CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: Personal loans are one-size-fits-all types of loans that borrowers can use for any purpose. Borrowers can rely on an instant loan for medical expenses or for a family holiday, as per their needs, as there is no end-use restriction. However, there are a few terms and conditions that make getting this multiple-purpose loan difficult: a high credit score criteria.

Why Does Credit Score Matter?

When giving out unsecured loans like a personal loan, lenders bear a risk. In case the borrower is unable to repay loan EMIs on time, or worse, they cannot pay back at all, lenders may lose their money. To avoid such situations, they check if the borrower is capable of repaying based on their past financial records.

Running a credit check helps them do that, giving them a complete overview of the applicant’s credit history. Therefore, it’s crucial that borrowers ensure that they have a good record and high score when applying for a loan. Most quick loan apps require scores over 700 to consider borrowers’ applications.

As the score reaches closer to 900, it becomes easier to get approval. What’s more, a high score makes the borrower eligible for better loan offers as well. This includes:

Higher loan amount

Lower interest rate

Longer tenure

Ability to negotiate for favourable terms

Pre-approved offers and more

Why Choose the OneScore App?

Be it checking the credit score or improving it, the OneScore app gives users the reign to their creditworthiness. Here are some ways consumers can ensure quick approval and a smooth application process for future loans through OneScore.

Lifetime-free Credit Score

Most bureaus allow one free annual credit score check, which is not enough to assess creditworthiness for the whole year. Borrowers must check their scores periodically to ensure they are eligible to apply for loans or credit cards. OneScore gives users this flexibility, allowing them to generate a free report anytime without any membership fee.

Simply entering their PAN Card details one time allows users to check their CIBIL and Experian scores in just a few taps. This helps not only save time but also helps them see updated results frequently. This is a smart way to keep track of credit score and maintain it without a guessing game.

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