Who doesn’t need extra money, whether in the form of savings or a personal loan! If you know to manage the funds correctly, nothing can stop you from achieving your goals. Nowadays, most people do all monetary transactions online. Hence, it is necessary to be cautious about maintaining a good credit score. Taking a personal loan doesn’t affect your credit score; it gets affected when you do not pay the EMIs on time. No doubt, there is always a grace period to pay the instalments, ensure you pay the EMIs timely and pay off the loan completely. Otherwise, delay or negligence in loan repayment can adversely affect your credit score.
On the other hand, making timely online personal loan payment will boost up your overall credit history. Not only personal loan, but any other loans can also hurt your credit score if the payment is delayed and inconsistent. Any delayed payment can hit your credit score badly. Your credit score may fluctuate as per your payment behaviour.
When Can a Personal Loan Affect your Credit Score?
A unsecured personal loan debited via credit cards or borrowed from a financial institution can affect your credit score in many ways. It all depends on your lender. Here are the factors affecting your credit score:
How Can You Improve your Credit History by Availing Personal Loan?
Manage your financial image, whether opting for a home loan, personal loan or any other credit. Timely loan payments are essential to maintain a stable credit score.
An instant personal loan taken for debt consolidation can reduce credit utilization and improve your credit history. Another significant feature of an instant personal loan includes the automated repayment facility. There is no scope of delay or missing the EMI as the amount will be auto-debited from your account on a set date.
If you are looking for a personal loan in Bhubaneswar, you can easily apply for one through various online platforms. Download HeroFinCorp, the latest instant personal loan app introduced by a recognized financial firm in India, HeroFinCorp! Avail instant loan ranging from 50,000 to 1.5 lakh and increase your credit score. The app is easy to use and approves loan with paperless documentation.
Therefore, before applying for a personal loan or any other loans, check credit score and maintain a good repayment history.
Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.