In earlier days, when people were in need
of urgent cash they would either approach government or private banks, or
credit unions. In this, the private lenders usually asked for the minimal
document but incurred hefty interest rates. They were a readily available
financial resource during an emergency. However, with the inception of fintech
firms, quick personal loans are becoming more easily accessible to the
individuals who wish to meet their short-term financial purpose such as car
repair, urgent medical attention, a quick get together with family or friends,
etc. Present day lending start-ups, with the advanced technological process,
have proved to be a boon for private money lenders. The best thing is the loans
are offered at affordable interest rates with a quick and transparent process
along with minimal paperwork. You neither have to run pillar to post for
documentation nor will verification guys be at your doorstep for any form of
scrutiny. Once the loan is sanctioned, it gets disbursed to your bank account
within 24-48 hours and you can easily fulfill your financial goals.
In the recent years, the personal loan space
had witnessed a slowdown due to stringent protocol, cumbersome paperwork, loan
approval procedures and finally the turnaround time of around a month for loan
disbursal. But with the changing economic scenario, lending start-ups revised
the personal loan segments and assured individuals of timely help within dire
financial needs.
Here are few advantages of opting for quick
loans online from fintech companies in India
Quick & Easy
When you visit a bank, you have to be armed
with all possible documents and follow their stringent process. However, with
fintech companies, the process is completely online - you can just attach a
scanned copy of documents and use the secured net banking procedure. No more
visiting to banks and fill up forms, just download the app of your choice, stay
at the comfort of home or offices and fill an easy application in 3-4 simple
steps. The documents required are also limited to PAN card, Aadhar card,
photographs, and few cheque leaves.
Automated Data tracking
Although, it's better to be handy with
these documents, however, the fintech firms work on completely automatic data
tracking system. Thus, they pull various details like PAN Numbers, bank
transactions, CIBIL Scores etc. online. It saves your trouble of remembering
them in details and carry various photocopies.
Affordable Interest Rates
Many fintech companies are willing to
provide quick personal loans at attractive interest rates and tenure of around
1-3 months for loan repayment. It is important for maintaining an ideal monthly
payout. It’s better to talk to the lender and set the EMI as such that the
monthly family budget is not stressed. No need to visit multiple websites of
banks or credit unions. Just download the app, enter the preferred rate and hit
the SUBMIT button.
Automatic Decisions
The best part of fintech quick loan offering
is that there won't be any human intervention - thus no emotional factor of
credit rejected. You get a decision on your loan approval status with a couple
of minutes. So, you can go ahead with the signing of terms and conditions when
the document officer comes at your doorstep and once you give a go ahead the
loan gets disbursed in 24-48 hours.
Targeted for Low income
Since the borrower is expected to pay the
EMIs from the monthly salary, after
thorough scrutiny of your income source, social and credit score, lenders will
pitch for quick personal loans for you. So, its a boon for those low-income
level group people who face trouble in securing loans from banks or credit
unions.
Embrace the technology and make optimum use
to get a quick loan online, now!
