With the growing technology, getting a personal loan has become easy. Today it takes a few minutes to get an instant cash loan right in your bank account. The growing technology has also introduced numerous personal loan lenders. This creates a mess to choose one from multiple lenders.
- How can you shortlist one from many?
- Which lender is authentic?
You must answer these two common questions before submitting an online application. Getting a quick loan from a trusted lender is tough, but below are the points you should strictly follow to make the right selection.
Know Your Lender: The banking system has introduced KYC (Know Your Customer) to check the customer’s authenticity before offering any banking service. You should follow the same for a personal loan lender.
Any lender offering credit facilities is legalized by the Reserve Bank of India (RBI), making it a legal entity to serve customers as per government regulations. So, you must check the authenticity of a lender by checking their registration ID. Most lenders transparently show their registration ID across the mobile app and website. You can also check for circulars or notices issued by the RBI with information about a lender.
Check Lender’s Website: The lender’s website is another asset you must check to ensure its legitimacy. All lenders must have a detailed website including their credit facilities, registration number, interest rates, additional charges, and more. Don’t forget to check the physical address on the website. Every lender must have a physical address as it ensures the lender is legit and has an address to visit in case of in-person interaction.
Often fake lenders only operate on mobile apps and lack a detailed website. Even if they maintain a website, the address and registration number will be missing from their website.
Check Out the Loan Approval Process: Every personal loan approval process has specific steps that borrowers must follow. However, fake lenders claim to skip the crucial steps for quick approval, making prey for a scam. Hence, you must check out the process listed on their website and the legit process every lender follows. If you find any discrepancy, research the lender thoroughly and check its authenticity.
Only pre-approved loans come with a zero-documentation process, which renowned banks offer based on your credit score.
Check Lender’s Online Reviews: The most crucial component you must follow before applying online is checking online reviews. You are not the first applicant to any personal loan mobile application. Numerous other borrowers have used their services and have experience sharing. Multiple customer review websites are available online, where you can find genuine reviews about the app/lender. Consider reader customer reviews to make a strong decision.
These points will help you easily select the right lender to get a quick loan. You can negotiate with the lender to get a better interest rate and other benefits if you hold a good credit score.
What more do you think are vital to shortlist the right personal loan lender and get instant cash loan for an emergency?
