If you’ve been in a financial bind for a while, you’ve almost certainly heard of Short term personal loan. Despite the fact that it is not a new concept, it has been rapidly gaining popularity in recent years, owing to a surge in lenders who specialize in providing this service, as well as a slew of useful features.
Money View is a trusted brand among India’s biggest personal loan lenders, with over 1 crore consumers, owing to its distinctive features and perks, which we shall discuss in today’s post.
From a financial standpoint, there are several advantages to taking out a personal loan.
Now that you have a basic understanding of what a personal loan is, let’s have a look at some of the most important features of the ones provided by Money View.
Instant Eligibility Verification
If you’ve ever applied for a traditional loan, you’re well aware that the majority of them require extensive eligibility checks. Because most traditional lenders in India rely on outdated systems to complete their applications, checking your eligibility for a loan and moving on to the following phases of the process can take hours.
When you apply for a personal loan with Money View, on the other hand, you may check your eligibility in just 2 minutes. In this situation, the lender uses current fintech technology to retrieve your credit history from CIBIL and Experian, and if you have a minimum cibil score of 650 or an Experian score of 750 on a scale of 900, your application is instantaneously approved.
Amount of the loan
In India, most traditional loans come with a predetermined loan amount that you have very little flexibility to adjust to your needs.
For example, you can acquire a home loan for exactly 5 lakhs, not 4.5 lakhs, and most first-time borrowers struggle with this lack of flexibility. The explanation for this is simple: the larger the loan amount, the greater the interest rate, and so on.
Money View, on the other hand, gives you entire control over the loan amount you desire to borrow. The lender has a range of $10,000 to 500,000, and you, as a borrower, can choose any sum within that range.
This function not only gives you more independence, but it also allows you to save money in the long term.
A typical loan’s third disadvantage, in addition to a lengthy eligibility check, is that it comes with predetermined payback terms from the lender. Because traditional lenders only consider a few factors to determine your loan eligibility, they often predetermine both the EMI amount and the day on which the debit will take place. While this is a great step for the lender because it reduces their risk in a loan, it also gives you a sense of relief in terms of better managing your personal finances.
If you take out a personal loan from Money View, on the other hand, you can choose a flexible repayment plan. In this mode, you get to choose the EMI amount you wish to pay each month, the payback date, and the loan’s duration, which may be up to 60 months.
This approach not only gives you more financial control, but it also saves you money in the long term.
Payment on the spot
In most situations, the lender will take at least 1 to 4 business weeks to approve your application and disburse the loan amount to your account after you have finished your regular loan application. Because most borrowers seek for loans when they are in desperate need, a long period for disbursement can stymie their ability to meet those needs.
Money View, on the other hand, guarantees that your loans will be disbursed within 24 hours of your application being approved, guaranteeing that you get the money when you need it and not when you don’t.