personal loans – Machi Navi Tue, 19 Apr 2022 04:27:51 +0000 en-US hourly 1 personal loans – Machi Navi 32 32 The Truth About Payday Loans: Exorbitant Annual Interest Rates Tue, 15 Mar 2022 11:00:00 +0000

When you face an unexpected expense, a payday loan may seem like the ideal solution. Applying is quick and easy, and you can get the money you need in just a few hours. But before you take out a payday loan, be sure to read the fine print. Payday loans come with very high APRs, and if you can’t pay them back on time, you’ll end up paying even more fees and interest. So, is a personal loan really worth it?

What are payday loans and how do they work?

A payday loan is a short-term, high-interest loan that is usually due on your next payday. The idea is that you will use the money you borrow to cover unexpected expenses or to tide you over until your next paycheck arrives. Payday loans are also sometimes called cash advance loans or check loans.

Orville L. Bennett of Ipass.Net explains how they work: Let’s say you need to borrow $300 for an emergency expense. You write a post-dated check for $345 (the loan amount plus fees and interest) and date it for your next payday. The lender keeps the check and cashes it on the date you specify, usually two weeks later. If you don’t have enough money in your account to cover the check, you’ll be charged an NSF check fee.

Payday loans are usually due in full on your next payday, but some lenders will let you extend the loan if you can’t afford to pay it off all at once. Just be aware that interest rates and fees will continue to accrue until the loan is paid off.

Ipass identifies payday loans as a loan that can be a useful tool in times of financial emergency, but should only be used as a last resort. Make sure you fully understand the terms and conditions before applying and be ready to repay the loan as soon as possible. Otherwise, you could end up paying a lot more interest and fees than you originally borrowed.

If you’re looking for an alternative to payday loans, consider online personal loans. Personal loans are a great way to consolidate debt, finance major purchases or cover unexpected expenses.

And unlike payday loans, personal loans come with fixed interest rates and payments, so you’ll always know how much you’ll have to pay each month. Plus, you can usually get a personal loan with bad credit. So if you’re struggling to qualify for a traditional bank loan, an online personal loan might be the perfect solution.

The risks associated with payday loans.

As with any type of loan, there are risks associated with payday loans. Here are some things to watch out for:

Payday loans come with very high APRs, and if you can’t pay them back on time, you’ll end up paying even more fees and interest.

– If you can’t repay the loan on time, you could end up with costly NSF fees.

– Payday loans can hurt your credit score if you miss payments or fail to repay the loan.

Payday lenders may try to aggressively collect debts from borrowers, which could lead to harassment and even legal action.

So before taking out a payday loan, make sure you weigh the pros and cons. If you can’t afford to repay the loan in full on your next payday, it’s probably not a good idea to borrow the money. There are other options available, so be sure to explore all of your options before deciding on a payday loan.

If you’re considering taking out a payday loan, be sure to check out our guide to the best payday loans first. We’ll help you find a lender who offers fair interest rates and reasonable repayment terms.

Payday loans aren’t for everyone, but if you need cash fast and have no other options, they can be a helpful way to get through a tough financial situation.

How to avoid high APRs when taking out a personal loan?

When looking for a payday loan, it’s important to compare interest rates and fees from different lenders. Here are a few tips :

– Compare the APRs of different lenders. Payday loans with lower APRs will cost you less interest and fees over the term of the loan.

– Avoid lenders that charge application or origination fees. These fees can add up quickly, so it’s important to find a lender that doesn’t charge them.

– Look for lenders who offer flexible repayment terms. If you can’t afford to repay the loan on your next payday, be sure to inquire about extending the repayment term. Just be aware that this will increase the overall amount of interest you pay.

– Do not accept any loan before having carefully read the terms and conditions. Payday loans can be expensive, so it’s important to know exactly what you’re getting into before signing anything.

If you take these steps, you’ll have a much better chance of finding a payday loan with reasonable interest rates and fees. Remember to always research the best deal before applying for a payday loan. High APRs can quickly drain your bank account, so it’s important to find a lender that offers fair rates and reasonable repayment terms.

Alternatives to payday loans for people who need money fast.

If you need money fast and don’t want to take out a payday loan, there are other options available to you. Here are some alternatives to consider:

– Personal loans: Personal loans generally have lower interest rates than payday loans, so they can be a cheaper option in the long run. And unlike payday loans, personal loans come with fixed interest rates and monthly payments, so you’ll always know how much you’ll have to pay each month.

– Credit Cards: If you have good credit, you may qualify for a low-interest credit card. You can use your credit card to cover unexpected expenses or consolidate debt. Just make sure you make your payments on time and keep your balance under control to avoid high interest rates.

– Payday loan alternatives: There are a number of payday loan alternatives available, including installment loans, cash advance loans, and lines of credit. These options typically have lower interest rates than traditional payday loans, so they can be a cheaper option in the long run.

Before deciding on a payday loan, be sure to explore all of your options. Payday loans can be expensive, so it’s important to find the cheapest way to borrow money. Personal loans, credit cards, and payday loan alternatives are all viable options for people in need of quick cash. Just be sure to compare interest rates and fees before applying for a loan.

Thanks for reading! We hope this article has helped you understand the truth about payday loans and the high APRs associated with them. Payday loans can be expensive, so it’s important to explore all of your options before deciding on one.

Remember that personal loans, credit cards, and payday loan alternatives are all viable options for people who need cash fast. Just be sure to compare interest rates and fees before applying for a loan and research reliable and knowledgeable lenders such as Ipass.Net.

Digital loan apps that allow easy access to instant loans Fri, 11 Mar 2022 11:43:39 +0000

The FinTech environment has grown in popularity in recent years, especially after the pandemic. The banking, money services and insurance (BFSI) industry in particular has exploded with digital lending services transforming the lending process and disbursement methods.

Digital lending is booming as an effective alternative to traditional lending (by financial institutions) for people new to credit or underserved by the financial system.

With the internet reaching the remotest parts of India, people from all geographies and demographics now have the opportunity to access financial services digitally. Innovative products offered by fintech companies (lending apps in particular) have overcome traditional limitations, reduced transaction costs and improved customer experience.

Here are the 5 best instant cash lending platforms that will help you meet urgent money needs, with easy and smooth access.

Launched in 2018, RupeeRedee is a digital lending platform that allows consumers to meet their lending needs in a few simple steps using technology. The app gives you access to personal loans in minutes at your fingertips.

It is a technology-driven digital lending platform that leverages technology and data science to make lending accessible to India’s massive population of underserved customers. With a robust KYC and a smooth process, it makes the consumer journey simple and fast and also protects your data. It currently has 4.51 million installs on Google Play Store and an average traffic of 400,000 on its website.

Operating with its own Captive NBFC FincFriends Private Limited in the background to facilitate short term personal loans coupled with digital lending services and has rolled out various forms of underwriting including alternative data sources and not limited to underwriting based solely on credit rating. Following the code of fair practices and compliance process, it provides its consumer with an exceptional experience and satisfaction.

Established in 2018, the company has acquired a huge customer base in over 600 cities across the country. The digital credit card can be made available instantly in 3 minutes and benefits customers with no annual, membership or interest fees. GalaxyCard aims to make credit cards easily accessible to customers with an income of less than 30,000 per month. Customers can simply download the app and complete a free online registration for treatment. The whole application process is digital and requires three basic details – PANCard, Aadhar Card and bank statements. Unlike the traditional loan process, it eliminates cumbersome paperwork and long processing time.

Founded in 2014, LendingKart’s main mission is to facilitate access to credit for SMEs (small and medium enterprises) in India. It functions as an NBFC and focuses on MSME loans and capital. LendingKart uses big data analytics to help lenders determine a borrower’s creditworthiness. It also completes the loan disbursement process much faster than traditional banks.

Loan tap
LoanTap Financial Technologies is an online platform committed to providing personalized loan products to millennials. The Pune-based company was established in 2016 with the aim of providing a seamless customer experience from application to disbursement process. The platform is reportedly committed to providing flexible loan products to salaried professionals. LoanTap offers loans to help millennials live the life they want. The company is said to offer quick personal loans on favorable terms to the customers. LoanTap’s goal is to delight its customers by helping them choose the best loan products.

Mumbai-based CASHe is a digital lending platform for young salaried millennials. CASHe offers instant short-term personal loans ranging from INR 7,000 to INR 300,000 for tenors up to 1 year at from young professionals based on their social profile, merit and earning potential. The company uses its proprietary algorithm-based machine learning platform.

Why Instant Loans Are Catching Fire With Fraudsters Wed, 02 Mar 2022 00:55:00 +0000

Buyers now have endless options when it comes to credit.

BNPL has grown rapidly in recent years and fraudsters are looking to exploit it

Many are drawn to the flexibility of buy now, pay later (BNPL) services, which have exploded in popularity during the pandemic.

Over 17 million UK customers have now used the payment option, which gives consumers the choice to pay for goods when it suits them, with no interest or fees, provided they pay what they owe on time. .

However, this is not without risk: BNPL is an irresistible lure for consumers and fraudsters alike. Fraudsters are now finding more and more clever ways to exploit this innovative form of financing, opening up new avenues for cybercrime to go unnoticed.

Change their arm?

According to the FCA, over £2.7 billion was spent using BNPL in the UK in 2020 alone. With such widespread use of instant loans like BNPL, the potential for loss was always going to be high.

Some BNPL users have no intention of paying their debts, walking away with goods in their baskets without paying a penny – known as ‘friendly fraud’.

A study by Cifas has found that one in seven UK adults have confessed to one or more types of first-party fraud, highlighting how many of them have no intention of repaying their instant loan.

This is becoming a major issue as the UK suffers the financial repercussions of COVID-19. With job losses, rising taxes and falling income affecting most sections of society, cash strapped people are trying to get away with more and more first party fraud to fund their expenses.

As credit cards and personal loans are much more heavily regulated and restricted by banks, it is easier for consumers to finance their expenses with BNPL.

Imposters on the Rise

The BNPL also attracts third-party fraudsters – or “malicious actors” – who take advantage of the BNPL for account takeover (ATO) fraud, taking over an account to pose as a real customer. There has been a sharp increase in account takeover attempts in recent years, with a 27% increase in 2020 alone, as the use of online shopping has increased during the pandemic.

Cybercriminals exploit stolen login credentials to hijack BNPL-enabled accounts. They can steal people’s proof of identity and create fake accounts based on that stolen data, leaving the unsuspecting victim to foot the bill. Fraudsters can also hijack genuine customer accounts, allowing them to make unauthorized purchases and steal personal data.

It is easy for cases like this to go unnoticed, as there are often loopholes in the account opening process for BNPL loans. Many companies do not perform formal credit checks at sign-up, instead relying on internal algorithms to determine creditworthiness based on available data. BNPL providers who do not perform a formal review of an individual’s credit status risk attracting fraudsters to their platform. These bad actors are drawn in by the lack of verification and without better protections in place, the problem will only get worse.

Fight against fraud with data-centric solutions

While the fight against BNPL fraud is far from easy, anti-fraud solutions based on machine learning and shared global intelligence can help. By analyzing thousands of data points such as age, location, and shopping habits, these solutions help determine the likelihood of a transaction being fraudulent. By authenticating users behind the scenes using machine learning, BNPL providers are able to continue to deliver a smooth user experience to legitimate customers.

To minimize the risks of ATO, companies can also opt for biometric facial detection capabilities to enroll new account holders and verify that they are who they say they are. With this added layer of protection, fraudsters will not be able to open new BNPL accounts with stolen or synthetic identity data.

With first-party fraud, the lines are a bit more blurred. Some merchants and card issuers are reluctant to accuse customers of lying and therefore prefer to write off lower value transactions. But, in the face of more regulation this year, tackling “friendly fraud” is key to helping BNPL providers protect their bottom line.

Data-centric fraud solutions help by providing the foresight to know if a customer has previously failed to pay for their items or missed payments, allowing the BNPL provider to assess whether to proceed with the transaction.

Safer selling solutions

BNPL’s flexibility and convenience have led to tremendous growth in recent years, but with it comes an upsurge in fraud. Strengthening fraud protections is crucial at a time when customers are racking up unprecedented levels of debt using BNPL, fraudsters are exploiting the payment option and organizations are facing huge losses as a result.

To combat growing fraud, organizations must now adopt smart, data-driven technologies to help root out fraud before it happens – or risk “buy now, never pay” becoming the norm.

Should you ever get a payday loan? Tue, 01 Mar 2022 23:27:15 +0000

When you’re low on cash between paychecks or have an unexpected financial emergency, a payday loan can be a tempting option to help you make ends meet or access cash quickly. However, these short-term loans, which are usually due on the day of your next payday, are extremely risky. They come with very high interest rates and other fees. The interest rate on payday loans in the United States ranges from 154% to 664% or more.

Equally troubling, payday loans are often marketed to those who can least afford them, i.e. people earning less than $40,000 a year. Although this type of loan is advertised as a short-term loan, payday loans can create a cycle of debt that is difficult to break free from.

What is a personal loan?

A payday loan is usually a short-term loan, lasting two to four weeks, that does not require collateral to be obtained. These types of loans are generally supposed to be repaid in a single payment with your next paycheck, when you receive Social Security income, or when you receive a pension payment.

In the majority of cases, payday loans are issued for relatively small amounts, often $500 or less, with the average borrower getting a payday loan of around $375. In some cases, payday loans can be made for larger amounts.

To obtain a payday loan, borrowers are asked to write a personal check for the amount of debt, plus finance charges and fees. If the loan is not repaid on time, the lender will deposit the check to recover their funds. Some lenders may request authorization to electronically deduct the funds from your bank account instead of requiring you to provide a personal check.

Payday loans generally do not involve credit checks, and your ability to repay debt while continuing to pay your daily expenses is generally not considered part of the application process.

Who usually takes out a personal loan?

Payday loans are most often sought out by those with ongoing cash flow issues, as opposed to borrowers who find themselves facing a financial emergency. A study of payday loans conducted by Pew Charitable Trusts found that the vast majority of payday loan users, 69%, first took out this type of loan to cover recurring expenses such as utility bills. utilities, rent, mortgages, student loan payments or credit cards. invoices. Only 16% of borrowers use payday loans for unexpected expenses.

These types of loans are also widely used by people living in neighborhoods and communities that are underserved by traditional banks or by those who do not have a bank account with a major financial institution. There are approximately 23,000 payday lenders across the country, many of which are located in storefronts or operate online.

What are the risks of personal loans?

Due to the many risks associated with payday loans, they are often considered predatory loans.

For starters, payday loans often come with astronomical interest rates. Those who take out such loans have to pay between $10 and $30 for every $100 borrowed. A typical payday loan with a two-week repayment term and a fee of $15 per $100 equates to an APR of nearly 400%.

Many payday lenders also offer rollovers or renewals, which allow you to simply pay the cost of borrowing the money on the loan’s due date and extend the balance owing for a longer period. It can be a slippery slope that has borrowers quickly getting in over their heads with fees and interest piling up. According to the Consumer Financial Protection Bureau, borrowers default on up to one in five payday loans.

Further, since payday loans do not consider the full financial situation of the applicant, including their ability to meet other financial obligations and living expenses while repaying the payday loan, this type of loan often leaves borrowers in a vicious cycle of debt.

Are payday loans really worth it?

With their high interest rates and fees, a payday loan is rarely a good idea. The fees alone cost Americans $4 billion a year. Because the costs associated with these loans are so high, borrowers often struggle to repay them and take on more debt, so it’s a good idea to carefully consider your options before taking out a payday loan.

However, if you are in dire need or need cash quickly and you are absolutely certain that you can repay the loan with your next paycheck, a payday loan may be a good idea. These loans may also be worth considering if you have no other financial options or have poor credit and would not qualify for a traditional loan.

Alternatives to payday loans

Before taking on the significant financial risks associated with a payday loan, consider other alternatives that may be less expensive. Some of the options to consider include:

  • Personal loan: For those with good credit, a personal loan can be a safer and more cost-effective borrowing option. Plus, if you need cash fast, there are online lenders who can provide personal loan funds in as little as a day or two.
  • Borrowing money from family or friends: Payday loans should be a last resort. If you have family or friends who are willing to help you, it may be better to borrow money from loved ones than from a predatory lender.
  • Home Equity Loan: Tapping into the equity in your home will give you a much more competitive interest rate than a payday loan. Home equity loans are a popular way to access cash to consolidate debt or pay for other large or unexpected expenses. However, to access the equity in your home, you’ll need to meet certain requirements, including having a good credit score, a stable income, and a debt-to-equity ratio of 43% or less.
What to know before borrowing Tue, 25 Jan 2022 22:36:00 +0000
  • Payday loans usually come with very high interest rates and are often based on your income.
  • Personal loans are long-term installment loans that generally have lower rates than payday loans.
  • Payday loans are always a worse option than personal loans due to their high rates.
  • Read more stories from Personal Finance Insider.

Taking out a loan can be a useful way to pay for expenses that you might not otherwise be able to cover at the moment. You may want to borrow to cover medical bills, home renovations, or maybe even a vacation.

The most common forms of loans for quick cash are payday loans and personal loans, although one is a much better option than the other.

payday loan vs. Personal loan: In one look

  • A payday loan is a short-term, high-cost unsecured loan with principal as part of your next paycheck.
  • A personal loan is an unsecured long-term loan with higher minimum loan amounts and lower interest rates.
  • You can use either money pretty much however you like; other than that, they have few similarities.

Real Simple’s Money Confidential podcast host Stefanie O’Connell Rodriguez recommends avoiding payday loans whenever possible.

“It’s an option of last resort, like avoiding it at all costs,” says O’Connell Rodriguez. “If you’re considering something like, ‘OK, do I use a payday loan or a credit card or a personal loan,’ understanding that a payday loan is the option of last resort might help make that decision a little easier.”

What is a payday loan?

Payday loans are often for small amounts of money, usually $500 or less. They are designed for borrowers who are in need – perhaps you need money to cover an unexpected medical bill or a damaged item. Payday loans provide immediate funds, come with extremely high interest rates, and are generally based on your income, not your credit history.

“Payday loans come at a price,” says Kendall Clayborne, Certified Financial Planner at SoFi. “They can have interest rates over 600%. Such high interest rates, not to mention the other associated fees, can quickly lead to situations where you end up falling behind on the loan and have to borrow money. more and more to pay it comes back.”

Payday loans are never a better option than personal loans. They come with extremely high interest rates and are often predatory in nature.

“If someone asked me personally, I wouldn’t recommend a payday loan under any circumstances,” says Annie Yang, strategic financial advisor at Real Estate Bees.

You can get a payday loan by going to a physical lender or through an online lender. When you take out a payday loan, you often agree to authorize the lender to withdraw funds from your bank after your check has been deposited. The lender may request a signed check in order to receive the funds soon after your next paycheck.

what is a Personal loan?

With a personal loan, you ask to withdraw a specific amount of money. The lender will show you available offers based on financial factors such as your credit score, debt-to-equity ratio, and ability to repay the loan. You can use a personal loan for a variety of reasons, including home renovations, medical bills, and vacations.

“Personal loans come with a credit check to qualify, but will give you a longer term to pay them back,” says Clayborne. “Your repayment schedule can be less stressful, giving you the flexibility to pay over a few years rather than a few months. With a longer repayment term, your personal loan can be easier to manage than a payday loan. .”

Personal loans are always a better option than payday loans because they come with lower interest rates and the loan decision is based on your ability to repay.

Online lenders, banks and

credit unions

will give you money that you will repay over a fixed period, say a year or five years. Personal loans are almost always unsecured, meaning they don’t require collateral – like a house or car in the case of a mortgage or car loan – to be received. Most personal loans have fixed interest rates that remain the same for the life of the loan.

Whether you decide to take out a loan or not, O’Connell Rodriguez advised you not to judge yourself too harshly based on your financial situation.

“Have compassion for yourself,” O’Connell Rodriguez said. “Understand that where you are, if you’re in an emergency, if you’re in debt, if you’re in a really bad financial situation, it doesn’t say anything about who you are, it doesn’t say anything about what you’re capable of. of, or who you are. It doesn’t define your goodness or your dignity.”

Fullerton India, Paytm partner to provide instant loans to MSMEs Mon, 24 Jan 2022 08:33:03 +0000

Fullerton India and One97 Communications Limited, the parent company of Inasmuch asPaymentInasmuch as, have partnered to provide loan products to micro, small and medium-sized enterprises (MSMEs).

According to a press release, the initiative aims to specifically address the credit needs of MSMEs in small towns and villages to help them expand their businesses. It will offer Paytm Postpaid (buy now-pay later) to MSME consumers on the Paytm platform while utilizing Fullerton’s in-depth risk assessment capabilities and scale.

Commenting on the development, Bhavesh Gupta, CEO of Paytm Lending said, “We have seen great consumer and merchant adoption of lending products on our platform. We believe there is a huge opportunity to provide access to credit to traders in small towns and villages.”

Shantanu Mitra, CEO and Managing Director of Fullerton India, said, “At Fullerton India, we believe that buy now, pay later is the present and also in the future we will continue to offer tremendous opportunities. to drive exponential growth in digital lending across all customer segments. We understand the importance of timely and convenient credit facilities for merchants and small businesses at the time of business transactions and orders.”

Shantanu believes this partnership will appeal to a wider range of individual consumer, merchant and business owner customers by providing faster, transparent and more affordable financing with minimal documentation to meet their financial needs.

The instant personal loans will be disbursed through Paytm’s platform, and customers can repay the loans through the same platform.

]]> [COLUMN] Achieve Freedom by Eliminating Your Mountain of Debt — Sun, 23 Jan 2022 04:38:24 +0000

The TOUGH financial times caused by the pandemic are pushing consumers to the limit. Chargebacks and overdue credit card balances are on the rise again. Faced with layoffs and tough economic times, many people are turning to their credit card to pay for basic expenses such as food and housing. Many people dip into their credit card hoping it’s just a temporary fix “until things get better”. The bad news is that credit cards come with a hefty price tag – sky-high interest rates, not to mention late fees and overlimit fees.

Once the credit cards run out, some people resort to even more desperate measures just to make ends meet. Lately, I’ve seen a lot of people go so far as to get some of these so-called “payday” or “emergency” loans, which are ten to thirty times worse than credit cards! In most cases, interest rates on these loans can range from 390% to 900% APR if you continue to “roll over” the loan (i.e. ask for an extension of the payment term)! !! Can you believe that? I have seen clients have 2, 3 or sometimes more payday loans at the same time. No wonder these people are broke before payday even arrives! Loan sharks often prey on people who have bad credit and are already over-indebted.

If you’re struggling with debt, you may find it harder and harder to catch up each month. If some of your accounts have been turned over to collections, that’s even worse because it means you can be sued by your creditors at any time. Once they have obtained a judgment, creditors can then garnish your wages or debit your bank accounts. Some people are paralyzed with fear and do nothing, hoping that somehow, by ignoring their debt problems, creditors will just give up. Be real. You cannot ignore your debt problems. If you do nothing, you will realize one of these days that your inaction has only made your debt problems worse.

If you’ve done everything you can but nothing has worked so far, should you declare bankruptcy as a last resort? Bankruptcy can often be an option for many people who can no longer afford to pay their debts. In Chapter 7, credit card debt, personal loans, medical bills, and most types of unsecured debt can be erased. This means you can start over and rebuild your credit instead of having all of your outstanding debt reported to the credit bureaus each month. Your fresh start begins the day your bankruptcy case is filed and creditors can no longer collect from you. For the first time perhaps in a very long time, you can finally breathe and feel like a human again.

If you are able to pay a certain amount each month, you may also qualify for Chapter 13 debt consolidation to significantly lower your monthly payments. In most cases, credit card payments can be reduced to half (or even less) of what you are currently paying. You also pay 0% interest on your credit cards and can get out of debt for 3 to 5 years, depending on the length of your Chapter 13 plan. If you’re in foreclosure, Chapter 13 can also help save your home. and update your payments.

If you’re in debt and need to find the best solution for your situation, call toll-free 1-866-477-7772 to schedule a free consultation.

* * *

NOTE: Due to the COVID-19 pandemic, I am offering free consultations OVER THE PHONE to anyone who needs help dealing with their debt issues.

* * *

None of the information contained herein is intended to provide legal advice for any specific situation. Atti. Ray Bulaon has successfully helped over 5,000 clients get out of debt. For a free evaluation of your situation by an attorney, please call RJB Law Firms toll-free at 1-866-477-7772.

(advertising supplement)

Online loans via Ipass launch loan consolidation service Mon, 10 Jan 2022 23:47:19 +0000

Ipass Loans is a website dedicated to reducing the time and frustration of getting a short term loan, even if the borrower has bad credit references. The website contains links to a range of lenders who work with borrowers who may have difficulty securing a traditional loan.

Ipass Loans is pleased to announce that its updated website contains information on several types of short term loans. The website provides all types of online loans with minimal application time and rapid financing of the loan application. Depending on the time of day, there is even funding available on the same day. People who have been denied credit by traditional lenders will find Ipass’s services easy and convenient to use. Short-term loans include personal loans, payday loans, auto title loans, installment loans, cash advances, and loans for medical emergencies or other types of money-related emergencies. .

No matter how carefully a person budgets their income and expenses, urgent cash flow needs can arise. Examples include auto repairs, medical emergencies, and the like. Ipass helps match the specific needs of the borrower with the lender who can best meet those needs. The site brings together loans for people with poor credit and other short-term cash borrowing needs.

The loan amount depends on the type and particular circumstances of the borrower. As little as $ 100 or up to $ 5,000 are available from different lenders. There are types of loans that don’t require collateral or co-signers, and many loans don’t go through credit checks, making them especially attractive to people with disputed credit histories.

More information about the company is available at

An Ipass loan is convenient for several reasons. It is done entirely online. There is no need to take time off work or school. There is no need to leave home or office. Approval is quick, often within minutes. The customer service team is courteous and knowledgeable, able to answer questions accurately. The site contains all the information necessary to understand and apply for the type of loan best suited to the borrower’s needs.

About the Site:

Ipass Loans offers payday loans and other types of loans to borrowers with credit problems. Because the application is submitted online, the whole process can be simplified and shortened. Lenders mainly work with these borrowers so the application process is simplified.

Media contact
Company Name: Ipass loans
Contact: Orville L. Bennett
E-mail: Send an email
Call: (+1) 369-258-147
Address:2711 N Haskell Ave # 1800
City: Dallas
State: TX 75204
Country: United States

Dhaka Bank to Launch AI-Based Instant Loans Mon, 10 Jan 2022 18:00:00 +0000

Dhaka Bank will soon be able to disburse small-scale personal loans within two hours of submitting the request by clients.

As such, an account holder of the private lender will be able to contract between 10,000 Tk and 3 lakh Tk without producing any paper documents.

For all the latest news, follow the Daily Star’s Google News channel.

Dhaka Bank yesterday signed an agreement with CASHe Alliance Ltd to manage technological support for the deployment of the new product.

Emranul Huq, chief executive of the bank, said the lender will start disbursing loans in this way from next month on a pilot basis.

The pilot program will run until May, after which all bank customers will be able to take advantage of the service.

Payroll accounts kept with the bank will initially be eligible for loans, Huq said.

About 60,000 payroll accounts are now maintained with the bank.

Under the payroll account system, clients receive wages from their employers directly through a bank.

Customers will not be required to provide collateral to secure the loans.

Instead, Dhaka Bank will examine the credit status of loan applicants by checking their report from the central bank’s credit bureau.

The lender will disburse the loan using artificial intelligence (AI) technology, which will verify customer behavior through their social media accounts.

In addition, the AI ​​will analyze the types of smartphones and applications used by customers.

This will help the lender to know the attitude and suitability of his clients.

“We will be able to identify the right clients to make loans efficiently throughout the process,” Huq said.

The loan sanction and disbursement process will be completed within two hours, he added.

A dedicated mobile application has already been prepared and credit applicants will have to download it with their smartphone.

The new initiative will help clients reduce the time it takes to manage their funds, as people currently have to wait at least five to seven days to get a personal loan.

In addition, customers will no longer need to visit bank branches to manage small loans.

However, customers must submit national ID information and upload their photo with the app, Huq said.

Apply for an instant loan from Fintechs? Here are the key points to consider Tue, 30 Nov 2021 13:00:00 +0000


New age fintechs are taking advantage of digital lending and making the process of getting loans faster and more convenient than traditional banks. They offer customized products to meet the demands of the borrowers. Instant Loan is one such product that a customer resorts to in an emergency.

Instant loans can be used as a personal loan from traditional banks or financial technology companies.

Previously, processing a personal loan from a bank was time consuming. However, with the advent of online banking or mobile apps, customers can now avail instant loans at a faster rate.

On the other hand, private banks offer pre-approved loans to some of their existing customers with good credit history. Any customer with a working bank account and a fixed income can apply for an instant loan. In most cases, loans require regular KYC documents and the money is credited the same day.

Unlike risk-averse banks and NBFCs, digital lenders offer financing to New-to-Credit (NTC) borrowers. As the process is digitized, it requires less or little physical paperwork.

“The growing affinity of borrowers towards fintech for personal loans can be attributed to their distinctive characteristics, made possible by technology,” said Madhusudan Ekambaram, co-founder of the Fintech Association for Consumer Empowerment. Express Financial.

Here are some key points to consider when getting an instant loan from a fintech

  • New age loan platforms offer instant loans from Rs 15,000 to Rs 10 lakh.
  • The interest rates for instant loans vary among lenders and depend on the credit rating of the customer. Some fintechs allow customers with an outstanding personal loan to instantly top up the existing amount.
  • While traditional banking setups charge for partial or prepayment, borrowers at fintech companies have the option of choosing no partial fees or prepayment.
  • Before offering a loan, digital lenders assess a borrower’s creditworthiness based on their credit history, employment history, income level, and repayment capacity.
  • Some fintech lenders use efficient underwriting algorithms to assess a borrower’s credit rating and repayment history in order to provide immediate loan approvals.
  • The borrower should provide documents like PAN card, Aadhaar card, pay slips and bank statement for loan processing. With a digital lender, the borrower can upload these documents online through a website or mobile app.
  • Fintech Lenders Leverage e-KYC for Borrowers to Get Digital Signatures on Loan Agreements
  • A borrower should read the terms and conditions and fees before digitally signing an instant loan agreement online.
  • Digital lenders use multiple sources to verify the accuracy of borrower details. It is therefore essential to provide precise information to benefit from the loan.
  • [ad_2]