A personal loan is a versatile financing option with zero end-use restrictions without any need for collateral. One can use it to consolidate debt, finance higher education, cover travel or medical expenses and more. With such benefits, one can opt for this unsecured loan to get access to funds in times of need.
However, the risk of rejection is prevalent with unsecured loans as lenders have strict criteria related to credit scores of potential applicants. The OneScore credit score and loan app aims to reduce the chances of rejection with personalised insights into one’s creditworthiness and a hassle-free personal loan application process.
Traditional Personal Loans Process
Today, most applications rely on the online mode when applying for a personal loan. No matter which mode one chooses, online or offline, a consumer needs to fill the application form and provide soft or hard copies of documents for KYC purposes and for verification of eligibility.
After completing all these steps, one needs to wait until the lender verifies all the documents. Following this process, there is a possibility of the lender rejecting the borrower’s request on account of an insufficient credit score or low income.
Even if the lender accepts the application, one may not get a loan offer which suits one’s needs.
This makes the process time-consuming and leaves consumers guessing.
To overcome this, potential borrowers need to be aware of their eligibility, know their credit score, and have an idea of the potential loan amount they qualify for. This not only saves time but also helps the borrower avoid rejection, which can damage their creditworthiness for future loan applications.
OneScore’s Solution Powered by Credit Intelligence
OneScore offers a range of tools to simplify the personal loan application and approval process. To start off, applicants can easily check their credit score from both TransUnion CIBIL and Experian for free on the OneScore credit score and loan app.
One can also access their credit reports from both bureaus to check their past and existing credit accounts. This service is free for a lifetime, ensuring consumers do not need to shell out a rupee to monitor their creditworthiness.
If their score is lower than required, consumers can also get personalised insights into the factors that are hurting their score. What’s more, they can follow tailored recommendations to improve their score over time. A good score can not only help applicants get swifter approval, but also a loan amount of their desire and a more competitive rate of interest.
Another smart feature of the OneScore App is the Score Planner. This option gives the user the freedom to work towards a specific credit score they need over time with customised tips and strategies.
Another unique credit-related feature of OneScore is fraud detection and reporting. In case the borrower notices any unauthorised loan account in their credit report, which is damaging their chances of a better loan offer, the solution is on the app itself. One can easily report such unauthorised loans to the credit bureau by raising a dispute via the app.
Another way that users can ensure better credit health is by setting EMI reminders on the app. Timely payments play a significant role in boosting one’s credit score, and OneScore makes it easier to be disciplined.
The app also makes it easy for users to apply for a personal loan from top-rated lenders, check their eligibility for a loan, compare offers and choose the most suitable one.
Ease of Applying for a Personal Loan on OneScore
The steps to availing a personal loan from the OneScore App are straightforward. They include:
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Checking Credit Score: Before getting started, one needs to check the credit score by simply logging into the app. -
Tapping on the Personal Loan Banner: If their score is over 730, borrowers are automatically eligible to activate their loan offers. All they need to do is tap on the OneScore Personal Loan Banner and share their income, employment type, and desired loan amount. -
Checking Loan Offer: Borrower can now check their offer on the screen. This includes the maximum loan amount they are eligible for and the interest rate offered by the lender. -
Accepting the Offer: If the borrower finds the loan amount and interest rate befitting their needs, they can continue with the application process. -
Selecting the Loan Terms: Borrowers can now choose the loan amount they need and the preferred tenure. Based on the chosen terms, they can view the EMI amount. This helps them adjust the loan amount and tenure to fit their budget better. -
Completing the KYC process: The OneScore loan app allows borrowers to apply without any physical documents. The complete KYC process is through the Digilocker using Aadhaar details. After KYC verification, borrowers can get the funds directly in their bank account.
With the OneScore Personal Loan, one can apply for up to ₹5 Lakhs from leading banks like Federal Bank, South Indian Bank and Kisetsu Saison Finance India. The interest rate starts at 12.5% p.a. with a tenure ranging from 6 months to 48 months. Trusted by over 4 Crore Indians, OneScore helps users take control of their credit health and apply for a personal loan seamlessly online. All one needs to do is download the OneScore App to get started.