How to Get Personal Loan without Documents?

Personal Loans are Unsecured Loans against which no securities or sureties are required. These types of loans are known for their simple processing and fast disbursal rate. There have been many instances where banks and financial institutions have extended Personal Loans to the borrower within 24 hours.

The repayment period for Personal Loans range from one year to five years, according to the lenders’ policies and borrowers’ requirement. You can conveniently find flexible repayment options. For, most lenders decide about the loan amount, repayment period and interest rate taking various factors into consideration. These factors could be borrower’s previous credit history, income stability, expense patterns, savings history and other such things.

Normally, the entire process of credit appraisal, document vetting, checking on the credentials of the borrowers etc do take time and are done very carefully. Yet, it may not be possible for most borrowers to have all the documents required for availing such loans.

For such groups of customers, technology driven FinTech Platforms such as Money View Personal Loan is a one good choice. These app based loans are fast and processed without much documentation hassles.

Let’s find out if it is possible to get Personal Loans without documents?

In the normal scheme of things, Personal Loans are not entertained if the borrower fails to meet the basic requirements in terms of documentation, credit score, income stability and other such factors.

However, there are a few lenders who may be ready to offer credit at less stricter norms. For instance, Money View Personal Loan. The approval procedure with app based lenders is generally based on other factors such as your credit history, employment stability, qualifications etc. In case, you do not have the best of credit score, they might still insist on a good repayment track record.

Alternatively if you enjoy a reasonably good relationship with your bank, you may get a pre-approved offer wherein you need not present too many documents for a Personal Loan.

Tips that could help to get personal loans without documents

1. It works well with personal relationships. If you want Personal Loan without documents, you must try and build a good relationship with the bank, its branch manager and other officials. You must have exhibited good loyalty as far as financial and non-financial aspects are concerned. This could help build trust with the bank officials.

For example, if you have Savings Account in the same branch, your bank would be in a position to easily verify the monthly income that is being credited to the account. They already have a good idea about the cash flow position and the spending habits of the account. This helps the bank to take a decision based on information which is genuine and authentic.

2. Keep your payment track record good. It is quite possible that you could be using your bank account with the respective bank branch for paying off your monthly dues. This could include utility bills, energy bills, Credit Card bills and perhaps, even repayments of some existing loans. If the repayment track record is clean and unblemished, this is enough for you to be a good candidate for an instant personal loan.

3. Keep basic documents handy. Despite good relationship and clean repayment history, the lenders will insist on some basic documentation. This could include your identify proof, age proof, residential address proof, proof pertaining to your employment, business and so on. These documents should be easily available with you and should not take much of a time to handover to the lenders.

4. Most lenders would like to exercise caution when giving loans to borrowers with bad credit score. But, there are a few banks and financial institutions which are ready to take the risk. They would rather go by the financial strength of the borrower, the length of the bank account that he or she has with the bank, the quality and quantity of transactions and other such things. It would be pertinent to mention that there are a handful of lenders who might be willing to offer small personal loans without documents even to those whose credit score may be less than 600. They may insist on some type of collateral and most certainly, the interest rates will be much higher.

5. While normally banks and financial institutions are wary about giving Personal Loans without documents, there could be a few exceptions to the rule. For example, a borrower could have a Fixed Deposit against his name in a bank. He could avail Personal Loan against the same and this could help in building a good credit record over a period of time.