Technology tends to accelerate even the simplest of things. The same is the case with the emerging fintech startups. These startups have incorporated and absorbed technology and smart programming which ensures that the customer or client gets all the financial aid without any hassles and tedious documentation. In traditional systems, the financial procedures in services such as loans take time. Bad credit history, negative CIBIL score adds to the woes of the applicant. However, when it comes to areas such as loans and, advanced and efficient technological systems scrutinize the profile well and offer the best loan plan. It also helps to minimize the chances of the loan cases falling in the red region and uplift them to get to the green region i.e. the applicant gets the loan easily and hassle-free. Additionally, technology has made the system for these startups faster, efficient and responsible, which in turn helps the startup gain traffic. 

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Here are some fintech startups that have assimilated technology in their functioning,

Aye Finance

Keeping in mind their objective of solving the problems faced with MSMEs funding and to aid their inclusion into mainstream economy, Aye Finance has  a technically enabled process that comes up with ones credit insights with available business and behavioral data. Adding to this credit appraisal, modern workflow automation and an engaged workforce helps  bridge the gap between the MSMEs and organized lending.

CoinTribe

An online loan disbursement platform, CoinTribe provides quick and easy collateral free loans to both individuals and businesses. Further, this startup is the only one which has back-tested its credit with some of the biggest leading banks. CoinTribe facilitates loan origination as well as credit assessment before the same goes to the bank. PaaS helps banks and NBFCs utilise CoinTribe's platform for effective analysis and recommendation to underwrite the customers. 

Happy

The startup's credit model is based on various factors which are merchant's level of business engagement with the partner, his behaviour towards borrowing, APIs, demographics & business trends, among 1000 such variables.  So to say, if the merchant is doing a healthy business, chances of getting a bigger credit line is high. Moreover, happily provides with customized loan, to meet specific demands of the applicant. Happy also offers micro business loans that start at as low as Rs. 2,000 for duration as short as 30 days.

MoneyTap

India's first app-based consumer credit line, MoneyTap ensures that the applicant gets issued loan up to the credit line of Rs 5 lakhs without collateral. Consumers can also borrow as little as Rs 3,000, with repayment in EMIs for time duration between 2 months to 3 years. MoneyTap's application connects one with the banking system not only ensuring fast loan approvals but also a credit line. The latter depends on the individual credit history with real-time data from CIBIL. The system facilitates instant decision and instant access to money 24 hours, 7 days a week.

Satya MicroCapital

An NBFC-MFI which serves low income entrepreneurs, Satya MicroCapital provides prompt convenient, and affordable collateral-free credit. Satya MicroCapital  also ensures that even the unbanked and under served  people go through a strong credit assessment with a centralized approval system.