Fintech apps rule the financial world of the new generation. This is especially true for college students who have a hectic schedule.
As a college student, you’ll need to focus on your studies while also thinking about where to get your next meal, how to budget such little money you have, and many more.
These apps can come in handy in such situations.
Here are the five types of fintech apps you must have to help you go through your college expenses:
1. Loan Apps
Since you’re still a student, you likely don’t have a stable source of income yet. Therefore, you’ll run out of money once in a while.
Having a loan app can help you acquire cash temporarily if you need it the most.
Online lending has been widespread lately. Take CreditNinja.com, for example. They offer various loan types to their clients, especially those who need fast cash for emergencies, through online applications.
Having a loan app on your smartphone is like having a friend that will help you financially when you need it with just a few clicks.
However, if you want to enjoy the benefits of loan apps continuously, you should ensure that you make timely repayments.
The convenience loan apps provide to college students is unparalleled. So, start downloading a loan app on your mobile phone and begin enjoying the perks.
2. Personal Finance Management Apps
Besides having an app where you can acquire cash when you run out of money, you should also have an app that will help you effectively budget your money.
Budgeting isn’t an easy task. We all want to budget and save money, but it’s often easier said than done.
Thanks to new technology, we have personal finance management apps today. These apps allow you to input your income and expenses and even your bank accounts and credit card to help you organize your finances.
Some budgeting apps have a feature that sends alerts even if you’re not logged in on the app. It will help remind you of any loan repayment due dates and utility bills due dates to ensure that you pay on time. As a result, you’ll avoid any costly late payment penalties.
There are many personal finance management apps available in the market. Even if you choose between the popular ones, such as mvelopes or ynab, just opt for the one that you think will fit your lifestyle and needs.
3. Digital Banking App
Having your bank accounts in the palm of your hand is one of the most helpful fintech possibilities today.
Going to the bank has been the worst errand one has to face. You’ll have to wait in long lines to carry out a single transaction.
When the pandemic hit, many people opted not to leave their homes even for essential matters such as going to the bank. It was their way of ensuring they could not get the virus.
So, financial institutions, especially banks, innovated new ways of transacting with their clients.
Then came the boom of digital banking. Ask your local bank or check on the apps store if your bank has an app for online banking.
There’s a high chance that you’ll find an app for your bank. Most banks have already established their digital banking for the convenience of their clients.
Digital banking offers a variety of services such as:
- Opening a bank account in less than 5 minutes without going to a brick-and-mortar store
- Fund transfer to various banks and financial institutions
- Balance Inquiry
- Applying for a loan or credit card
4. Insurance App (Insurtech)
Insurances are vital for your finances and your overall well-being. The security it can provide you is unparalleled.
Insurance companies have also adopted the new trend in the financial industry, which is fintech, by creating their respective apps for their clients to access.
Insurance technology apps enhance the insurance sector by giving more reliable risk assessment methods. It also profits policyholders by making applying for coverage or filing claims easier.
The most significant impact of insurtech is that it makes coverage more accessible to a more significant number of individuals.
Anyone who has applied for premiums knows that it’s time-consuming and has an irritating process. Typically, you have to deal with persistent sales agents who may not have had your best interests in mind.
5. Payment Processing Apps
E-wallets are starting to be the primary means of payment today. E-wallets such as Android Pay, Paypal, AliPay, and Google Wallet continue to grow in popularity. People prefer cashless transactions due to their convenience.
There’s no need to carry cash nowadays. You’ll only need to have your smartphone with a payment processing app installed.
Carrying cash around can be risky. That’s one of the reasons fintech apps have come to life.
Fintech Apps Are Becoming a Staple
Since we’re living in the age of technology, fintech apps are already considered a must-have for everyone, including college students.