Your phone can help you get a loan instantly

Lenders are using apps to gather detailed information about you to fasten the loan process

A good credit score is still an important criterion for you to get a loan. But lenders don’t rely solely on your credit history any more. Many non-banking financial companies (NBFCs) have started looking at your social media profile and other parameters to decide whether or not a loan should be sanctioned to you. It also helps them effectively evaluate those borrowers who do not have a credit history, such as youngsters who have entered the job market recently.

Tata Capital is the latest to enter the alternative credit evaluation fray with is mobile app “myLoan”. Its chief operating officer