A good education is essential.
This sentence has been resonating with generations. Like the elusive ‘X’ in a formula, the quality of education fluctuates with another critical variable — the cost. The higher the fees, the better the quality of education; is what the ever rising population is accustomed to believe.
Education is important, it brings value to the individual and the individual brings value to the society. It is also expensive. According to market research, the cost of education has spiralled over the past few years, and so has the demand for better education.
Enter education loans to the rescue.
A good student could lose out on an opportunity to pursue their studies in a renowned institute, due to the lack of funds. A readily available student loan could change the course of destiny for that very pupil.
Borrowing from the neighbours
It was not too long ago when banks were the only means of getting loans for the common man, the millennial era witnessed an explosion of fintech firms, offering loans to people who were in dire need of money, quite instantly. Borrowing from friends and family was not a fruitful venture. Education was the last thing on their mind and sometimes even overlooked due to unaffordability. Apps that nullified the need to contact another human in order to get a loan were welcomed like a king returning from battle.
Find the right fit
Education loans exclusively either catered to the higher education segments or provided you with the funds to pursue courses in a foreign land. Banks and other lending platforms overlooked the fact that education starts young just like an earthling. Online loan-lending platforms who understood the market had just tapped into a segment that needed all the help that it could get.
Understanding the world around
Apps and online platforms weren’t just providing a service anymore, they began to educate their consumers on the service. They simplified lengthy processes and strange finance-related-education-loan languages into relatable conversations. The audience was hooked.
Technology would eventually catch up with the finance sector to make funds more accessible to the common man. Providing opportunities and securing futures quite literally at the tap of a button.
A wise man once said that necessity leads to innovation, and it did. The era of fintech…dawned.