Personal loans: Way to efficiently manage your financial requirements

1. Top 5 advantages of checking free credit score and report regularly Consistency or regularity is that one thing which you need to maintain your credit score. As we all know creditworthiness is tied down to a good credit score. A credit score is a three-digit number that represents the borrower’s credit history and repayment behavior during the past. It ranges from 300 and 900. Higher the score, higher are your chances of credit card and loan approval. In India, credit scores and reports are issued by four major credit bureaus, namely, Equifax, CIBIL, Experian and CRIF High Mark. Checking your free credit score and report regularly will help you to maintain your creditworthiness and reviewing it consistently will help you to remove the negative errors in it which can affect your credit score adversely. Discover how checking it regularly can benefit you.

2. You will know where you stand • There are many fintech companies these days which allows borrowers to check their credit score for free. You can check your credit score and download the credit report and take remedial action if required. Doing this will make your loan approval process easy. Alternatively, you will also get to know where you stand on credit and what further improvement do you want. • Previous Presentation:- Ways to Improve your Credit Score

3. Rectify the errors in your credit score You need to rectify the errors which are present in your credit report. Doing this is important because this data is reported by the lenders to the credit bureaus. If it contains errors, it will hamper your credit score and the chances of your loan approval will get back.

4. You get a better rate of interest on loans Every borrower looks for a low rate of interest while applying for any loan. This is only possible when you have a good credit score. Because lenders are willing to lend to only those who are creditworthy and has a good repayment history. Generally, banks have started the practice to offer a better rate of interest to those individuals who have credit scores above 750. If you know your score beforehand, you are in better condition to negotiate with the lender for better rates.

5. You can avail pre-approved offers Fintech companies do not only offer you the facility to check your credit score for free with them, but they also offer you pre-approved offers for various products based on how good your credit score is. Before applying for any loan, it is better that you should compare and cross-check the offers available in the market and pick the best one.

6. You get to know which factors are hurting and helping your score As you check your credit score, you can tell how your financial actions affect your credit. For example, you can see how paying off the outstanding balance on your credit card will affect your credit. Once you know about those actions which can affect your credit score, you will better know what to avoid and what to do in advance before applying for personal loan.

7. To Conclude… So, these are some of the benefits that you will get when you check your free credit score regularly. It will help you to further boost your credit score. Your credit score holds great importance when you apply for loans and credit cards. Checking them regularly helps borrowers to better negotiate with the lenders for a low rate of interest. You can check your credit score for free anytime and anywhere with the help of digital lenders or credit bureaus available online. Read to find what are the benefits of checking your score and report regularly.

8. Get your free credit report and score now via IndiaLends • For more information about free credit report and score, • please browse: https://indialends.com/credit-application