In the automobile industry, the fast word is directly proportional to cost. The fastest cars in the world are some of the most expensive cars. The same thing is with a fast personal loan. A fast personal loan incurs a high rate of interest in comparison to the other loans because it doesn't require any collateral. Collateral means an asset that is of some value and should value more than the loan amount. But, most of the fast personal loans are without collateral and there are chances that if the borrower doesn't pay the loan amount, the company has to face monetary and reputational loss.
Simple and clear, when it is an emergency. As discussed above, a fast personal loan incurs a high rate of interest that can go up to 30%. So, before opting for a fast personal loan, it is advised to look for the urgency. But, according to different people, there are different definitions of emergency. For some people, celebrations and birthday party is an emergency, for some people, minor operations like dental operation is an emergency and for some, vehicle breakdown is an emergency. Nowadays, because of unethical lending, most young people are in debt and the worst thing is that they don't know if they are in debt. For the young generation, a one lakh rupees mobile phone is a luxury, but choosing a term life insurance of 2000rs per month is expensive.
At Loanwalle, we believe in responsible lending. Our teams always try to serve the customer with utmost importance, but in parallel, we maintain the decorum of responsible lending so that we do not push some off the cliff of debt. Before lending, we check the salary of the applicant and we provide 50% of the salary as a loan to the borrower.
Most of the companies whose target is the earned money by any means are involved in unethical lending. First, they provide high amount loans to the borrowers and when borrowers aren't able to repay the loan amount, companies start harassing the customers by calling their relatives and friends by accessing their contacts from the mobile app.
If you require a personal loan, then you should keep the below-mentioned documents handy so that once your relationship manager asks for the same for the loan process, you can send all the documents at one go without any hassle.
● Pan Card
● Aadhaar Card
● Proof of Residence
● Pay Slip
● Bank Statement
Anyone who has ever required a personal loan and has applied for it must have gone through the complete procedure and formalities that are included in the loan procedure. The complete procedure of loan application till the disbursal is nowadays easy because of the rise of fintech and artificial intelligence.
Wait no more, take our hassle free loan service now!!