Diligently monitoring your credit health is crucial for financial well-being, especially when you are looking to get a personal loan. While a loan app can make the task of getting funds easy, there are many steps involved before you send the application.
Enter OneScore, which comes with features that allow you to check your credit score and then apply for a loan in a more informed manner. This one app kills two birds with one stone – allowing you to improve your creditworthiness and get loan offers based on your needs and eligibility.
Learn how OneScore is a complete solution for monitoring and improving your credit as well as availing an instant personal loan.
Why is Running a Credit Score Check Important?
Your credit score is a reflection of your creditworthiness. It helps lenders decide if you are a good candidate for a loan or not. Having a high score is an indication that you are a responsible borrower.
Another reason lenders check your credit score is to decide your loan terms. When you maintain a good score, which is usually considered to be 730 and above, lenders consider you a low-risk borrower. Thus, you can get an instant loan at more competitive interest rates and for a longer tenure. This makes borrowing more flexible and affordable.
What to do if Your Score is Low?
Say you notice that your credit score is low (under 730). At this stage, applying for a loan can increase the risk of rejection. Therefore, the first thing to do is to understand the reason for it.
If you have missed any EMIs in the past, then your credit score will definitely take a hit. In that case, you need to ensure that you pay the future dues on time.
Another reason for a low credit score is multiple applications for credit (be it loans or credit cards). When you apply for a loan, lenders run a credit check (called a hard inquiry) with credit bureaus. This causes a temporary drop in your credit score. However, if you apply with multiple lenders at the same time, this has a significant impact on your credit score.
Therefore, it is important that you check all the eligibility criteria and requirements before applying to avoid getting rejected.
If there are any errors or unauthorised loans in your credit record, it may also lead to a lower credit score. This is why you need to keep an eye on your credit report and report any fraudulent loan accounts or errors in your credit report immediately.
How Onescore Simplifies the Process
To begin with, OneScore allows you to check your credit score for free across your lifetime. While most credit bureaus allow you to get your free credit report only once a year, there are no such restrictions on the OneScore Credit Score and Loan App. This allows you to track your score diligently without any upfront costs
However, maintaining a good score comes down to good credit habits. OneScore helps you in this regard by offering personalized insights with actionable tips that can help you increase your credit score.
In addition, you can check all your existing credit accounts in one place on this app. This helps you spot any fake or unauthorised loan accounts in your name. You then have the option to report them. You can raise a dispute directly on the OneScore app without any fees or charges. This helps take immediate action to boost your credit score.
Steps to Apply for a Loan on OneScore
A healthy credit score ensures that you are eligible for most lenders’ personal loans. In fact, once your score reaches 730, you can also make the most of OneScore’s Personal Loan facility. Through the app, you can get a personalized loan offer based on your credit score and financial standing. You can customize your loan offer to fit your budget for affordable borrowing.
Once you have a credit score of over 730, you can follow these steps to apply for a loan on the OneScore App.
- Check the Eligibility Criteria
Meet the following terms to get funds through the OneScore Loan App:
- You must be an Indian resident
- You must be minimum 21 and 65 years of age at the time of application
- You must have a good credit history and score of at least 730
- You must have a steady monthly income of at least ₹20,000
- You must have a valid PAN card and an Aadhaar card
- Check Your Credit Score
If you fit all the eligibility criteria, but are unsure of your credit score, you can check it on the OneScore app. Simply log in with your PAN and other personal details. After successfully logging in, you will get your latest CIBIL and Experian credit scores on the dashboard.
- Explore the Loan Terms
To check your instant loan offer, you can tap on the ‘Get Started’ button on the dashboard. After entering your monthly income, required loan amount and employment type, you will get your loan offer if you qualify.
- Complete KYC
If you find the loan offer fitting, you can proceed with the application by selecting a tenure, completing KYC, and providing your bank details. That’s it!
With the OneScore App, you can get up to ₹5 lakhs without any end-use restrictions. Moreover, the interest rates start at 12.5% p.a., and you can choose a tenure up to 48 months for comfortable repayment. Ready to apply? Download the OneScore App now and get started!