There are certain tasks we associate with fatigue; getting a bank loan is one of those. One usually finds it to be a lengthy and tough process. This makes personal loan agent feel like a blessing in disguise. From afar, Bank personal loan DSA (Direct Selling Agent) looks like the easier option. No-doubt a DSA personal loan is short-cut to fast personal loan. But the new age tech-enabled consumer lending platforms can provide you instant personal loans. Given this new-age financial platform, not many people dig deeper to find if the bank loan agents are still a good option or not.
How to Evaluate Whether DSA Personal Loan is Anymore the Need of the Hour?
Weighing in the pros and con of utilizing the services of a bank personal loan DSA is a good way to find out.
Pros of Bank Personal Loan DSA:
1. A Personal Loan Agent Will Cut Down Visit to the Branch
Well not really, you would still need to go to the branch for few formalities before the disbursal.
2. No need to fill long forms in a DSA Personal Loan
Umm, yes about that. You still need to ensure all the details are correct, provide documents etc. You just don’t need to fill it in.
Cons of Personal Loan Agent:
1. Lack of transparency Outweighs the Benefits of Fast Personal Loan
For any bank personal loan DSA, it is just a product they are selling. A good salesman is capable of selling a bad product in attractive packaging. This means that the DSA personal loan might not be as feature rich as promised. In fact, the reality might come out to be fairly different than what the personal loan agent initially informed you.
Unlike Credifiable, an online consumer lending platform, that gives total transparency. In a matter of minutes, you get vital information such as interest rates, terms and conditions etc. No surprises later on.
2. Instant Personal Loans Come with No Hidden Charges. But a DSA Personal Loan May Not
Banks or non-banking financial institutes do not charge any fee upfront. However, a personal loan agent often makes up fictitious charges for petty cash.
Online lending platform, Credifiable has automated entire loan application process. Upload your scanned documents, fill a short form and Voila. Here’re your instant personal loans. No hidden charges applicable.
3. Instant Personal Loans Maintain Data Integrity
A bank or a financial institute has security measures in place to ensure the safety of sensitive data. But with a personal loan agent, however, your sensitive data passes on into unknown hands.
Getting convenient & fast personal loan is important. But why should you compromise on data security when you have access to fully safe & secure instant personal loans.
4. Spoiling your records for nothing with Personal Loan Agent
It is not commonplace to know about CIBIL ratings. Your score might not reflect your financial health at all. For a Bank personal loan DSA, it is a two-way product. They are just personal loan agents who get a commission. They submit your proposal to multiple banks hoping for results. This results in those many credit checks which pull down your score. A low score can lead to rejection of application.
Such risk does not play a part when applying on Credifiable. More factors beyond your CIBIL score form a part of the process such as education, employment etc.
5. Fast Personal Loan guarantee is subject to terms and conditions
The first one being, there is no clear guarantee at all. It’s the bank or the NBFC which will make the final decision. They have no authority to grant you a loan, let alone a fast personal loan. Moreover, they have very little or no idea what the final terms and conditions would be.
The list has spoken. Cons outweigh the pros. What to do when you need instant personal loans? Try Credifiable instead. Credifiable is a new age tech-enabled consumer lending platform. Simple 3 step online process to getting a feature rich, fast personal loan at competitive interest rates. Get disbursal without ever leaving your house!