Personal Loan

Top 5 Common Myths about Online Loans

The introduction of online loans has started a different level of banking in India. Scholars like Einstein and Galileo were previously judged for their new concepts and application. Only later it was found out to be extremely useful and worthwhile. This is similar to how online loans were perceived in the past. Also, the unfeasible myths related to internet based services were soon busted.  The concept of shopping for online loans is gradually becoming the new normal! These innumerable myths are preventing interested borrowers to go the digital way! Through this article, we will try to put the ancient myths at bay and take a valid course of digitalization!

Myth #5: Online loan applications can be complex!

Today, individuals like to maintain multiple social media profiles. If you’re already online, then filling a loan application is just as simple as creating another social profile. What is different about filling a personal loan application is that you require to accurately fill your personal and account details. Applying for a loan from a reputed lender should be as simple as a blink of an eye!

Myth #4: Negligible customer care service

Once in a lifetime, we must have encountered a bad customer care representative.   Not only does that hamper our product experience but also delivers a bad impression of the brand. And as a customer, we are put off forever. After making a purchase, we expect to call the customer care for every small query to do with the product. At Home Credit, we walk that extra mile to attend to you whenever the need be. We also like to believe that companies are working day and night to improve their customer support.

Myth #3: You need really high credit scores  

Usually, we believe the hearsay in the air about high credit scores required for an online application. Also that high scores determine competitive rates of interest. This is where you’re going absolutely wrong! You can be eligible for an online personal loan, with a high or low score. A lot of online lenders do not verify your credit scores; it could simply be based on your income level.

Myth #2: Online loans can unnecessarily consume time

With the advent of digital automation, anything online is super-fast! All online lenders attempt to approve and disburse money at lightning speed, including Home Credit.  Obviously, you cannot have ready cash as and when you apply to the lenders website. However, the TAT (turnaround time) for an online personal loan can easily be a few minutes as well. This is a pleasant change from how the banks and financial institutions were earlier doing. They would easily take 7 to 10 working days. Now you clearly understand why online loans can be superbly useful for immediate needs.

Myth #1: Online lenders are fake

Untrue. It is ethically unfair to patronize all lending institutions.  Undoubtedly, a few lenders are relatively expensive. Though that’s not the case with all lenders out there. You can resort to public reviews on social platforms.  Its highly recommended to compare interest rates, terms, and privacy policies. Its best to conduct an extensive research to find out the most affordable, safe and secure personal loans.

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