Personal loans redefined: choose carefully

If you want a personal loan, the first thing you are likely to do is approach the bank where you have a savings account. Since this is an unsecured loan and the bank needs to know your creditworthiness before disbursing the loan amount, the chances of an existing customer getting a personal loan are much higher than for a non-bank customer. However, with the emergence of financial technology (fintech) companies, personal loans, too, are getting redefined. Playing the instant gratification card, fintech companies and financial institutions are now offering products that are convenient and instantly available.

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