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Loans

Personal Loan

Unsecured personal loans sourced to partner lenders, with no collateral and no restriction on end use. Eligibility is checked before the application is made, so an applicant is not put through a hard enquiry that damages their credit report for a product they were never going to qualify for.

What you get

  • Unsecured, with no collateral or guarantor required by most lenders
  • Salaried and self employed profiles both supported
  • Eligibility indicated before a formal application is submitted
  • Document checklist per lender, so a file is not returned for a missing page
  • One application matched to the lenders the profile actually fits
  • Application tracked to sanction, disbursal or decline, with the reason where given

How it works

  1. 1Check eligibility firstIncome, employment type, existing obligations and credit score are assessed against lender criteria before anything is submitted. This step exists to avoid an application that is going to be declined.
  2. 2Collect the documentsIdentity, address, income proof and bank statements, in the format the chosen lender expects. Most delays come from this step rather than from underwriting.
  3. 3Submit and underwriteThe lender runs its own credit and verification process. It may ask for additional documents, and the request comes back through the counter rather than directly to the applicant.
  4. 4Sanction and disburseOn approval the lender issues a sanction letter with the final terms and disburses to the applicant account. The counter payout follows disbursal, not submission.

FAQ

About personal loan

Does applying to several lenders at once improve the chances?

It usually does the opposite. Each formal application is a hard enquiry on the credit report, and a cluster of enquiries in a short period reads to a lender as someone in difficulty. Checking eligibility first and applying where the profile fits is why the eligibility step comes before submission.

Why was an application declined when the score was good?

A score is one input. Lenders also look at income stability, the ratio of existing obligations to income, employment type, the age of the credit file and the address history. A good score with a high existing obligation load is a common decline, and it is not a scoring error.