In the last blog, the story of a guy called Ajay was narrated. It was shown how he preferred Financepeer over general financial system since, he saw more advantages here. Ajay was a lender in that case. Now lets assume Ajay as a borrower in this case. Ajay is in need of money. He has to make an urgent payment of Rs 1 lac. As of this moment, he doesn’t have so much of money. He thinks to get a loan from the bank. In his head, he already knew that he ain’t gonna get loan easily because of the long bank procedures. But still, he had a hope somewhere that he might get it.
Therefore, he went down the street and went to one of the financial system. The system tells him to come again later. Next day, he again goes to the bank, the bank tells him to come again later. He again goes after a week and submits the documents, the bank tells him that it requires more documents. This process continues one more time and finally he is atleast able submit the documents and waits for approval. To his disappointment, he couldn’t get his loan approved because of his low CIBIL score. He was very upset because he wanted the money as soon as possible. He started to look for ways which can help him increase his CIBIL score. He paid all the bills, deactivated all the unused bank accounts but still his manager told him that it will take a year or two minimum to increase the credit rating. He was very upset. He tried 5-6 other systems with a hope that he might get into one, but no luck found. He faced rejection from all the banks.
After facing rejection from every bank, he said his sad story to one of his friend who is a lender in FinancePeer and is very well aware about the borrowing and the lending system of FinancePeer. His friend suggested him to go down to FinancePeer because he was very sure that they will be able to help him. His friend explained him the entire process how and what FinancePeer does and that it’s a trustworthy platform. His friend told him that as a borrower, even if your score is low and you are in need of money, financepeer checks 13,000+ data points to give you an appropriate score. He approached financepeer and his loan application got approved. He was more than happy. He got his money in a matter of few minutes where he was struggling for days with traditional system.
He was so happy with the Artificial technology FinancePeer is using and he realized how better it is from the traditional system:
- Hassle free process
- No manual documents required, everything is online.
- No waiting in long queues
- No waiting for money
- Rejection rate very low
Now Ajay advises all his friends to borrow from financepeer and also to invest in financepeer. This is how the money flow will be in the market and eventually, economic disparity will reduce.