Fiat Credit Can’t Cut It
Students, from developing nations in particular face difficulties that is all too often vital for them to afford basic living costs.
That is according to Kalpesh Kapadia, an Indian student and co-founder of SelfScore. SelfScore is a startup that uses”a different set of approval metrics” to give credit cards to those who would otherwise be denied them due to various US requirements.
“I went to open a bank account for [my cousin] and get a social security number, and I found it was impossible for her to obtain an SS number on day one,” Kapadia explains in an interview with Tech In Asia. “You should have a job.”
Not only a job or security: the lack of a credit report caused them to pay the deposit on an apartment, a $500 USD deposit on a smartphone and be denied the fundamental everyday tool from the US — a carTrusted BITCOIN LOTTERY casino now|SelfScore} handles negotiations and audits while using more common sense standards to give pupils the money they need|SelfScore now handles audits and negotiations with credit institutions while using more common sense criteria to give pupils the money they need|While using common sense criteria to give pupils selfScore handles negotiations and audits with credit institutions|While using common sense criteria to give pupils selfScore handles audits and negotiations with credit institutions}.
If a student has the money to study in the first place, the Kapadia reasons in the US, they need to surely make suitably reliable credit candidates.
Bitcoin: Solution in Waiting
While the traditional hurdles of the legacy financial system are shown up as absurd by the worldwide student example, the situation even for SelfScore’s 5000 applicants is still precarious and bitcoin mining vs casino.
Specifically, the problem begins when funds are in another country — but bitcoin debit cards and remittance providers are already capable of providing an all-in-one solution.
Why tangle with fiat alternatives at all, when even SelfScore needs personal information and”public information from the pupils collected by the US Department of Homeland Security”?
Bitcoin can be freely sent from anywhere to anywhere. A debit card can be purchased by A student in the usa without any kind of financial buoyancy checks.
This liquidity issue would be solved by a meetup in person to exchange cash for BTC via LocalBitcoins if a student had no access to funds to cover the card.
Together with all the cards, even the demand for emergency cash is catered for thanks to peer-to-peer Bitcoin loans startups, such as BTCJam and Credible Friends, which are currently becoming more widespread in 2016.
With a number of debit card options available a person’s country of residence, the freedom that the cardholder feels due to the security of their personal information and the flexibility they like can mitigates even the downsides such as chargesBitcoinRush app do you consider Bitcoin’s capacity to help pupils become more independent overseas? Have you had experience of it yourself? Tell us your thoughts in the comments below.
Pictures courtesy of Shutterstock, The Nation.