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.
|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%
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.
If you are applying for a loan through the QuickCredit app for the first time, you will have to submit the following documents:
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 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:
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.
No, QuickCredit does not provide the facility to extend the loan tenure beyond 30 days.
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.
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.
There are no pre-closure charges or hidden costs associated with the loan.
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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