Fiat Credit Can’t Cut It
International students, from developing nations in particular, who study in the US face enormous difficulties for them to afford basic living costs, which is all too vital.
That’s based on an Indian student Kalpesh Kapadia and co-founder of SelfScore. SelfScore is a startup that uses”a different pair of approval metrics” to give credit cards to people who would otherwise be denied them because of various US requirements.
“I went to open a bank account for [my cousin] and receive a social security number, and I discovered it was impossible for her to get an SS number on day one,” Kapadia explains in an interview with Tech In Asia. “You must have a job.”
Not only a project or social security: the absence of a credit report caused them to pay the deposit on an apartment, a $500 USD deposit on a smartphone and be refused even the essential tool in the US — a car now|SelfScore} manages negotiations and audits while using more common sense standards to give students the money they want|SelfScore handles audits and negotiations with credit institutions while using common sense criteria to give students the money they want|While using more common sense standards to give pupils selfScore manages negotiations and audits|While using more common sense standards 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 motives in the US, they should make credit candidates.
Bitcoin: Solution in Waiting
While the traditional hurdles of the legacy financial system are shown up as ridiculous by the worldwide student example, the situation even for SelfScore’s 5000 applicants remains precarious and bitcoin mining vs casino.
The problem begins when funds are in a different country — but remittance providers and bitcoin debit cards are more than 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 students collected by the US Department of Homeland Security”?
Bitcoin can be sent from anywhere to anywhere. A bitcoin debit card can be purchased by A student in the US with no form of financial buoyancy checks.
Even if a student had no access to funds a quick meetup in person to exchange cash for BTC via LocalBitcoins would fix this liquidity issue.
Together with all the cards the need for emergency cash is catered for thanks to Bitcoin loans startups, such as Credible and BTCJam Friends, which are becoming more widespread in 2016.
With a number of card options available regardless of a person’s country of residence, the freedom that the cardholder feels due can mitigates even the downsides such as feesBitcoincasino.us site do you think about Bitcoin’s potential to help pupils become more independent overseas? Have you ever had experience of it yourself? Tell us your thoughts.
Images courtesy of Shutterstock, The Country.