How To Improvise Your Chances Of Getting A Personal Loan Approved?

ByAmrina Alshaikh

Man has unlimited dreams, along with endless responsibilities. While a person dreams of having vacations or buying the latest gadgets, go for home renovations, arranging that perfect wedding may be a destination wedding. Still, at the same time, they have loads of responsibilities by way of meeting medical emergencies, educational needs of children, paying sudden unforeseen expenses, and financing all other requirements, whether big or small.

At such times personal loans come in handy as they offer numerous advantages as against borrowing from family and friends or taking loans on a credit card. PaySense offers personal loans for salaried as well as self-employed people at incredibly low-interest rates, a flexible duration, easy repayment options through EMI, minimal documentation, immediate loan processing, and quick disbursal of money, which makes instant personal loans from PaySense a go-getter. Moreover, it is now easy to apply for a loan through the PaySense instant personal loan app.

In just a few clicks, you are rid of your financial burdens and on the path to achieving your dreams.

However, an individual needs to look into the chances of getting a personal loan approved faster and without any hurdles. It is possible only if the credit score of the individual is high or good. Let us go into the detail of credit scores and improve the chances of getting a personal loan approval quicker than you think.

What does a credit score of an individual mean, and how is it important?

A credit score is typically a three-digit number which the lenders use to decide the probability of personal loan or credit repayment if they grant the same to an individual. It is the most critical factor in an individual’s financial life. The higher and better the score, the more chances that the individual will qualify for loans and credit cards at favored terms, leading to saving money.

What should one do to improve the credit card score?

Credit scores range from 300 to 850. Depending upon the credit scoring model, any credit score between 580 and 669 is fair; any score between 670 to 739 is good. Similarly, any scores between 750 to 799 are exceptionally good, and scores from 800 and above are considered to be excellent.

To improve their credit scores, individuals must make the following changes and take some of the actions that reflect in their credit payment pattern and improve their credit scores –

  • Timely payment of bills
  • Earn credit points for making timely payments for utility bills and mobile bill payments
  • Pay off any pending debts and keep low balances over credit cards and other revolving credit
  • Apply for New credit cards or new back account only if they are needed
  • Do not close any credit cards that are not in use
  • Do not apply for too much new credit, which results in multiple inquiries
  • Monitor or keep checking for any inaccuracies in credit reports and dispute the same

However, with the PaySense instant personal loan app, getting personal loans is like a cakewalk. PaySense offers instant personal loans from ₹5000 to ₹5 lacs. These loans come with an APR or Annual Percentage Rate between 16% to 36% on a reducing balance basis. These personal loans by PaySense have a choice of duration of three months to 60 months.

Reasons to choose PaySense for Instant Personal loan.

PaySense offers its customers the following benefits:

  • Affordable rates of interest
  • EMIs that are affordable and convenient
  • Quick two-minute process of loan application through instant personal loan app
  • Virtual or Paperless documentation
  • Availability of loans even for those individuals having low credit scores
  • Automated updates and timely EMI deduction

 So, sit back and relax. Let personal loans from PaySense sort out your financial hiccups.