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The digitisation of lending services has brought about its fair share of debates. While the entire borrower journey has moved online, the former is also susceptible to rising fraudulent cases today. Hence the borrowers must exercise caution and vigilance while opting for a loan via a digital lending platform.
Check out some important do’s and don’ts that one must consider before applying for a loan on a digital lending platform. (Also read– Zee Exclusive: Borrowing from loan apps; know how to identify genuine fintech lenders)
Do’s of applying for loans on digital platforms
Be thorough with your research
Before applying for a personal loan online with a particular lender it is important to check the credibility of the lender and whether the lender is certified by the RBI. It is also equally important for the borrower to read the fine print including the T&C, privacy policy etc. in order to make an informed decision
Ensure you have a good credit score
While evaluating a loan application, lenders access the creditworthiness of the borrower by checking their credit score. Hence, borrowers who have a good credit score and history have higher chances of getting their loan approved along with having better variety of loan options to choose from.
Don’ts of applying for loans on digital platforms
Avoid dealing with unofficial sources
Fraudsters posing as lending app agents and asking for your confidential information like contact details, address, PIN, account number, or bank details can be risky. Some of these agents may also demand advance cash payments or physical handover of documents. Hence, borrowers should be vigilant before sharing any personal information online.
Refrain from taking multiple loans at the same time
While there might be several occasions in the given times when borrowers might have an urgent requirement for cash, the loan applicant must avoid approaching multiple lenders at the same time. Each time a borrower applies for a loan, their credit score is impacted which in turn will reduce their eligibility to apply for loans in the future.
In times of crisis like today, financial tools like personal loans are among one of the greatest assets to stay afloat. While borrowers enjoy the level of convenience and seamlessness offered by digital lending platforms, adhering to these dos and don’ts will help further safeguard their financial health and future.
(Expert comments by Gaurav Chopra Founder & CEO, IndiaLends – leading lendingTech company)
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