Have you ever tried applying for an emergency loan?
Do you ever wonder how people distributing flyers for credit cards and personal loans always seem to be around when you don't need them, and when you really need money for an urgent expenditure, almost nobody wants to talk finances with you?
This happens because the Indian money-lending ecosystem has traditionally functioned on the backbone of a decadent, almost broken credit scoring system, also known as CIBIL.
Banks and other traditional lending institutions use this score to calculate the 'eligibility' of any applicant. CIBIL is based on parameters such as previous loan repayment history, existing monthly financial liabilities, monthly history of salary credits and so on.
How do banks calculate loan eligibility?
And a direct result of this misplaced analysis, is loan rejection, based on a credit (CIBIL) score that is lower than 650 or 700. And if you're somebody who has a troubled financial history who has settled down in terms of monthly income, your past will continue to haunt you as you apply for loans. Banks will never stop saying no, and yet, you won't stop getting spam calls from telesales executives, 'offering' loans but never actually followig through on the promise.
The good news is, all this is set to change for people who need short-term, emergency loans (up to INR 2 Lakhs).
Having served more than 10 lakh satisfied (and empowered) users till date, PaySense provides healthy relief from the hitherto commonplace trend of 'market waala loan' (black loan) that most low-CIBIL applicants end up choosing. The PaySense team has disbursed over 20 Crore rupees so far, and being backed by NBFCs (Non banking financial corporations) such as IIFL allows it to be transparent and ethical at an unmatched level in its instant loan disbursal and recovery process.
How does PaySense work?
PaySense is a mobile app that offers instant loans (of upto INR 2 Lakhs) with minimum paperwork (that you can upload completely online), a proprietary credit-scoring algorithm (bye-bye, CIBIL), and promises to disburse the money on the same working day by minimizing the time taken to approve this loan.
This means that you get the money in your account on the same day!
What's more, the process ensures that applicants no longer need to stand in a queue to get their loan application processed. They no longer have to skim and sign a ton of paperwork, which is a usual exposure-trap for legal arbitration[^1] without prior knowledge.
So, if a poor credit (CIBIL) score or the fear of financial paperwork is keeping you away from that emergency loan, get started with PaySense today!
[^1] Arbitration(Wikipedia) - https://en.wikipedia.org/wiki/Arbitration