Fintech, as the name suggests, is an amalgamation of finance and technology. Fintech platforms and providers offer digital solutions for all your financial needs like loans, insurance, payments, credit cards, SIPs, mutual funds, car loans, home loans, etc.
Now, when it comes to choosing a personal loan, you will come across several fintech providers. The range of options may confuse you. To help you choose, we have curated a list of features to look for when selecting the best fintech provider for availing personal finance.
One of the biggest advantages of using a fintech platform is that it approves your loan instantaneously after checking your credit report. These digital lenders use risk assessment algorithms to understand whether you will be a suitable and less risky candidate for providing personal finance as these are unsecured loans and lenders are taking a significant risk in lending you one.
Also, the loan amount gets disbursed quickly too. This way, you get your money after a few clicks on the phone and can instantly access the funds in case of an emergency.
Swift application procedure
The application procedure takes place speedily as you can go through the loan details like personal loan eligibility criteria, tenure, loan amount, etc. on the platform itself. After that, you can fill the application form online.
Remember, your eligibility criteria and credit score are checked automatically. After which, you are able to submit additional documents and the application form. The documents, as well as the form, undergoes online verification, ensuring a seamless experience. As this happens within minutes, you save a lot of time and effort.
When looking for a suitable fintech platform, look for the one that shows you details and schemes of all available lenders. This way, you will be capable of comparing all essential details like personal loan interest rates, loan tenure, eligibility criteria, loan amount, etc.
Ultimately, after comparing and checking all said alternatives that different lenders provide, you will be able to make an informed decision about the loan that suits your pocket. Consider this parameter a must because digital lenders and aggregators have partnerships with several lending institutions and hence often provide extra benefits to lure customers.
Along with all the points, mentioned above, check whether a fintech provider offers you other facilities like minimal paperwork processing, relatively low-interest rates, flexible repayment terms, comparatively higher personal loan amounts, loan tenures of your choice, round the clock assistance and support, and minimal processing charges. This ensures financially optimised benefits and superior after-sales support for you.
Now that you know all the characteristics that a great fintech provider has, choose one based on the parameters mentioned in this article and grab an amazing deal on personal finance.