In developing countries, access to nano-credit and capital also opens the door for aspiring micro-level entrepreneurs. Traditional banks often deny small loan or credit applications due to difficulties in verifying creditworthiness. This lack of access to essential financial services hinders small business growth and limits the creation of new job opportunities. Limited finance options may also drive people to illegal lenders and loan sharks, leading them into debt traps.
Ascend Money aims to extend financial inclusion by offering small-dollar capital loans to empower businesses and individuals in rural communities. Through the TrueMoney app, individuals or small businesses can apply for loans of less than 10,000 baht (280USD) by just using their national ID. The loan approval and lending limits process is based on the applicants’ monthly payment track record, with the lending limit capped at four times the customer’s monthly mobile bill (not exceeding 10,000 baht). The streamlined loan application process can provide for practical and emergency needs such as working farming capital, labour for planting seasons, medical needs and more.
