One mistake & your CIBIL score will go to hell..!?
CIBIL score is important for every person who has an account in a bank and has a credit card. It is important to note that only if the CIBIL score is high, you can get a loan from banks and if it is low, it will cause a huge problem. Therefore, credit card holders should take care to keep their CIBIL scores high. In this situation, awareness is being created that using a few applications can cause a huge drop in the CIBIL score. It is said that the CIBIL score will go to rock bottom if the loan is not paid back properly, especially through the so-called fintech apps.Taking loans from banks was a huge task during the lockdown, so many people used fintech apps to get loans online very easily. You can get a loan online instantly by filing a few documents from the comfort of your home. Due to technological development, these start-up fintech apps made it easy to get small loans instantly without huge documents. Fintech apps have also introduced various schemes to attract their customers and it is worth noting that the customers were initially given small amounts that could be paid back in a short period of time. Deduction of this amount from salary, interest-free or low-interest repayment in case of a short repayment period offered many benefits. It also extended the loan repayment period from 3 to 6 months as requested by a few customers. So people used to borrow and repay through fintech apps to meet their cash needs. Many customers trust this app and take loans because it is confirmed that there is no fraud in the fintech app like other online apps. While it used to be a big job to go to a bank and take a personal loan or another type of loan, small amounts of money were easily obtained through fintech applications without any major documents. As the number of people taking loans through fintech applications is increasing day by day, they are able to pay back the loan of those applications within the specified period. Awareness is also being created now that if repayment is not made, there is a possibility of a bigger problem.It is also said that if a loan is not paid back on time, especially after taking a loan on a fintech app, the CIBIL score will go to the underworld. It is said that taking a loan through a fintech app will immediately reflect on the CIBIL score and if not done properly it will affect the CIBIL score significantly. Therefore, it is advised to note down the due dates of the loan and pay it on time to keep the CIBIL score in good condition.But at the same time if you have a bad CIBIL score before using fintech apps then it is advised to take a small loan on fintech apps and pay it off properly which will help you recover your bad credit score.It is now being said that the number of people who have bought short-term loans through fintech apps a few times and paid them off correctly has increased their CIBIL scores. So it is important to note that if you use fintech apps correctly you may not lose your CIBIL score and you can recover a bad CIBIL score.