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mPokket is a popular Indian fintech company offering instant personal loans through their mobile app. They cater specifically to students and young working professionals who might not have a credit history or may not qualify for traditional bank loans.
Key Features of mPokket Loans:
- Instant Loan Amounts: mPokket offers loans ranging from ₹500 to ₹30,000.
- Quick Approval Process: The application process is done entirely online through the app, and approval can be granted within minutes.
- Flexible Repayment: Borrowers can choose between a lump sum repayment or EMI (Equal Monthly Installment) options. Repayment can be done via UPI or debit card directly through the app.
- Minimal Documentation: Unlike traditional loans, mPokket requires minimal documentation for approval. You’ll typically need an Aadhaar card, PAN card, and address proof.
- No Credit History Needed: As mentioned earlier, mPokket doesn’t require a credit history for loan approval. This makes it a good option for those who are new to credit.
Benefits of Using mPokket:
- Fast access to cash: mPokket can be a lifesaver for unexpected expenses or short-term financial needs.
- Convenient and paperless: The entire process is done online through the app, making it quick and hassle-free.
- Build Credit History: By responsibly using and repaying mPokket loans on time, you can start building a positive credit history.
Things to Consider Before Using mPokket:
- Interest Rates: mPokket loans typically come with higher interest rates compared to traditional bank loans. Make sure you understand the interest rate and fees before borrowing.
- Repayment Burden: It’s important to only borrow what you can afford to repay on time. Missing loan payments can lead to additional fees and damage your credit score.
- Alternatives: Consider alternative options like credit cards or loans from friends or family before resorting to a high-interest loan.
Overall, mPokket can be a helpful tool for students and young professionals facing short-term financial needs. However, it’s crucial to be aware of the interest rates and fees involved and to borrow responsibly.
