You will find plenty of personal loan agents, who may often call you and offer personal loan. They usually try to convince you that they can get your loan approved and particularly if you are in desperate situation then they may promise you moon. However, your loan will be approved only by the lender and these personal loan agents have no role in it. These agents are only meant to bring customers to the banks or loan providers. They can also help you to prepare your documentations and nothing beyond this.
Following are few reasons for not relying on the personal loan agents in case you are trying to obtain loans from CaptainCash or any other loan provider:
- Most of the personal loan agents lack full information
These loan agents are hired by various financial Companies to promote their product so that they can bring more customers for their company. They have very little knowledge about various terms and conditions of the loan providers and quite many of them are not aware about interest rates too.
Therefore, in order to convince you if they make any promise which is not believable, then don’t take their word too seriously. Nowadays you can get all details about various loan providers online and you must verify all information from there instead of trusting on their false assurances.
- Personal loan agents can only forward your application on your behalf
In no way, these personal agents can help you to sanction your loan. All that they can do is forward your loan application and get credit from the loan provider. You will not be benefitted in any way by taking their help.
- Your CIBL score may be negatively affected
If you send your loan application through any of these personal loan agents then they may submit your applications to a number of loan providers with whom they are affiliated with. In such case, many providers will make enquiry about your credit score that can impact you negatively and your chances of loan approval will reduce.
- Loan agents may demand certain fee
Few loan agents may demand certain fees in order to assure your loan approval. However, even after paying this amount, you cannot be sure whether your loan will be really approved.
- Risk of identity theft
When you trust any personal loan agents then you need to share many of your personal details that can be misused by these agents.
Therefore, you should not trust too much on these personal loan agents.