Money is the most interesting thing for humans, and we have multiple types of financial services to fulfil varied needs related to money. Sometimes we want to invest. Sometimes we want to save. Sometimes we want to borrow and so on. For varied financial responsibilities, we have to depend on various financial products. People always seek options that satisfy their needs precisely. In short, they need borrower-friendly financial products.
Customer-friendly financial services sound friendly in every aspect.
Yes, that is correct. Borrower-friendly services never sound rude, tricky, or negative because they directly talk about the concern of the people. The products and services available in the market get the attention of the applicants only if they fulfil the daily needs of the people.
Here are some of the features of borrower-friendly services –
1. Customisation or personalised pricing
It is the first need for any financial service. One size fits all conditions cannot apply in financial lives. After all, people have different circumstances, and they have different ways of money management. Customisation, personalised pricing, whatever you call it, this feature is vital to deliver affordable financial services to the people.
- The repaying capacity, monthly income, people have different circumstances on these aspects. It is the reason that we cannot generalise things.
- The financial services cannot put the same price tag or interest rate policy for all borrowers. The final pricing needs to be customised.
- Can we expect to treat the good credit rating people as similar to bad credit rating people? No, that is not possible because it will not be a rational approach.
- Customisation helps people get affordable deals that they can manage to pay off faster if it is a loan. In the case of investment, they need to follow their risk appetite.
2. Financial products should be available for people on benefits
Of course, on many aspects, the people living on Government benefits have to face some sort of discrimination. For example – when it comes to loans, some lenders do not offer funds to such borrowers. A customer-friendly deal can never act like this.
- The reality is that government benefits provide a small amount. In such conditions, just imagine, if a person living on benefits need a loan today by a direct lender, should he be rejected for this reason?? No, certainly not.
- Thanks to the liberal approach of some online lenders that consider the borrowers who are living on benefits. They provide the funds through speedy procedures without any discrimination in the lending procedure.
- Similarly, the other investment options, savings, etc., should be available to such people according to their individual circumstances. Why should it sound like a negative situation if someone lives without government benefits?
3. No obligation compulsion despite bad credit
Here comes another situation that makes people feel bad about their circumstances. Yes, the poor credit situation. Sometimes they are responsible for their circumstances. Sometimes they are not. For example – in normal conditions, if someone acts careless and does not pay the bills and debts, the concerned person is responsible. Nevertheless, if it is about situations like pandemic conditions, the people are mostly victims and not the culprits for spoiled finances.
- The advanced policies of the finance industry are comparatively liberal and do not make poor credit people bad about their circumstances. It is important to think for all sorts of customers because countless people have money complications.
- Take the example of short-term online loans. The deals like fast loans with no guarantor for bad credit explain the new and rational approach of the new age lending. With the increasing challenges of financial lives, it is impracticable to ask for obligations from people due to bad credit.
- The rational approach is to ask for stable current income status and strong repaying capacity. Similarly, there are options for the people in the finance market to help people improve their credit rating. The 0% interest rate credit card is specifically designed for this purpose.
- It is no more a sin for people to have a poor credit rating. With time they can improve and move on. The unsecured bad credit loans present another example. This is what we need to live in a world of customer-friendly financial services.
Customer is the king irrespective of his financial circumstances because they bring business for the finance companies. No one wants to remain weak in personal finances. With time everyone makes efforts to make things better. Democratic approach and individualised services are two important aspects that should be available with every financial service or product as the prime features.
It is the right of every person to avail of equal opportunity in the finance industry. Yes, the difference can be on the part of pricing because every person has a different financial capacity. At least, the people should not need to pay extra fees, penalties, or something like that because they are financially weak.