Thesis Abstract

Abstract
The advent of online loan technology has revolutionized the borrowing experience for individuals across the globe. This research delves into the various effects of online loan technology on individuals, considering both the positive and negative implications. Through a comprehensive analysis of existing literature, surveys, and interviews, this study provides insights into how online loan technology has impacted the financial behavior, decision-making processes, and overall financial well-being of individuals. One of the key findings of this research is that online loan technology has significantly improved access to credit for individuals who may have previously been underserved by traditional financial institutions. The convenience of applying for loans online, often with faster approval processes and lower requirements, has democratized the borrowing landscape. This increased access to credit has enabled individuals to meet their financial needs more efficiently and effectively. Moreover, online loan technology has also been found to enhance financial literacy among individuals. The transparency and accessibility of information regarding loan terms, interest rates, and repayment schedules have empowered borrowers to make more informed financial decisions. This, in turn, has led to a greater awareness of personal financial management and responsibility among borrowers. However, the study also highlights some potential negative effects of online loan technology on individuals. The ease of obtaining loans online, coupled with the prevalence of instant approval and disbursement features, has the potential to encourage impulsive borrowing behavior among individuals. This could lead to increased debt levels and financial strain if borrowers are not judicious in their borrowing practices. Furthermore, there are concerns regarding data privacy and security in the realm of online loans. The collection and storage of personal and financial information by online lenders raise issues of data security and potential misuse of sensitive data. Individuals may be at risk of identity theft, fraud, or unauthorized access to their financial information when engaging with online loan platforms. In conclusion, the impact of online loan technology on individuals is multifaceted, with both positive and negative consequences. While it has expanded access to credit and improved financial literacy, there are also risks associated with impulsive borrowing behavior and data security. Policymakers and financial institutions need to address these challenges to ensure that individuals can fully benefit from the opportunities presented by online loan technology while mitigating potential risks.

Thesis Overview

INTRODUCTION

1.1  Background of the study

Nowadays, loans and loans occur every day in human life. Everyone may have difficulty in needing urgent money. On the other hand, many people would prefer to invest in another project or in a person with a higher return interest, compared to a bank economy. According to a recent report from the loan market, the use of online loans increased by 4.2% across the financial market. Following this trend, Zoan, one of the leading IT services companies, has attempted to enter the consumer credit market alongside Ok Perintä Oy, who has extensive professional experience in the field of debt and equity. credit. . After several discussions, Zoan Oy will answer the construction of the investment request and the online loan in the technical part, while Ok Perintä Oy will answer to check the customer's income information, then give a credit score to each application.

According to the survey, considering that most users are middle-aged men, the application should be easier to use, both from the perspective of the borrower and the investor. In addition, more and more people prefer to use the phone and iPad to view the website. You must therefore consider the design of the response, which allows the automation of resizing according to the width of the device screen, even when the client changes horizontally. gesture and vertical gesture

1.2  Statement of the Problem

A loan is a sum of money given to an individual or institution on the condition that it is paid for a given period of time with interest, and that serves as a payment for the use of money. There are several types of loans, such as loans, finances and mortgages. The manual lending and lending process is stressful, impractical and time consuming for both the lender and the borrower. It is necessary to automate as much as possible the loan processing process. The goal of this project is to design and create a loan automation application software that can capture the required loan data once, secure this information throughout the loan process and convert the loan information system. Previous hand in hand to obtain and grant loans in a less stressful computerized form, track people in the process, supervise and track loans granted to allow better flow and improve compliance, guarantee Information security Reduces the life of the loans, applies the appropriate interest to the loan and informs the person concerned of the evolution of his loan.

1.3   Purpose of the study

The purpose of this study is to examine the effect of online loan technology on individuals. Specifically the study will:

1. Determine individuals level of patronage of online loan

2. Assess individual’s perception on the effectiveness of online loan

3. Determine the relationship between access to loan and saving habbit of individual

1.4   Significance of the study

The study aims to help the finance sector take a comprehensive approach to online financial service delivery system. The study will also be of interest to public universities, higher education institutions, research institutes and individual researchers interested in online loan and will use the results for further research. This study will encourage researchers to identify the effectiveness and efficiency of the sector. The research will help individual public companies understand their position relative to the standard of their financial report.

1.5  Research Hypothesis

Ho: There is no relationship between access to loan and saving habbit of individual.

Hi: There is a relationship between access to loan and saving habbit of individual

1.6  Scope and Limitations of the Study

The study scope is limited to examining the impact of online loan and relationship between access to loan and saving habbit of individual. Limitation faced by the research was limited time and financial constraints.

1.7  Organisation of study

The study is grouped into five chapters. This chapter being the first gives an introduction to the study. Chapter two gives a review of the related literature. Chapter three presents the research methodology; chapter four presents the data analysis as well as interpretation and discussion of the results. Chapter five gives a summary of findings and recommendations.