For every middle-class family, especially the millennial age group, has more requirements during the end of the month, to clear the bills, to make payments that come up suddenly, and that’s when most would resort to the dreaded credit cards that become more of a burden, thanks to how many charges are incurred for that certain payment and in case the payment of the credit card bill is not paid on time, it makes the users opt for the EMI payments or get slapped with late fee that is adding to the overall burden.
The millennial age group doesn’t realise this initially but after a few repeated similar payments, they understand this is hurting not just their pockets, but every late payment or a missed payment hurts the credit score, restricting them from getting credit loans in the future. The problem lies not only with the credit card companies for charging high fees, but it is the negligence and carelessness of the users who feel this is the only solution to their problem right now, when there actually are easier and better ways of paying back the pending charges.
Not being able to pay the credit card bills or any pending payments has long-term problems, including the change in plans for the future in terms of business, where you have to tie down your hands knowing how you could be getting into more debts and have to rely on these heavy-charge credit companies. That’s where instant lending platforms have taken a good credit in being a viable solution. Paysense is one such platform that has been doing that exact job of lending quick loans irrespective of the credit score of the user.
Paysense is a technology and data science company that has been focusing on offering loans to people, in the range of Rs. 5000 to Rs. 200000, which is the range that usually most of the people with short-term payments end up requiring. Compared to the traditional credit card companies or even the banks that offer loans, Paysense has quite a lot of advantages.
To begin with, the banks don’t offer loans to users who have a short-term requirement, as basic as paying their tuition fee, medical care, travel plans, credit card bills, or even paying rents when they are short of cash for some time. Paysense basically won’t stress on the need for the loan, and is open to offer the loan on the short-term basis knowing it could be one of the hundreds of smaller reasons that can help the user avoid falling into the traps of credit card dues and charges.
Paysense is not looking at the big-ticket loans such as housing loans or even business loans, since that is taken care of banks, have years of involvement of both the parties. And of course, that requires a whole lot of documentation, proofing, commitment, and trust. On the other side, the small-ticket requirement is what is being targeted by the company here, since that is not entertained by the larger banks.
Being digital in this space, right from the first step to the last, from the entering of details to the document submission and receiving the loan amount, is all digital. There is no physical visit made by the lender, and it makes it all hassle-free, and users would not just save their time but also the embarrassment of tying themselves to larger commitments with multiple documentation with lender company officials walking in to assess and then offer the loans.
Another advantage that Paysense has over the regular loan companies is that here, credit history is not playing a role. It provides quick loans to even the ones who have zero credit history. The quick loan disbursement is available for the higher amount requirement and it is all hassle-free as you won’t have to roam around figuring out about the documentation, as there is a minimal requirement for that.
Paysene has a guide to make you understand whether it is good to pay the credit card debt with a personal loan, which you can read to understand why it is actually a good option.
How you get a loan from Paysense is a simple process, that includes signing up with the details, checking the eligibility for the loan to find out how much loan you can get, choosing the EMI form to select which EMI plan is best for you to repay the loan back, upload the documents, and then get the money in your bank account. There is no hidden fees as what you are shown on the EMI plans is what you are going to pay in the end. The other advantage that the user will have is the repeated loans, as this is a one-time documentation and once you are all set and good, you can request for loans in the future with no repeating of the document upload and verification.
Right now, Paysense is present in over 30 Indian cities and the company is working with IndiaInfoLine as the regulated lending partner, and there is scope for expansion to more cities across the country. To get a loan, you have to download the Paysense app from the Android Play Store, and you are then needed to create the account and proceed with the further steps. The same can be done on the company’s website as well.
For larger loan requirements, the options are limited and you would still have to go with the traditional banking solutions, but for the short-term and lesser amount ones, it is a solution like Paysense that would save your time, save your money, and also from big hassles.
Note: This is a sponsored story.