Digital lending is one of the fastest-growing segments in India. It grew exponentially from $9 billion in 2012 to about $110 billion in 2019. The market is likely to reach $350 billion by 2023. An instant personal loan is a popular product of this vertical which offers a quick fix to myriad financial problems. It is fast, affordable and right at the fingertips of young adults and the funds can be used for diverse needs. Individuals ticking off the eligibility criteria can meet both planned and non-planned expenses. While many build contingency funds for rainy days, getting a personal loan instead could be a good idea.
LazyPay personal loans, also called as Xpress Cash are unsecured with basic paperwork and robust data security. The upper limit is as high as ₹5 lacs. You do not need to pledge collateral or security and use the money to move cities, do a home makeover, cater to wedding costs, pay for your college fees or for debt consolidation. The whole process is 100% online which saves time and effort. You may also extend the limit by a whopping ₹1 lac with just a few clicks. Below are a few things to keep in mind before applying.
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Download the Loan App
A reliable and safe mobile application is a faster and more convenient way of dealing with your finances. Go ahead and pick the one that has a 4.5+ rating on both iOS and Android for a seamless borrowing experience. Activate the limit by submitting your KYC details to start using the fund. The best one usually offers plenty of exciting discounts and cash backs that make it all the more useful and cost-effective at the same time. The app lets you:
- apply for the loan
- track spending limits
- check the application status
- know the EMI dues
This is quite handy in a fast-paced world where we strive to do more work in less time. The app works within seconds so you may borrow a loan on the go. It is helpful for emergencies as well like hospital admission, quick renovation before an event at home or last-minute travel bookings. Get the LazyPay app which is readily available on Google Play Store and App Store. Skip PINs and OTPs and get the credit that is easy, instant and hassle-free.
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Maintain a Good Credit Score
This is a vital metric when it comes to borrowing a personal loan. TransUnion CIBIL Limited maintains the credit information of 600 million individuals and 32 million businesses. The lenders determine your creditworthiness by the 3-digit figure issued by the bureaus. Try to keep a score between 750 and 900 to reflect a high ability to repay a loan. This is especially necessary since a personal loan is unsecured.
The digital company does not have your assets like home, car or gold to secure the loan and reduce their risk. They cannot take ownership of your valuables to compensate in case of a loan payment failure. This is the top reason why a credit score comes into play to assure your credibility. A high score shows that you are serious about your financial obligations and are less likely to default. If you do not have an impressive score, do the following:
- Do not exceed your credit limit by more than 30%
- Pay all the credit bills on time.
- Maintain your older credit cards.
- Avoid piling up too many debts at a time.
- Check your CIBIL report for mistakes
- Pick a mix of credits to choose different forms of credit.
A score between 300-900 is deemed poor. But following the above-mentioned tips is easy and may help to increase your score within the next 4-6 months. This way you may command the desired terms and conditions, favourable tenures and special benefits.
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Choose the Right Loan Amount
It is necessary to assess exactly how much you require and whether you have the financial capacity to pay it back with interest in a timely manner. The lenders will also assess your bank statement to be sure of your credibility. What you can do is analyse your monthly cash flow, explore the areas where you may cut costs, see how much you may dedicate to the EMI and see the leftovers after clearing household bills.
A careful examination can help you decide loan affordability. It may also reduce the EMI burden and keep you from falling into a debt trap. The odds of your loan application getting rejected are also low. The lender will happily approve when the amount is within your reach.
To apply for a loan from a trustworthy digital lender is no less than a boon. They come with high-end flexibility, pocket-friendly fees and easy qualification parameters. All you have to do is maintain a good payment history to increase your chances of getting the loan.