Category: Personal Loan

The fields of loan approvals and credit rating have been quietly revolutionizing themselves in recent years. Conventional indicators like credit card usage, loan repayment history, and outstanding dues are the constant foundation of traditional credit scoring models like FICO and VantageScore. However, the evaluation of a borrower’s creditworthiness by lenders is changing due to the increasing use of alternative data, which are non-traditional indicators that go beyond credit scores.

The allure of instant loans can be deceptive. Hidden fees, exorbitant interest rates, and predatory practices often trap borrowers in a cycle of debt. Stay informed, stay protected.

In the ever-evolving landscape of digital finance, the proliferation of illegal lending apps in India has become a pressing concern. These apps lure borrowers with promises of instant funds but subject them to exorbitant interest rates and aggressive debt collection tactics, leading to widespread harassment and financial distress. This blog delves into the rising threat posed by India’s virtual moneylenders, exploring how regulations fail to prevent harassment and proposing solutions to address this growing issue.

If you’ve taken out a personal loan in India, understanding the potential fallout for not repaying is crucial. Non-repayment can lead to serious financial challenges, prompting legal action from lenders. This may involve court orders, demanding full repayment or facing penalties like wage garnishment or asset seizure. Moreover, your credit score can be adversely affected, making it tougher to secure future loans. Late payment fees and possible interest rate hikes further compound the consequences, with potential involvement of debt collectors if payments become overdue, causing stress and harm to your reputation.