Building a better credit history can lead to better credit products and terms in the future, says Yogi Sadana of Zype

livemint.com:

MintGenie, Sadana said that customers should try to build a better credit history which in the long term would be significantly advantageous to them to get better credit products and terms in the future. We have seen increased credit accessibility for customers due to the digital revolution we have seen in the lending ecosystem.

The digital lending space has led to more convenience for borrowers and increased inclusion for the underserved segment of users, especially customers who are new to credit or have shorter credit history that largely does not fit the lending criteria of traditional lenders. We have also seen a rise in credit products that are more personalised and tailored to the different needs of the customers.

Customers can benefit from this shift by now choosing products based on their needs and requirements by opting for tailored and personalised products that fit their needs instead of having to choose products that had a one-size-fits-all approach in the past. Customers should use these smartly to build better credit history which in the long term would be significantly advantageous to them to get better credit products and terms in the future.

The biggest advantage of the digital lending ecosystem that we are part of today allows the customer to compare credit products, tenures, and eligibility for higher amounts easily. This can help them choose a lender and credit product that suits their need and ability to repay without getting themselves into financially stressful situations.

Another advice for the customers would be for them to check the experiences that other customers and borrowers have had with lenders and loan apps before borrowing from them. This can easily be done by checking the Play