A well-known digital wallet app, Google Pay enables users to manage their accounts, send and receive payments, and handle their money. Google Pay has been able to offer loans to its customers since it joined the lending sector in recent years through relationships with several banks and financial institutions.
How do Google Pay loans work?
Loans are not offered directly via Google Pay. As an intermediary between the user and the loan partner, it does the opposite. Your loan application is forwarded to the lending partner for evaluation when you apply for one using Google Pay. The lending partner will transfer the funds immediately to your bank account if your application is accepted.
What types of loans are available through Google Pay?
A range of loan products, including as business, education, and personal loans, are available through Google Pay. Your eligibility and the lending partners who are operating in your area will determine the precise loan packages that you can choose from.
How to apply for a loan through Google Pay?
To apply for a loan through Google Pay, follow these steps:
- Open the Google Pay app and tap on the “Money” section.
- Tap on “Loans”.
- In the “Offers” tab, you will see a list of pre-approved loan offers.
- Select the loan offer that you want to avail.
- Review the loan terms and conditions.
- If you agree to the terms and conditions, tap on “Accept and apply”.
- Enter your personal information and bank details.
- Submit your loan application.
The lending partner will make a decision on your loan application within a few days of it being filed.
Benefits of getting a loan through Google Pay ?
There are a number of benefits to getting a loan through Google Pay, including:
Convenience: You don’t need to visit a bank or other financial institution to apply for a loan; you can do it right from the Google Pay app.
Speed: Applying for a loan is a simple and fast procedure, and you may usually receive a decision in a few days.
Transparency: Before you apply, you can be sure of what you are getting into since Google Pay is open and honest about the loan terms and circumstances.
Option: Since Google Pay has partnerships with several lenders, you are able to evaluate loan offers and select the one that best suits your requirements.
Things to keep in mind when applying for a Google Pay loan ?
There are a few things to consider before applying for a Google Pay loan:
Eligibility: Before submitting an application, confirm that you satisfy the requirements since each lending partner has different requirements.
Loan terms and conditions: Although Google Pay makes clear what the terms and conditions are, it’s still advisable to thoroughly read them before applying. This include being aware of the interest rate, the repayment plan, and any other costs that could be incurred.
Comparing loan offers from several lending partners is crucial before selecting one. This is known as comparison shopping. You’ll be able to obtain the greatest terms and interest rate by doing this.
How much money can I borrow through Google Pay Loan?
Your eligibility and the loan partner you select will determine how much you may borrow using Google Pay. But the majority of lending partners provide loans in the ₹1,000–₹500,000 range.