Know how you can increase your chances of securing a Personal Loan

People mostly take personal loans to sort out their financial worries. This loan is easier to take as it does not require any kind of security or collateral. The money given to a person in the form of a personal loan can be used for various purposes. These purposes can be personal such as repaying debts, making your dream home, moving expenses, medical purposes, funding a trip, etc.

You can take a personal loan from banks or other reliable lenders, and you must repay this loan within a given period. However, the general public frequently misunderstands the difference between a personal loan and a line of credit. For your information, a line of credit is just like using a credit card with a limited amount to spend, which also affects your credit score.

Personal loans are generally of two types- Secured and Unsecured. Secured personal loans require some kind of assets as security or collateral. The bank can collect this collateral if you are unable to repay the loan.

On the contrary, unsecured loans do not require any kind of collateral. Therefore, this type of loan is considered to be risky by the banks as there is no collateral to collect in this case. However, the customer has to pay a higher interest rate for an unsecured personal loan.

If you are taking a personal loan without getting linked to any bank, we are going to tell you about a product that will help you with that. This product is XpressCash by LazyPay. Now, what is XpressCash? Let's know about it in detail.

What is XpressCash by LazyPay?

Introduced by LazyPay, XpressCash is a product that provides customers with last-moment financial assistance. With the help of XpressCash, you can easily withdraw your credited cash in three simple and easy steps. XpressCash avails you of instant financial support, that too at your fingertips. However, there are a few things to remember. By carrying out these, you can improve your chances of obtaining a personal loan. You can get a personal loan from XpressCash for up to 5 lakhs and select an appropriate EMI plan to pay it back. For instance, you would be required to pay interest at a rate of 3% per month if you took out a loan for Rs. 1 lakh with a 24-month term. This will result in a monthly payment of Rs. 5,905 and a total interest charge of Rs.41,714.

Boost your chances of securing a Personal Loan

●    You must be 22-55 years old and belong to tier 1 and tier 2 cities of the country to get a personal loan. This is your first step in getting a personal loan.

●    To get an unsecured personal loan, you will need to have a good credit score. The lender keeps a check on your credit score before lending you any money, so you better have a credit score between 700 to 900.

●    To avail of a personal loan, you have to upload the legit needed documents. Make sure that these documents have all the true information, or else your loan request can get suspended.

●    Before applying for a personal loan, you must check the eligibility criteria. This will help you clear all your confusion regarding the same.

How to check eligibility and get a personal loan?

Here are a few simple steps following which you can easily check your eligibility and get a personal loan.

●    Visit the loan provider's website and click on the check eligibility option.

●    After selecting this option, a page will open where you must enter your full name and mobile number.

●    After this, you will receive an OTP on your number. Entering this, you will be redirected to another page.

Here, you will have to fill out the requisite information about yourself. This includes pieces of information such as your name, Date of Birth, Gender, E-mail, employment type, net month salary, PAN card number, and Contact Address details. After filling out these details, read all the terms and conditions before moving forward and agreeing to them.