Unsecured loan against cheques is a super quick way to arrange for funds in case of an emergency. Unplanned financial shortfalls are difficult to manage as in todays world we live from paycheck to paycheck. When you temporarily use the money of an external entity to manage your requirements, it is called as a loan. The external entity like banks, NBFCs or private lenders receives an interest over the money that they have given out. The borrowers can use the money to tide over the shortfall, thereby, making it a profitable situation for both the lender and the borrower.
Thanks to the many rules and stringent paperwork followed by banks, many do not prefer to approach them in case of need. They instead opt for private money lenders who might give them the money against asset or cheque. A point to note is that cheque are negotiable instruments connected to financial institutes. Dishonoring a cheque is a criminal offense that attracts punishment. So, if you are looking for an unsecured loan against cheque, it is preferable to approach a fintech company. The lending market is seeing a rise in lending startups that have built a distinct reputation for disbursing fast loans, with the provision of allowing applicants to complete the entire loan application process online.
Let us have a look at the key features of Fintech.
Digital experience: The complete process of applying for an unsecured loan including the submission of necessary documents is done online. Giving the user a total digital feel.
The entire process - from application submission for the personal loan, document verification and amount disbursal are completed within 24-48 hours.
Low income groups:
The low-income groups typically face more issues in getting an application through. Banks and NBFCs so not consider low income groups. Fintech’s advanced algorithms, however, do take their socio-economic preferences and calculates their willingness to pay. There is a high probability of loan approval by a fintech for a low-income applicant.
Low CIBIL score:
Unsecured loans are not secured by collaterals and so, there is much dependency on the CIBIL score of the applicant. Banks do not process applications where the score is less than 750. Fintech’s, on the other hand, do consider applicants with a score of 575 and more.
Following are the main criteria that Qbera looks for-
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"
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