Personal Loan: People often make these 3 mistakes, their CIBIL score gets affected and they can get into trouble!

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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