Technology and Innovation-The Rise in FinTech Lending

The Rise of FinTech Lending 🚀

The emergence of FinTech (financial technology) lenders has created a powerful contrast to traditional banks. While traditional banks rely on decades of established trust and in-person relationships through physical branches, FinTech lenders leverage technology to offer a faster, more convenient, and often cheaper alternative.

Before we begin, imagine you have a flight to catch for a trip (imprompto) in few days and you need assess to PTA (Private Travel Allowance) which can be gotten either through the Bank or BDC (Bureau De Change). You know its a weekend and very impossible to process this PTA with any bank even if the Branch Manager is your brother.

Tell me, what on earth would be your next line of action to have access to this PTA immediately? Okay, enough of this, let's dive into the reasons why FinTech in this case would be your To-Go option in such cases comparing Traditional banking with FinTech lenders like Pevolut Capitals Limited.

• Traditional Banks (Pros & Cons):

• FinTech Lenders (Pros & Cons):

Ultimately, FinTech has democratized access to credit by making it more accessible to a wider range of borrowers and has created significant competition that pushes traditional banks to innovate and modernize their own offerings.

Now, tell me, in our scenerio above, would you prefer to use the traditional bank knowing the waiting time period, especially for those trips that come up without prior notice or you would run or possibly fly to BDC (in this case-FinTech) to gain immediate access to that loan you need.

Remember, FinTech are also backed by government regulations too but they have made accessing funds seemless for emergency purposes.

Start making those Loan plans with Pevolut today!