Last Updated on September 3, 2021 by azamqasim
Personal loans involve a host of lucrative product features, which make them a popular credit option for borrowers. From zero restriction on end-use of loan proceeds, quick disbursal, minimum documentation to no security or collateral requirement, the benefits of personal loans are many. However, another prime feature recently being offered by many lenders like Paysense is instant and pre-approved personal loans, which further make personal loans an advantageous credit option for lots of borrowers.
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For the uninitiated, instant personal loans are unsecured products offered as an urgent source of funds involving almost instant disbursal. Such near-instant credit access proves to be extremely convenient for those in need of urgent funds to tackle financial emergencies or liquidity mismatch or shortfalls. Approaching a pay sense loan to fulfil your financial needs can prove to be a saviour for applicants to fulfil urgent fund requirements in need of the hour.
Features of Paysense loan
- Loan amounts ranging around Rs 5,000 to Rs 5 lakh, primarily aimed to fulfil urgent financial requirements of the borrower.
- Quick and prompt loan approval (subject to qualifying for eligibility criterion) and get a credit of money into account through quick disbursals.
- EMI options are structured to ensure suitability and affordability for the borrower.
- Reminders are given from time to time, and auto-debit features are present to ensure the borrower does not end up missing out on any EMI payment.
- Borrowers with no or low credit scores can also be eligible. Many other eligibility criteria like employment history, income, etc., are taken into consideration to assess overall eligibility.
- No form of security or collateral is essential to avail personal loan from pay sense.
- Zero restriction on end usage of funds, barring speculative or illegal purposes
- Minimal level of basic and one step hassle-free documentation for a smooth process.
What should you consider before you apply for a loan with Payments
Primary steps to factor in before submitting an application for a Paysense loan are important to remember in order to avoid rejection of loan:
Check loan eligibility criterion
The first step in your pursuit to avail loan and avoid getting it rejected is to check your loan eligibility. Make sure to not forget to check the lender’s official website, set eligibility criteria, for instance, minimum income, age, credit score, etc., & then subsequently fill in these basic details to evaluate eligibility and approval chances. Ensure to select the tenure whose EMI is most comfortable to repay as per your financial requirement and existing income and debt obligations.
Fulfil all documentation
Besides qualifying for the basic eligibility criterion, it is equally important to complete the documentation to ensure your Paysense loan request goes ahead & you are able to avail of the disbursal in a smooth & hassle-free way. Remember that in case of failure to give the right documentation timely, the result in the application getting rejected is high.
Once you successfully qualify for all eligibility criteria and complete documentation, disbursal is done quickly, and the money gets credited to the borrower’s account.
Who should take a Paysense loan
Availing a loan from Paysense is an easy and smooth process involving minimal eligibility and time. It is suitable for all those who are facing urgent fund requirements due to financial emergency, for instance, severe illness, accident, or cash flow disruption like pay cut; those lacking any collateral or security or margin to provide against the loan amount; and those having low or no credit score and facing difficulty to avail loan from banks, NBFCs etc.
Factors that impact personal loan eligibility
Many personal loan lenders tend to have a set minimum income criteria qualifying for which is necessary for the loan applicants. Failure to qualify for these can lead to the rejection of a personal loan application. The income eligibility criteria can also vary depending on the applicant’s location, for instance, a metro, urban, semi-urban or rural area. When availing Paysense loan, ensure to check all such eligibility criteria in order to improve loan approval chances.
-Employment history and stability
When taking a loan, remember that lenders generally factor in the loan applicants’ employment history, job profile as well as job stability. Doing frequent job-switches may be considered a sign of instability in career by personal loan providers, & they might end up with a hesitation in lending to such applicants. Hence, try avoiding frequent job-switching, especially if planning to take a loan in the near future.
-Age bracket set by the lender
When applying for the loan, keep in mind that the loan applicant’s current and the age at the end of personal loan tenure should be within the set range of the lender’s eligibility criterion. Not falling within the set range of minimum and maximum age limit set by the lender can lead to the rejection of loans. As personal loans are unsecured in nature, lenders can usually adopt a conservative approach when approving applications. Those nearing retirement but requiring a loan can boost their loan approval chances by choosing for a longer tenure to decrease the EMI amount payout &/or loop in their earning family member(s) with good credit profiles & stable income as co-borrowers. In doing so it would increase eligibility for approving the application with Payments as well as boost approval chances.
-Applicant’s Credit score
One of the most important factors lenders pay attention to when evaluating personal loans is the credit score & credit history of the applicant. Those with a good credit score & history usually have higher chances of personal loan approval, given that they have a disciplined credit repayment history. Hence such borrowers or individuals are considered to be financially more disciplined and tend to carry lower credit risk for the personal loan lenders. Sometimes, a few lenders can even tend to offer lower personal loan interest rates to individuals or applicants with good credit profiles & history. Whereas on the other hand, having a low or no credit score may decrease chances of personal loan approval, or the individual can be given a personal loan with slightly higher interest rates to balance the higher credit risk involved in such applicants.
What to keep in mind before submitting a personal loan application?
Some crucial steps taken by an applicant can boost approval chances and eligibility for the loan. These include- checking your credit score and taking corrective steps to improve it (if required), restricting monthly loan repayment obligations within 50% of net or gross monthly income, avoiding submitting multiple loan applications to lenders, especially within a short time span, and refraining from frequent job switches when planning for availing a loan.