Why is Credit score so important?

We all have credit scores, just that we become aware of it while availing a loan. But, does having the credit score alone help you get the complete benefits of instant personal loans?

Before we understand why credit score is so important, do know that one the biggest loan aggregators in India. Buddy Loan disburses loans at lower interest rates starting at 11.99%p.a. Here is a quick chance for you to enhance the credit score with customized EMI options.

One could avail loans for multiple reason, pursuing education overseas, buying a new bike or car, surgical and medical expenses, consolidation of loans, home refurbishment, etc. Instant personal loans are far efficient and suitable in helping the borrower hone their credit score. Or sum the credit card bills and you still have to hold a good financial image for another card.

Characteristic of credit score.

Personal loans come in two formats, unsecured, the one that has no collateral and the secured, wherein you will have to pledge your asset. Both are programmed to enhance your credit score if you do not default any repayments. 

• For people who own a business to far difficult to fill in paychecks if the market is low. Hence, there is a higher chance of borrowing loans and thus is important to have a healthy credit score.

• Credit score boosts your identity and value through financial behavior. Thereby, getting you loans at lower interest rates and more.

• Buddy Loan also provides business loans with customized EMI options and minimal documents. You can borrow any amount from Rs. 1000 to Rs. 15,00,000 with a loan repayment tenure of 3 months to 5 years.

• Credit score has a way of turning your financial negligence to responsibility.

• Helps you ground your assets and disciplines you to grow it with time and consistency.

Auto loans need good credit score

Sometime vehicle might be a necessity even if the living expenses are hard to fetch. They are typically your car loans that will require your credit score. To qualify for the loan disbursal, the credit score will affect the amount you will receive, the interest you will have to pay over it.

Credit score also depends on the amount or the scale of loan you apply for and the typical repayment accordingly. Loan applicants whose credit score is higher can qualify the larger loan amounts with lower interests.

What is your superpower | Good credit? 

Starting from your utility bills to loan disbursals every thing requires credit checks. Job hiring, the management will check if you have good credit score. If you’re occupying a house for rent, the landlord would require your credit check.

Basically, your financial behavior matters a whole lot than your what your perception precedes on. Since, many aspects of our livelihood are affected by credit rating. It is essential to have good credit over bad credit at all times.

Keywords: instant personal loan, secured loan, unsecured loan, credit check, credit score, auto loan, car loan.