Thesis Abstract

ABSTRACT The rapid advancement of online loan technology has significantly transformed the way individuals access financial services. This research project aims to investigate the effects of online loan technology on individuals. The study will delve into how the convenience and accessibility of online loans impact borrowing behavior, financial decisions, and overall financial well-being of individuals. Through a mixed-methods approach, the research will analyze both qualitative and quantitative data to provide a comprehensive understanding of the subject matter. Surveys and interviews will be conducted to gather insights from individuals who have utilized online loan services. Additionally, financial data analysis will be employed to assess the trends and patterns in borrowing habits before and after the adoption of online loan technology. The research will focus on several key areas of impact. Firstly, it will examine how the ease of online loan applications and quick disbursement of funds influence individuals' borrowing decisions. The study will also explore the implications of online loan technology on financial literacy and awareness among borrowers. By investigating the factors that drive individuals to choose online loans over traditional financial institutions, the research aims to uncover the motivations behind the shift towards digital lending platforms. Furthermore, the project will assess the risks associated with online loans, including issues of data security, privacy, and the potential for overborrowing. By analyzing the psychological and behavioral aspects of borrowing through online platforms, the research intends to highlight the psychological effects of easy access to credit on individuals' financial behaviors. The findings of this research will contribute to the existing literature on financial technology and consumer behavior. By shedding light on the impact of online loan technology on individuals, the study will provide valuable insights for policymakers, financial institutions, and consumers. Understanding the implications of digital lending on individuals' financial well-being is crucial for creating effective regulations and promoting responsible borrowing practices in the digital age. In conclusion, this research project seeks to explore the effects of online loan technology on individuals by examining the various dimensions of its impact on borrowing behavior, financial decisions, and overall financial well-being. Through a comprehensive analysis of both qualitative and quantitative data, the study aims to provide valuable insights into the implications of digital lending for individuals and the broader financial ecosystem.

Thesis Overview

INTRODUCTION

1.1Background of the study

Nowadays, loans and loans occur every day in human life. Everyone may have difficulty in needing urgent money. On the other hand, many people would prefer to invest in another project or in a person with a higher return interest, compared to a bank economy.

According to a recent report from the loan market, the use of online loans increased by 4.2% across the financial market. Following this trend, Zoan, one of the leading IT services companies, has attempted to enter the consumer credit market alongside Ok Perintä Oy, who has extensive professional experience in the field of debt and equity. credit. . After several discussions, Zoan Oy will answer the construction of the investment request and the online loan in the technical part, while Ok Perintä Oy will answer to check the customer's income information, then give a credit score to each application.

According to the survey, considering that most users are middle-aged men, the application should be easier to use, both from the perspective of the borrower and the investor. In addition, more and more people prefer to use the phone and iPad to view the website. You must therefore consider the design of the response, which allows the automation of resizing according to the width of the device screen, even when the client changes horizontally. gesture and vertical gesture

1.2 statement of the problem

A loan is a sum of money given to an individual or institution on the condition that it is paid for a given period of time with interest, and that serves as a payment for the use of money. There are several types of loans, such as loans, finances and mortgages. The manual lending and lending process is stressful, impractical and time consuming for both the lender and the borrower. It is necessary to automate as much as possible the loan processing process. The goal of this project is to design and create a loan automation application software that can capture the required loan data once, secure this information throughout the loan process and convert the loan information system. Previous hand in hand to obtain and grant loans in a less stressful computerized form, track people in the process, supervise and track loans granted to allow better flow and improve compliance, guarantee Information security Reduces the life of the loans, applies the appropriate interest to the loan and informs the person concerned of the evolution of his loan.

1.3 Purpose of the study

The purpose of this study is to examine the effect of online loan technology on individuals. Specifically the study will:

1 determine individuals level of patronage of online loan

2 assess individual’s perception on the effectiveness of online loan

3 determine the relationship between access to loan and saving habbit of individual

1. 1. Significance of the study

The study aims to help the finance sector take a comprehensive approach to online financial service delivery system. The study will also be of interest to public universities, higher education institutions, research institutes and individual researchers interested in online loan and will use the results for further research. This study will encourage researchers to identify the effectiveness and efficiency of the sector. The research will help individual public companies understand their position relative to the standard of their financial report.

1. 1. Study hypothesis

The study hypothesis is:

HO1: online loan are significantly effectiveness of online

H11: online loan are not significantly effectiveness of online

HO2: there is no significant relationship between access to loan and saving habbit of individual

H12: there is a significant relationship between access to loan and saving habbit of individual

1. 1. Scope and Limitations of the Study

The study scope is limited to examining the impact of online loan and relationship between access to loan and saving habbit of individual. Limitation faced by the research was limited time and financial constraint

1. 1. Organisation of study

The study is grouped into five chapters. This chapter being the first gives an introduction to the study. Chapter two gives a review of the related literature. Chapter three presents the research methodology; chapter four presents the data analysis as well as interpretation and discussion of the results. Chapter five gives a summary of findings and recommendations.