Nowadays it’s easier to get funds from banks and NBFC (Non-Banking Financial Companies). If you’re availing a personal loan from a bank, credit score and credit history plays an essential role in determining the applicant’s eligibility. It may be difficult to get a Can you get a Personal Loan with no credit score?
You may have a health insurance policy that offers you timely healthcare services when you face an hour of a medical emergency. At that time you may face financial issues regarding paying medical bills and all. In such a situation, you either go for your savings or you will borrow funds to handle the medical expenses.
What if in such a situation, you want funds but your credit score is bad? How is the bank going to approve your loan application? Well, the lenders have emerged with new methods to permits individuals with no credit to access funding.
Innovations in the money-related industry aren’t only helping people but the lenders as they can explore potential markets as well that haven’ been tapped yet. It can assist lenders in boosting their profitability and developing their market share. Check out these ways of evaluating one’s creditworthiness. know Can you get a Personal Loan with no credit score?
Mobile phone usage: A person’s creditworthiness can be determined by putting the spotlight on his or her phone usage. A person’s phone usage like the number of texts and calls he/she received can help to figure the economic activity of that person.
Questionnaires: One more way of evaluating creditworthiness is via questionnaires. Questionnaires made to evaluate a person’s financial and borrowing habits.
Social media: The presence of a person’s social media is examined to a person’s credit score. Social media presence grips the social network of users and posts on several social media platforms for example on Linkedin, Twitter, and Facebook etc.
Companies do not gather and check such data without prior approval from the person because security concerns are there and getting that data without permission is equal to penetrating someone’s security or privacy. Access to funding can bring change with the method the loan providers determine the creditworthiness of a person.