Project Abstract

Abstract
The advancement of online loan technology has transformed the landscape of borrowing for individuals. This research project aims to explore the effects of online loan technology on individuals. The study will investigate the convenience, accessibility, and impact on financial behavior resulting from the adoption of online loan platforms. By conducting surveys and interviews with individuals who have used online loans, the research will analyze the satisfaction levels, perceived risks, and overall experience of borrowing through online platforms compared to traditional lending institutions. Additionally, the project will examine the influence of online loan technology on financial decision-making, debt management, and savings behavior among individuals. Furthermore, the research will delve into the potential socio-economic implications of the widespread use of online loans. This includes exploring how online loan technology may affect financial inclusion, particularly for individuals with limited access to traditional banking services. The study will also investigate the role of online loan technology in addressing financial emergencies and providing a safety net for individuals facing unexpected expenses. By analyzing the data collected from participants, the research aims to provide insights into the benefits and challenges associated with online loans and how they impact the financial well-being of individuals. Moreover, the project will assess the role of digital platforms and algorithms in the online lending process. By examining the transparency, fairness, and accuracy of online loan algorithms, the research will evaluate the potential biases and implications for individuals seeking financial assistance through these platforms. Understanding how online loan technology utilizes data and automation to make lending decisions is crucial in determining the ethical and regulatory considerations surrounding these practices. Overall, this research project seeks to contribute to the existing literature on online lending by providing a comprehensive analysis of the impact of online loan technology on individuals. By exploring the various dimensions of online loans, from user experience to financial outcomes, the study aims to offer valuable insights for policymakers, financial institutions, and individuals seeking to navigate the evolving landscape of borrowing in the digital age.

Project Overview

INTRODUCTION

1.1Background 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. 1. 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. 1. Study hypothesis

The study hypothesis is:

HO1: online loan are significantly effectiveness of online

H11: online loan are not significantly effectiveness of online

HO2: there is no significant relationship between access to loan and saving habbit of individual

H12: there is a significant relationship between access to loan and saving habbit of individual

1. 1. 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 constraint

1. 1. 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.