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Background of the study

In today’s world, loans and loans occur on a daily basis. Everyone may face difficulties when they require immediate financial assistance. In contrast to a bank economy, many people would choose to invest in another enterprise or in a person with a better return interest.

The use of online loans climbed by 4.2 percent across the financial sector, according to a recent study from the lending market. Following this trend, Zoan, one of the major IT services businesses, has attempted to join the consumer credit sector with the help of Ok Perintä Oy, a company with substantial debt and equity experience. credit.

After multiple negotiations, Zoan Oy will respond in the technical section with the construction of the investment request and the online loan, while Ok Perintä Oy will respond with a check of the customer’s income information, followed by a credit score for each application.

According to the survey, the application should be easier to use for both the borrower and the investor, given that the majority of users are middle-aged men. Furthermore, an increasing number of visitors prefer to read the website on their phone or iPad. As a result, you should think about the response’s architecture, which should allow for automatic resizing based on the width of the device screen, even if the client moves horizontally. both horizontal and vertical gestures.

Statement of the problem

A loan is a sum of money granted to an individual or an organisation on the condition that it be paid back over time with interest as compensation for the use of money. Loans, finances, and mortgages are all examples of different forms of loans. Both the lender and the borrower find the manual loan and lending procedure irritating, inefficient, and time consuming. The loan processing process must be automated as much as possible. The purpose of this project is to design and develop loan automation software that can gather all of the essential loan data once, secure it throughout the loan process, and convert the loan information system. Previous work together to collect and give loans in a less stressful automated format, follow people through the process, supervise and track loans granted to improve flow and compliance, and ensure Information protection Reduces the loan’s life, applies the proper interest, and keeps the borrower informed about the progress of his loan.

Purpose of the study

The goal of this research is to look into how online lending technology affects people. The research will focus on the following areas:

1 determine an individual’s level of online loan patronage

2 determine a person’s opinion of the success of an online loan

3 establish a link between individual access to credit and their saving habits

Significance of the study

The study’s goal is to assist the finance industry in developing a holistic approach to online financial service delivery. The results of the study will be useful to public universities, higher education institutions, research institutes, and independent researchers who are interested in online lending. Researchers will be encouraged to determine the sector’s effectiveness and efficiency as a result of this study. Individual public firms will benefit from the research by better understanding their situation in relation to the financial reporting requirement.

Study hypothesis

The following is the study hypothesis:

HO1: Online loans are substantially more effective than traditional loans.

H11: The effectiveness of online loans is not considerable.


HO2: There is no substantial association between access to credit and individual saving habits.

H12: Individual saving habits and access to credit have a substantial link.

Scope and Limitations of the Study

The study’s scope is confined to looking into the influence of online loans and the relationship between loan access and individual saving habits. The research was hampered by a lack of time and financial resources.

Organization of study

The research is divided into five sections. This is the opening chapter, and it provides an overview of the research. The second chapter is devoted to a review of the relevant literature. The research methodology is presented in Chapter 3; the data analysis, as well as the interpretation and discussion of the results, are presented in Chapter 4. The findings and recommendations are summarized in Chapter 5.

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