan in an emergency. FinTech is aiming to fix that.
FinTech (or Financial Technology) represents the innovative software, algorithms, and AI that power online financial services. With FinTech processing requests behind the scenes, online direct lenders can digitize and automate many steps involved with borrowing money.
As a result, people who live in rural areas can access online installment loans without worrying about how they’ll get to a bank.
FinTech Crosses the Distance When You Can’t
For people who live in traditionally rural states, distance isn’t always on your side. Let’s look at Idaho as an example.
As a sizeable state, Idaho is the 11th largest in the country. However, it’s one of the least densely populated in the states, with people — and financial institutions — spread thinly out across its 82,600 square miles.
If you live in Idaho, you might not have to worry about noisy neighbors, but you may have a considerable trek separating you from a bank.
Depending on how far away you live from the nearest city, the closest brick and mortar bank could be several hours away by car.
So what happens when your child gets hurt, your furnace stops working, or your car needs a major repair? Instead of coordinating an awkward trip to a bank during a stressful time, FinTech brings installment loans to you.
The best installment loans Idaho has to offer host simple online applications available 24/7. You can search for installment loans in Idaho from anywhere you get Internet, any time you have a moment to fill out an application.
FinTech is Accessible without Home Internet
Rural communities are usually the last to get broadband Internet. Plenty of people opt to live without it, or they’re stuck using excruciatingly slow connections. In Idaho, about 20% of the state goes without home Internet, including broadband (cable, DSL, or fiber), dial-up, or satellite connections.
In this case, mobile data can be more reliable, and it requires fewer hookups. All you need is a data plan from one of the top cell phone providers. According to WhistleOut, Verizon covers nearly 96% of all Idaho zip codes, with AT&T close behind.
The best online installment loans Idaho has to offer are also available on mobile. That means you can search and apply for installment loans over the phone, even if you don’t have a desktop or traditional Internet.
FinTech Considers Alternative Data
Rural borrowers tend to have the odds stacked against them. They have lower credit scores and more delinquencies in their credit file than urban borrowers.
Traditionally, this kind of credit profile can stand in the way of getting a loan. Some financial institutions may even refuse to lend to anyone with a low enough score.
Online direct lenders, on the other hand, may use alternative data to make their decisions. In addition to checking credit, they may rely on FinTech services to review your income, pay schedule, and debt load to determine if you can handle an installment loan.
Some lenders may even review your rent, cellphone and utility payments, or bank activity. Plus, there’s growing support for involving your social media presence to check your creditworthiness.
This use of FinTech levels the playing field for rural people struggling with poor credit. They may have a greater chance at qualifying for installment loans for bad credit with online loans.
Bottom Line
FinTech breaks down barriers that prevent rural people from accessing emergency installment loans. From issues of distance, connectivity, and credit scores, online loans make it easier to apply for assistance when you need help.
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