Finance is evolving, and there is a new microfinance institution coming to India. This service will make sure that everyone is able to gain access to progressive financial services. The company, L-Pesa, which has successfully established strong footprint in various countries in the world will soon be offering services in India.
L-Pesa delivers progressive finance solutions that all are able to access using their mobile phones. With this service, it is possible to receive a microloan, which can then be paid back in small instalments over a period of time. Furthermore, the process of getting this type of finance is simple and you can receive the loan in a matter of minutes, something that you cannot do when looking for funds from a formal financial institution.
For the people of India, this is a service that makes it possible for all to benefit from financial services, as it can reach people far and wide. It offers the people a chance to become self-sufficient and experience financial freedom. All members start off with a small loan, and as long as it is paid back in time and in the correct instalments, then one can gain access to a larger loan. With this service, it becomes possible to borrow up to $3000 in a short period of time, all from your mobile banking account.
How it All Works
Using L-Pesa is very straightforward and simple. To begin with, you need to register your phone number with the platform. It shall then be verified and you will immediately become legible to receive a loan. If you want a loan, all you need to do is apply and wait for your approval within minutes. Once it has been approved, the funds will be deposited into your mobile account within minutes.
To ensure that you pass the registration process, you need to meet specific criteria. First, your mobile money account needs to be registered to your original name as it appears on your identification card. If the information does not match, then you will not be able to access L-Pesa services. In addition, there needs to be evidence that you have been actively using your mobile banking account for at least 6 months. You also need to have finished at least 10 transactions on your mobile banking account.
There are numerous reasons that these services are ideal for the Indian customer. To begin with, it makes it possible for one to receive a loan even when they do not have the necessary collateral. This is because all that you need in order to register is your phone number, while with other providers, you may need additional security. This type of financing is the future of mobile money and will have an impact on individuals, small businesses and those that are seeking to develop themselves financially. With the right use, L-Pesa can considerably help to increase the quality of life for the people of India, leading to both financial and economic freedom.