EFFECT OF ONLINE LOAN TECHNOLOGY ON INDIVIDUALS

Project Abstract

ABSTRACT The advent of online loan technology has revolutionized the lending industry, offering individuals a convenient and efficient way to access financial assistance. This research project aims to investigate the effect of online loan technology on individuals in terms of their borrowing behavior, financial management, and overall well-being. Through a combination of quantitative survey data and qualitative interviews, this study will explore how the ease of access to online loans impacts individuals' decision-making processes related to borrowing. The research will also examine the role of online loan technology in promoting financial inclusion and addressing traditional barriers to accessing credit for underserved populations. Furthermore, the project will investigate the potential risks associated with online loans, including issues related to data privacy, security, and predatory lending practices. By analyzing the experiences and perceptions of individuals who have utilized online loans, this research aims to provide insights into the factors that influence the adoption and usage of online loan technology. The findings of this study are expected to contribute to the existing literature on financial technology and consumer behavior by shedding light on the implications of online loan technology for individuals' financial well-being. The research will also offer practical recommendations for policymakers, financial institutions, and consumers to ensure responsible and sustainable use of online loan technology. In conclusion, this research project seeks to deepen our understanding of the impact of online loan technology on individuals and to highlight both the opportunities and challenges associated with this innovation in the lending industry. By examining the effects of online loans on borrowing behavior, financial management, and overall well-being, this study aims to inform policy discussions and industry practices to promote financial inclusion and consumer protection in the digital age.

Project Overview

<p> </p><p><strong>INTRODUCTION</strong></p><p><strong>1.1 &nbsp;Background of the study</strong></p><p>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.</p><p>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</p><p><strong>1.2 &nbsp;Statement of the Problem</strong></p><p>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.</p><p><strong>1.3 &nbsp; Purpose of the study</strong></p><p>The purpose of this study is to examine the effect of online loan technology on individuals. Specifically the study will:</p><p>1. Determine individuals level of patronage of online loan</p><p>2. Assess individual’s perception on the effectiveness of online loan</p><p>3. Determine the relationship between access to loan and saving habbit of individual</p><p><strong>1.4 &nbsp; Significance of the study</strong></p><p>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.</p><p><strong>1.5 &nbsp;Research Hypothesis</strong></p><p><strong>Ho:</strong>&nbsp;There is no relationship between access to loan and saving habbit of individual.</p><p><strong>Hi:</strong>&nbsp;There is a relationship between access to loan and saving habbit of individual</p><p><strong>1.6 &nbsp;Scope and Limitations of the Study</strong></p><p>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.</p><p><strong>1.7 &nbsp;Organisation of study</strong></p><p>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.</p> <br><p></p>