FAQs

Q) Can short-term loans be taken with a low credit rating?

This will depend on your lender. That said, certain lenders may offer short-term loans to individuals who have a low credit score, as well.

Q) Will I need to make arrangements for a guarantor to get my short-term loan approved?

This will differ from lender to lender. However, most likely, you will not need a guarantor for your loan application to be approved.

Q) Do I need to furnish a collateral or a security for my short-term loan application?

No, short-term loans are usually unsecured loans. Certain lenders, however, will offer you a lower interest rate if you provide a collateral or security at the time of taking the loan.

Q) How long can I take to repay a short-term loan?

A short-term loan needs to be typically repaid within 1 year. The repayment period will depend on your lender and the tenure that you choose.

Q) Can I extend my repayment due date?

You will need to repay the due amount within the date specified by your lender. Failure to do so may attract a penalty. Certain lenders, however, do offer a grace period for repayment of the EMI.