March 29, 2016 The development of technology has a huge impact on all spheres of our lives, including our finances. We are used to the fact that we can do most things without leaving home. We pay special attention to the speed and availability of services and products. Companies operating in various industries are tailoring their offers to our requirements and are increasingly enabling us to do everything online. New trends are also emerging on the online finance market. Among them we can distinguish social loans or modern solutions enabling the use of digital money without the need to use electronic banking.
Social loans are loans provided by individuals for a certain fee. It’s like borrowing money from friends, except for a certain percentage fixed by both parties. Loan agreements are concluded between two people, often via special websites. However, these services do not participate in the transaction itself. This type of borrowing has many benefits, such as speed – we don’t fill out any loan application, all you need to do is find someone willing to lend us a certain amount and then decide with us the percentage we will have to pay back.
Private loans and security
For both the borrower and the lender, this is not a safe form of borrowing money. The lender can never be sure that the borrowed funds will be returned. In turn, the borrower can get into financial problems because of excessive debts. Taking a social loan, nobody checks our financial standing. Sometimes it seems to us that we will pay back the borrowed money without major problems, but after careful analysis of our situation, it turns out that we were wrong. We should make financial decisions carefully, and finance specialists should watch over them.
An innovative solution on the online payment market is the virtual money exchange system – Billon technology. It allows you to transfer money in the virtual world bypassing banks. Let’s imagine how much easier it would be to shop online without logging into the banking system and making a transfer. What’s more, this payment gives us greater control over personal data. If we transfer funds from our bank account, the recipient sees our personal data, while the Billon system works as if we handed the money to the seller. This system is a good solution for people who do not want to use online banking and yet want to be able to make transactions via the internet. What’s more, Billon allows us to make transactions 24 hours a day, seven days a week, and the funds sent are immediately available to the recipient. So we don’t have to wait for the funds to be credited to the banking system. All we have to do is download the Billon application and then go to one of the 18,000 stores where we can deposit money.
The financial market is still developing, but it is worth using these solutions with caution. When making financial decisions, we try to act in common sense. Let’s not succumb to new trends until we think about whether they will be beneficial for us.