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Cash salary & no experience at credit? Now, avail instant loans at nominal interest rate

ET Spotlight|
Last Updated: Feb 25, 2020, 02.28 PM IST
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ET Spotlight
People with cash salary & no experience at credit can now avail instant loans at nominal interest rates
Are you in need of an instant personal loan but have no idea where to get it from? Are your need for instant funds left unfulfilled because of cash salary,poor or no credit profile as the main reasons for loan rejection? Then you have every reason to not feel dejected as there is one platform which not only gives you the option of instant personal loans but also several other benefits, that too in real-time.

Noida based fintech startup Afinoz is the first and only online instant personal loan marketplace which facilitates personal loans through its new-aged fintech financing partners. Instant loans are small ticket-size loans that can range from anywhere between Rs 1000 to Rs 3 lakhs. People who get cash salary or are new to credit or have had some technical issues in settling any of their past dues will find Afinoz helpful in disbursing diverse loan options at competitive interests.

Although the new-age financiers have resolved the problem of finding users with alternate data, there still remain a few problem areas that need solutions -

  • Customers looking for an instant loan are not aware of capable financiers offering slashed interest rates.
  • Downloading multiple apps and going through different loan processes of each lender can be cumbersome and leave the borrower confused.
  • It is too daunting to track changes in interest rates, credit criteria, credit scores etc regularly and know if at all there are new, more fruitful options.
  • Lack of awareness about credit score improvement and reduction in interest rates.
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How Afinoz is solving the problems of new to credit loan customers

How Afinoz is solving the problems of new to credit loan customers
Tobridge the gap between a new borrower and their credit health, Afinoz has made strategic tie-ups with various banks and new aged instant loan financiers. With the help of its vast tech superiority (AI and machine learning algorithms), Afinoz is offering end-to-end solutions to all these problems as explained below -

All financing options under one roof - an assurance of lowest interest cost and real-time approvals

Whether it is finding out capable financiers or comparing different instant loan offers, you can check it all directly on Afinoz in just a few clicks! Customers today hate filling multiple forms by entering the same details over and over again. That’s why about 70-80% dropout has been seen while processing the applications for instant loans. Also, the pain of getting rejected by individual lenders under different criteria hampers a customer's decision. It comes down to the basic question of “Why to download multiple loan apps when you can get all the options at one place?”

Notifications about lower interest rates and help in loan transfers
The users who have already taken a loan often lose track of their ongoing interest rates. They also are unaware if they qualify for a lower interest rate loan from a different lender, which robs them of this choice of switching to more feasible lenders throughout their loan tenure.
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Solutions-01

AI and machine learning-based periodic suggestions on how a user can improve their creditworthiness

Many users who apply for instant loans do not have a good credit score, which results in their loan application getting rejected. To curb this, Afinoz gives periodic advisory on how they can uplift their credit score.

A community to answer query related to loans, credit score and more

There is a community feature in the app where you can ask your queries related to credit scores and instant loans and get answers from experts from that domain.

“We took a giant leap and thought of disrupting the market trends. We have shown that marketplaces can adopt the instant loan industry for good and we are right at the epicentre” says Pawneshwar Datt Rai, marketing Head of Afinoz

It’s a positive feeling to observe that personal loan disbursal to new customers has grown by 30% in the last 5 yrs. According to a BCG report, the instant loan market is set to touch $1 trillion by 2024 and the biggest beneficiaries of this will be low-to-middle-income level customers.*

“Afinoz hopes to make it count considering it has disbursed loans worth Rs 450 crores and also prides itself in having tie-ups with more than 150k retail merchants who are quite excited to recommend their customers the benefits of easy and affordable instant loans. We are already having committed access to more than 20 million relevant users in addition to our monthly organic growth. This will make us a dominant player in the instant loan segment”, says Rachna Suneja the CEO of Afinoz.

*Source
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(This article is generated and published by ET Spotlight team. You can get in touch with them on etspotlight@timesinternet.in)
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