We should initiate a credit limit to students who is the youth and need money in there college life by that we would be able to accquire more customers
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To expound on this very fine idea, we need a credit line up that doesn’t heavily depend on credit scores. There’s a sizeable portion of people out there who either don’t have one (students) or with bad choices that tanked their scores n are attempting recovering from it.
Unsure how we can pull it off, but I wouldn’t mind smaller credit products. Say 2K per month credit line for starters. If the customer pays on time and before the due date, he gets a 2X credit increase every five months or so.
Credit based on top of savings + FD is also pretty good. Bottom line, we need to bank for/with the masses, especially those who’ve never had it before.
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I’m all in for the idea of having some credit available to all sections of the society. But, the process involved right now is super sketchy.
Especially, when you’re being issued a credit line without the credit score or a secured one based on FD.
The credit underwriting then involves shady access to your contacts and SMS. This, when we don’t yet have a data privacy law in place is of serious concern.
Hopefully, better BNPL regulations are implemented that safeguard all the parties involved.
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Shady indeed, but those depend on the apps involved.
I use lazy pay n Ola money postpaid quite often. There have been a couple of instances wherein the pay check didn’t arrive in time n my payments were delayed. I was never harassed or inconvenienced by them for missing my due date.
But You raise a fair point. We need an easy, yet fair and transparent process that fuels the credit line. Hopefully we’ll get there soon enough.
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