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  • QuickCredit Loans

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  • QuickCredit is an online lending platform that offers quick cash loans to customers without the hassle of a collateral or excessive paperwork. The interest rate offered on a QuickCredit salary advance or instant cash loan is 1% per day. Loan amount can range from Rs.10,000 to Rs.1 lakh, and repayment tenure can go up to 30 days. Loans are disbursed within 1 hour to the salary account of the borrower.

    QuickCredit Loan Details

    Interest Rate 1% per day
    Loan Amount Rs.10,000 – Rs.1 lakh
    Loan Tenure Up to 30 days
    Processing Fees For tenure of 1 to 5 days: 0.3%
    For tenure of 6 to 10 days: 0.4%
    For tenure of 11 to 30 days: 0.5%

    How to Get an Instant Cash Loan from QuickCredit

    QuickCredit offers 100% unsecured loans to customers. The steps involved in getting an instant loan from the lender are as detailed below:

    Step 1 - Quick Registration

    The user can download the QuickCredit app on his/her mobile phone and register in a few minutes.

    Step 2 – Verification of User Details

    The verification can be done online, and is hence, 100% paperless. The lender offers fast cash loans to applicants in Delhi, Bengaluru, Hyderabad, Pune, and Chennai. Borrowers from other cities may also be considered based on the eligibility conditions.

    Step 3 - Cash Transfer

    Once the verification is complete, the lender immediately transfers the loan amount to the salary account of the borrower.

    Eligibility Criteria for QuickCredit Instant Loans

    • Individuals above the age of 21 years can apply for a salary advance loan or an instant cash loan through the QuickCredit app.
    • He/she should be an Indian citizen.
    • Loans are provided only to salaried or self-employed professionals.

    Documents Required for QuickCredit Instant Loan

    If you are applying for a loan through the QuickCredit app for the first time, you will have to submit the following documents:

    • ID proof – PAN card
    • Address proof – Aadhaar card, Driving License, Voter ID, or Passport
    • Latest salary slips
    • Statements of bank account for the preceding 6 months

    Loan Repayment - Pay for What You Use

    The borrower can repay the loan before the end of the loan tenure, i.e., 30 days. The interest rate and fees are calculated on a daily basis. This implies that repaying the loan at an earlier date is beneficial to the borrower. The faster he/she repays, the lesser will be the total interest and fees charged.

    The QuickCredit app is updated with the outstanding amount on a daily basis. Hence, the borrower is advised to check the outstanding amount and make repayments accordingly.

    Repayment of the loan can be done through net banking. The borrower is required to add QuickCredit as a payee and proceed with the transfer of funds.

    QuickCredit Memberships

    • All borrowers, after the initial registration, would be Standard Members. They can borrow up to a maximum of Rs.20,000.
    • Maintaining a good repayment history on the app can result in an upgrade to Classic membership. In this tier, the maximum amount that can be borrowed is Rs.30,000.
    • The next tier is Premium membership with a maximum borrowing limit of Rs.50,000. The repayment history and number of loans cleared determines whether a member can get Premium membership.

    Trust Rating

    QuickCredit assesses the trustworthiness of a borrower using a unique yardstick, referred to as the Trust Rating (TR). This includes the personal-professional credibility and social credibility of the borrower. The TR of the borrower is constantly updated based on his/her activity on the QuickCredit platform.

    The Trust Rating is determined based on the following:

    • Borrower’s identity
    • Personal profile
    • Employment details
    • Social profile

    The underwriting algorithm of the lender then predicts the financial ability of the borrower to make repayments. The personal intention to repay is also assessed.

    FAQs

    1. Can I extend my loan tenure?
    2. No, QuickCredit does not provide the facility to extend the loan tenure beyond 30 days.

    3. Is it possible to apply for multiple loans on the QuickCredit platform?
    4. Yes, this is possible. You can apply for loans till the “Current Eligibility Limit” is exhausted. You can check this limit from the home page of the app.

    5. What happens if I do not make the loan repayment on time?
    6. In case the borrower does not repay the loan on time, the lender will contact him/her through the registered mobile number or email ID. The lender may also use the social profile of the borrower and reach out to his/her contacts. Legal procedures would then be initiated to recover the funds. It should be noted that the recovery costs and loan arrears will add up to the borrower’s costs. The Trust Rating of the borrower will also be impacted, and he/she may never be able to borrow from QuickCredit again.

    7. Does the lender charge any pre-closure fees?
    8. There are no pre-closure charges or hidden costs associated with the loan.

    9. Why did QuickCredit reject my application?
    10. Your application may have been rejected due to incomplete profile as a result of incorrect or missing information. Your application may also have been rejected because your profile did not meet the eligibility criteria of the lender. You can always contact the lender if you need help in completing the profile.

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