In some cases even without any income you can get small ticket personal loans While it is easier for individuals with decent income proofs and established repayment track to get loans quickly, many people such as gig workers, part-time workers, freelancers or young students, who have never accessed any credit, have been struggling to get loans to meet even small funding requirements. However, technology has facilitated the borrowing options for these people. Many new-age lenders are coming up with innovative tools to provide lending to hitherto unattended segment of borrowers. Credit to all Whether you are a part-time worker without any income document, or a freelancer with irregular income pattern or a self-employed person with inconsistent income, you can still get a loan today. “The majority of our customers are new to credit and we have built our policies and products in a way that it enables smooth experience for these first-time credit users. The range of products that we offer to these new-age professionals is often not available in the market,” says Rajan Bajaj, Founder & CEO, SlicePay. In some cases even without any income you can get small ticket personal loans.”Any Indian college student over the age of 18 is eligible to borrow money instantly using the mPokket mobile app. It’s a very simple process where the user needs to install the application from the Play Store and then do a phone number-based registration. Once he is registered, he/she needs to provide basic documents such as identity and address details. We validate the details entered and then they are ready to take the loan. Our primary target is college-going students,” says Gaurav Jalan, Founder & CEO, mPokket. Also Read: Medical emergency – what are your last minute funding options? Typically the amount needed by students is not bigger so the loan option also comes in small ticket size. “The average ticket size of borrowing on mPokket typically ranges from Rs 500-2000, but the limit could go up to Rs 20,000, depending on special scenarios and emergencies. However, we primarily cater to those who do not have huge monetary needs. This explains why the average ticket size on mPokket is relatively smaller than other players in the market. Borrowers get up to three months to repay their loans,” adds Gaurav Jalan of mPokket. Not necessarily a costly option Revolving credit that is given by credit card providers is one of the costliest forms of credit as it allows you to postpone repayment by paying a high finance charge and a very small part of principal. You get EMI conversion option in your credit card to bring down the interest cost and repay the dues in instalments. Some of these features you can get from these new-age lenders as well. “We have no minimum due concept, unlike traditional credit card companies. Hence, if a customer is unable to pay the whole bill, he can convert them into monthly EMIs. Our EMIs tenures are up to 18 months,” says Bajaj […]
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