If you need money immediately and are unable to arrange it from anywhere, then the only option left for you is a personal loan. If you want a personal loan, then the first option is to take a loan from a bank. On the other hand, if you are unable to get a loan from a bank, then you can take a loan from a Fintech company. However, whenever you take a loan from a Fintech platform, you should keep some things in mind. Otherwise, if you miss even a single EMI of your loan, then your CIBIL score can also be spoiled. Often people make these 3 mistakes.
1- Taking a loan even if the Fintech is not registered with RBI
First of all, it is important to check whether the person from whom you are taking a loan is registered with the Reserve Bank of India or not. If the NBFC or Fintech platform is not registered with RBI, then you should not take a loan from it.
2- Taking a loan after seeing the high downloads of the app
Many times people download a fintech app just by seeing that it has a lot of downloads. Keep in mind that Google has deleted about 4700 illegal loan apps from the Play Store in the last two years. Among these, there were about a dozen apps that had more than 1 lakh downloads. At the same time, there were 14 apps which had 50 thousand downloads. If you download them and take a loan from them just because of the high downloads, then you can get into trouble.
3- Do not think about customer care
Just think, what will happen if you face any problem related to the loan? Who will solve your problem? You can get a solution to your problems from the customer care of any company, but what if the company does not have any customer care? Before taking a loan from any fintech, make sure that it has a customer care number that is working. Also try to check that the Fintech from which you are thinking of taking a loan must have an office in a metro city so that you do not face any problems in future.
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