The need for money of low-income or self-employed people There are still restrictions on the approval of credit lines for banks that require clear collateral. and the limit is assessed based on the ability to pay Overview of the nanofinance market in Thailand Valued at 200 billion baht, the overall value is only 70 billion from legitimate players. This is a very big opportunity for new players.
Mannix Company Limited, a highly popular legal online loan service provider in Thailand, launched “Finnix (FINNIX)” A livelihood partner loan app that offers nano finance loans. official
“Finnix (FINNIX)” testedNSIt has been in service for more than a year. Currently, it has more than 3.5 million downloads, has released loans of more than 3,000 million baht and has set a target of 5,000 million baht by the end of 2021, with a credit line starting from 2,000 – 100,000 baht.
By focusing on people who make a living in every occupation, including small businesses. Average monthly income is at 7,000-12,000 baht that cannot access credit services of financial institutions or banks. because of lack of financial documents and no person or collateral To be able to borrow money through the application 24 hours a day, approve immediately, receive money as quickly as possible in 5 minutes, with a low interest of only 2.75% per month, with a reduced interest rate. Help reduce the problem of unfair informal debt. Let people who make a living and small business owners have wings in every situation.
Ms. Thiranun Aroonwattanakul, Chief Operating Officer of Mannix Co., Ltd., said, “We asked ourselves which product would help solve problems for Thai people the most. which we found in the last year, especially since the covid period Thai household debt is much higher. For example, in the first quarter of this year, it jumped as high as 90% of GDP, which makes us see that Thai people are very deficient in financial liquidity. especially those who have low income or do not have documents confirming their financial accounts The more inaccessible to the products and services of banks and financial institutions. According to the data, about 36 million people who make a living suffer from this problem.
So we see an opportunity for Munnix to come and help here. and decided to make the first product in the form of nanofinance loans The goal is to help at least 7.2 million livelihoods in the beginning.”
“People with low incomes tend to have limited access to credit from financial institutions. causing the need to turn to relying on informal borrowing Butnix’s strengths are its operating system that combines the digital power of AI (AI) and machine learning (ML) technologies, enabling fast, comprehensive and accurate customer risk assessment.
In addition, our systems are safe with world-class standards. respond to the needs of various customers promptly Therefore, it can provide online loan app without having a branch. but can reach Thai people in every area Customers who only have smartphones with internet connection can apply for a loan without having to go anywhere. which corresponds well to the current situation This allows us to help people who make a living gain access to more legal loans.”
In terms of how to apply for it If you have a SCB account or application on your device You can borrow money in less than 10 minutes, but if you don’t have it, you’ll need to attach a statement from any bank you use regularly as part of the review process. As for accessing data in that machine It is to confirm that you have a need for spending and that you are real. Because some people may choose to use cash to spend but do not know how to use it through the application. We will educate people who are interested and understand the conditions to follow the procedure if they want a refund. to create a new limit
by the form of lending It looks like a Virtual Cashcard, it gives you a lump sum that you can borrow and pay back on your account. When you withdraw to use and pay the principal back, the limit will come back. or if at any point still unable to pay the principal You can pay only interest first when you have good credit, which is to pay interest or principal for 3 consecutive months. The bank will consider you as a good credit and increase the limit in the future as well.
The post Phoenix, the new loan app for low income people Help alleviate the problem of lack of working capital appeared first on Thumbsup.
