Hard way to get a loan. How do we solve it in MicroMoney

Hard way to get a loan. How do we solve it in MicroMoney

Sai Hnin Aung, Founder of MicroMoney talks about credit story for immigrants.

Hard way to get a loan. -How do we solve it in MicroMoney.

As the motto goes “MicroMoney for people and BigData for Business”, MicroMoney was established as a microfinance institution. We provide individuals and small enterprises with the short-term loans as the best solution for their financial needs through the utilization of Fintech.

MicroMoney uses innovative risk scoring powered by artificial neutral network. In the long-run, we hope to help unbanked and underbanked people with financial support and bring them into the new global decentralized crypto economy. MicroMoney provides the unbanked with access to wider financial opportunities that contribute a higher standard of living globally, better education, medical care, more small businesses and the improvement of state’s economy. We are passionate about our mission in solving the financial needs of people who live under the poverty with the support of developed financial technology.

Financial situations of immigrants and their credit stories

Most banks would not lend to a person (who has just moved to another country) with no credit history. Many immigrants want to start a business and make savings to build a certain future and to be out of poverty. And they have to struggle to maintain a stable financial situation. Therefore, financial firms are also figuring out new ways to serve immigrants. For being immigrants, most of them have no credit history. Among these immigrants, there may be many undocumented ones who are believed to be lack of ability to repay the debts and no demonstrated ability to repay the debts. They need a technique to make life easier for them. In countries, a lack of documentation prevents them from opening bank accounts. There are also less chances for them to use a wide range of financial services, including savings and checking accounts, business loans and mortgages in compared to native-born people.

How hard is it for them to get a loan?

For not having proper documentation, it is almost impossible for them to get a loan. Based on their credit history, loans are provided to borrowers. Banks and lenders decide whether to give a loan or not based on their detail information. Most immigrants are denied for loans because they are not a permanent resident or a citizen. This is one of the reason that lowers the credit history of immigrants. The success of immigrants depends on their access to financial institution that can help them save money, buy houses, access credit and start business for building wealth. This proves that their success is directly proportional with the financial services they can get including loans for their financial needs and to reach their goals by removing the barriers they are facing.

How does MicroMoney solve it?

MicroMoney knows this problem and that is the reason why we offer loans to individuals like you and we will not take it back as of your visa status. If you are happy with the rates of interest, you can easily take a loan without the need of documentation. Through the application of Fintech, you are provided loans through online. Clients as you can get the money by just filling in the application form on our mobile app. Using machine learning algorithms, we can approve a loan within just 15 seconds and able to deliver the funds in one hour. How easy it is! We help no matter who you are and to achieve your goals when you are dealing with challenging life circumstances. Depending on the countries where you live in, it is hard to get loans for individuals without a credit history but MicroMoney enables clients with no credit history to take short-term loans. When you apply for loans through banks, a list of documents is required and the verification process can take long. MicroMoney clients can get immediate loans by applying through the mobile app and no documentation is needed. It is also a great help for our clients to build a credit record for the future. We hope that you can build your healthy business and live above the poverty line by taking loans from MicroMoney and weather all your financial setbacks. We will be pleased if you can stabilize your finance that is believed to be our goal.

Hayden P.

A blockchain and cryptocurrency enthusiast

You may also like...