- Date : 01/12/2021
- Read: 3 mins
Here’s how fintech companies can provide you with an instant personal loan.
Fintech companies are gaining traction globally. Their perfect combination of modern technology (artificial intelligence, blockchain, data science) along with traditional financial solutions offers customers a gamut of benefits and services. One of these is instant credit. Fintech firms are a new-age digital lending platform that can cater to all your requirements - with very customer-friendly repayment terms. Read on to know more.
What is a fintech firm?
Fintech is an abbreviation for finance and technology. Fintech companies offer financial services through new-age mediums such as software technology, the internet, cloud, and even mobile services. Fintech firms also offer instant loans, such as personal loans.
How can you get a personal loan from a fintech firm?
Getting a personal loan from a fintech company is easy and straightforward. The loan will be disbursed based on your credit score, income, and repayment capacity. Do keep in mind that the exact process can differ for each lender.
What are the benefits of taking such a personal loan?
Here are some benefits of taking a personal loan from a fintech company:
- Instant loan: Fintech firms are instant loan providers that offer personal loans quickly. They use risk assessment algorithms that can gauge your repayment capacity based on your income, credit score, etc., and ask for minimal documentation. Moreover, the entire process is digitised, which makes the whole exercise quick and hassle-free. Loans are usually disbursed in 72 hours, though some fintech companies take as little as 5 minutes to approve or reject your loan.
Related: Personal Loan Or Credit Card Loan: Which One Should You Opt For And When? - Online verification: Typically, banks may send agents for in-person verification of your documents. However, fintech loan providers carry out the KYC (Know Your Customer) verification online. Simply upload your bank statements, employment proof, identity proof, and address proof online. The verification is quick, thanks to speedy algorithms. The acceptance or rejection letter is automatically sent to you, so you can plan the next move accordingly.
- Customisable solutions: Most banks have rigid personal loan eligibility criteria and fixed repayment terms. However, fintech loan providers offer more flexible solutions. The minimum and maximum loan amount, as well as loan terms, can be customised if you are opting for a personal loan from a fintech firm. Additionally, the personal loan interest rates and associated charges may be more competitive for fintech firms.
- Wider reach: Some banks may have a list of verified employers and professions. Unless you fall in this list, it may be hard to get your loan application approved. However, fintech firms are more open to offering loans regardless of the applicant’s profession. As long as your credit score is encouraging, you can get a high credit limit at a low personal loan interest rate.
Related: 5 Buy-Now-Pay-Later Apps That Make Shopping Easy And Help You Build Credit - More cost-effective: Fintech companies usually charge zero interest on part or full prepayment of your loan. This can help you settle the loan early and also save money. They also offer attractive interest rates as compared to banks, making the loan a lot more cost-effective.
Last words
Fintech companies can be an excellent choice if you wish to avail of instant credit. Moreover, there are several companies to choose from in India like MoneyTap, India Lends, CASHe, and more. Now that you know how to get a personal loan from one, make sure to use this option whenever you require funds.
Fintech companies are gaining traction globally. Their perfect combination of modern technology (artificial intelligence, blockchain, data science) along with traditional financial solutions offers customers a gamut of benefits and services. One of these is instant credit. Fintech firms are a new-age digital lending platform that can cater to all your requirements - with very customer-friendly repayment terms. Read on to know more.
What is a fintech firm?
Fintech is an abbreviation for finance and technology. Fintech companies offer financial services through new-age mediums such as software technology, the internet, cloud, and even mobile services. Fintech firms also offer instant loans, such as personal loans.
How can you get a personal loan from a fintech firm?
Getting a personal loan from a fintech company is easy and straightforward. The loan will be disbursed based on your credit score, income, and repayment capacity. Do keep in mind that the exact process can differ for each lender.
What are the benefits of taking such a personal loan?
Here are some benefits of taking a personal loan from a fintech company:
- Instant loan: Fintech firms are instant loan providers that offer personal loans quickly. They use risk assessment algorithms that can gauge your repayment capacity based on your income, credit score, etc., and ask for minimal documentation. Moreover, the entire process is digitised, which makes the whole exercise quick and hassle-free. Loans are usually disbursed in 72 hours, though some fintech companies take as little as 5 minutes to approve or reject your loan.
Related: Personal Loan Or Credit Card Loan: Which One Should You Opt For And When? - Online verification: Typically, banks may send agents for in-person verification of your documents. However, fintech loan providers carry out the KYC (Know Your Customer) verification online. Simply upload your bank statements, employment proof, identity proof, and address proof online. The verification is quick, thanks to speedy algorithms. The acceptance or rejection letter is automatically sent to you, so you can plan the next move accordingly.
- Customisable solutions: Most banks have rigid personal loan eligibility criteria and fixed repayment terms. However, fintech loan providers offer more flexible solutions. The minimum and maximum loan amount, as well as loan terms, can be customised if you are opting for a personal loan from a fintech firm. Additionally, the personal loan interest rates and associated charges may be more competitive for fintech firms.
- Wider reach: Some banks may have a list of verified employers and professions. Unless you fall in this list, it may be hard to get your loan application approved. However, fintech firms are more open to offering loans regardless of the applicant’s profession. As long as your credit score is encouraging, you can get a high credit limit at a low personal loan interest rate.
Related: 5 Buy-Now-Pay-Later Apps That Make Shopping Easy And Help You Build Credit - More cost-effective: Fintech companies usually charge zero interest on part or full prepayment of your loan. This can help you settle the loan early and also save money. They also offer attractive interest rates as compared to banks, making the loan a lot more cost-effective.
Last words
Fintech companies can be an excellent choice if you wish to avail of instant credit. Moreover, there are several companies to choose from in India like MoneyTap, India Lends, CASHe, and more. Now that you know how to get a personal loan from one, make sure to use this option whenever you require funds.
