With the advent of digital technology, online lending portals are one rise in recent times. You can get paperless loans in minutes just by uploading your bank details and KYC documents. Getting a low interest loans from these private lenders are easy and flexible. The evaluation of creditworthiness is done based on your credit profile, income and repaying ability. However, if the interest rate is low, chances are higher that your loan tenure is less.
If you have a bad credit and unable to get a loan from banks, it is recommended you improve your credit score and apply for a loan in order to get favourable terms from the lender.. Once you have improved your credit score, you can become eligible for multiple loan offers from various lenders.