A quick online loan has become a go-to solution for bridging financial gaps, be it when you receive your salary late or when you have unexpected expenditures. While there are many instant loan apps out there, it can be confusing to choose the best option. One of the biggest challenges is knowing which loans you qualify for and understanding your negotiating power.
The OneScore App stands out for its unique features that allow you to check your credit score and eligibility for a loan. With its personalised suggestions, you can even improve your credit health and get better loan offers. What’s more, you can even apply for a quick personal loan on the same application.
To get going on the app, the first step is to check your credit score. By providing your PAN number and a few other details, you can generate your updated credit score from both TransUnion CIBIL and Experian on the app.
When applying for a loan, lenders check your creditworthiness using this three-digit score. A high credit score (of 750 – 800) indicates that you have a history of good credit behaviour and have a low chance of defaulting on the loan. A low score signifies that you don’t have enough experience with credit or have missed repayments in the past. Thus, it can lead to rejection or get you a loan of a lower amount and with a higher interest rate.
Understanding and Improving Credit Health
There are many reasons why your credit score is low. These are some common mistakes that can bring down your credit score:
While these are generic reasons, the OneScore App helps you out by offering tailored suggestions on how to increase your score. For instance, one suggestion may be for you to use Credit Card A less to reduce your utilisation ratio and instead use Credit Card B more.
In addition, you can set up payment reminders from the app, so you never miss a repayment. Paying on time is one of the easiest ways to boost your credit health. What’s more, the app also allows you to spot any fraudulent loans or cards in your name, which may be pulling your score down. You can then raise a dispute with the credit bureau and improve your score.
With the app’s Score Planner tool, you can set a goal and a timeline for your desired credit score. The app also gives you actionable steps on what you can do to boost your score within the chosen time frame. This unique feature makes it more than just an instant loan app. Instead, you can use it to make your credit profile shine!
Once your credit score is over 730, you become eligible for a loan offer from OneScore’s Personal Loan facility. Based on your current monthly income and loan requirement, you can get the best offers from reputed partner lenders in just a few taps.
Checking your offer in advance allows you to decide if you can afford the loan or not. In case you want a lower interest rate or a longer tenure, you can work on improving your eligibility and then apply later. With round-the-clock access to the app, you can check your refreshed offer anytime to make a well-informed decision.
Eliminating the need to queue at the bank to get a loan, you can apply for a loan on OneScore with ease thanks to a 100% digital application process. After checking your offer, you can move forward with your application by selecting the desired loan terms.
This means selecting a loan amount and tenure. While doing so, it is crucial to check the EMI for the chosen terms. Proceed if the monthly obligations fit your budget, and the app makes this easy by offering you the use of an online EMI calculator. With it, you can modify the loan terms until you get an EMI amount that suits your pocket.
Digital Documentation and Verification
In the traditional loan application process, you need to submit physical documents to lenders. Thereafter, they verify them before proceeding to the loan sanction process. This is time-consuming and can delay the disbursement of the loan.
To avoid any such delays and to offer access to a quick loan, OneScore allows you to complete the KYC process using your Aadhaar card through the Digilocker. In this way, OneScore App offers a complete digital, personalised, and seamless loan application experience.
Eligibility Criteria for OneScore’s Personal Loan
While a credit score is a crucial factor in your loan application and approval process, there are other criteria that you need to meet too. It is important that you check all the terms before proceeding with the loan application process to reduce chances of rejection. After all, every time your application is rejected, your credit score suffers.
Here are the criteria to apply for a personal loan on the OneScore App:
With such an easy-to-meet eligibility criteria, you can easily apply for a personal loan on the OneScore app. Through the app, you can get up to ₹5 Lakhs with interest rates starting at 12.5% p.a. for a tenure ranging between 6 and 48 months. Choose between leading lenders such as South Indian Bank, Federal Bank and Kisetsu Saison Finance India. All you need to do is download the OneScore App, check your credit score to activate the loan offer, and apply!
