Arrowhead Loans

Just why is it difficult for First Time Borrowers getting a loan?

Posted by admin on April 24, 2020  /   Posted in Arrowhead Loans

In a 2014 report, RBI has made guidelines of not to ever reject loans to brand brand new or first-time borrowers. Nevertheless, many banking institutions and NBFCs are nevertheless maybe maybe not lending that is comfortable new borrowers. Very first time borrowers face an unique challenge in getting that loan much like minimum credit score available, it could be burdensome for credit agencies to determine a credit rating and lack of credit rating helps it be hard for banks to provide. This end up in a chicken and egg tale as getting financing without credit score is hard and developing a credit rating without that loan may possibly not be feasible.

Just how can banks choose to provide to borrowers that are new no credit rating?

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