Personal loans are life-savers in diverse scenarios, as many people will agree. However, you need not run around from pillar to post, looking for loans at bank branches. It is now the era of small loans online, with digital lending having carved its place in the lending market. Any customer can now check out and download a trustworthy loan app in India.

The entire loan application procedure is quite simple; the customer has to choose the desired amount and check the eligibility online. The next step is to upload a few documents. 

Digital loans come with faster processing and approvals than conventional personal loans while there is minimal paperwork alongside. It is perhaps the main benefit of availing loans online. Talking about personal loans, they are taken for diverse purposes, right from meeting medical emergencies to other sudden expenses, home renovations, travel costs, consumer appliance purchases, holidays, weddings, higher education and more. 

In this context, did you know that you can consolidate and streamline all unsecured debts with a personal loan? Read on to know more.

Why Debt Consolidation is Essential 

Here are some pointers that will come in handy: 

  • Unsecured debts (debts or loans not secured by credit/collateral) usually come at higher interest rates. 
  • At the same time, a higher percentage of unsecured loans in your portfolio can hamper your credit score. 
  • It is tough to manage multiple credit card payments and other small loans taken for various purposes. 
  • Repaying loans on multiple dates every month increases the risks of missing out on payments, defaults, subsequent penalties, and a lower credit score. 
  • You may also find it increasingly unaffordable to pay the entire amount due to the high interest.

How Digital Personal Loans Can Help

Taking a small personal loan from say an online loan app like PaySense will help you clear off all existing debts with gusto. Here are some benefits of using these personal loans for debt consolidation. 

  • Instead of repaying multiple credit cards and other loans, you will now have to pay a single unsecured loan. 
  • Reducing the unsecured loan percentage will boost your credit score.
  • If your loan comes at a lower interest rate than your credit card dues, then it will help you save some money every month. 
  • You do not have to worry about making payments on multiple dates every month. A single payment option makes it less likely that you will miss a repayment date or default. It will naturally keep your credit score intact while helping you avoid penalties. 
  • You do not have to go through extensive paperwork and other procedures for applying. 
  • You only need to download the app, update your information, fill up the application details and upload your documents. You can check eligibility online before applying. 
  • The loan application is processed quickly with swift disbursals of the loan amount too. 
  • You can also take advantage of affordable and convenient EMI plans, which are much easier to manage than repaying multiple and mounting credit card dues. 

Why should you choose PaySense? 

PaySense makes the most sense for consolidating debt with a quick and easy personal loan. Being one of the leading loan apps, it offers the following benefits to all customers: 

  • Swift personal loans from INR. 5,000 and up to INR 5 lakh. 
  • Quick online eligibility checker. 
  • Partnerships with reputed Indian NBFCs. Some leading names include IDFC First Bank, Fullerton, IIFL, PayUFinance, Credit Saison India, and many more. 
  • Loans are processed swiftly, with quick approval and disbursal mechanisms. 
  • You can apply with your digital signature on the app. 
  • Completely paperless documentation. 
  • Affordable and convenient EMIs. You can also choose timely reminders and auto-debit facilities if you wish.
  • One-time documentation, meaning that you can get another loan with only one click in the future. 
  • Loans are available even for those without any credit history. 
  • Three-step loan process- 
  1. Enter all the details and check eligibility. 
  2. KYC and document uploads along with digital signatures. 
  3. After approvals come within two working hours, you get the money transferred swiftly to your account. 
  • Easy online EMI calculator
  • Comfortable eligibility guidelines, i.e. those earning INR 18,000 (salaried) or INR 20,000 (self-employed), may apply if they are between 21-60 years of age. 
  • Loan availability in 180+ Indian cities, along with more than 4,000 pin codes.  
  • Only Identity (Selfie + PAN Card), Address (Aadhar/Voter ID/Driving License/Passport) and Income (Last three months’ bank statements or net banking statement) documents are needed. 
  • Conveniently designed and user-friendly PaySense Android App for loan applications. 

As you can see, streamlining all your unsecured debt will help you save money and avoid credit score hassles in the long run. 

Kiran Pathak

Kiran loves writing about fintech, banking, insurance, healthcare, wellness, travel, lifestyle, and parenting. By day, she is juggling strategy calls and meetings with clients that compelling content is the only way forward and in her spare time, she is raising awareness about the evils of plastic or backpacking with her husband and 2 sons.

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