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Why a Personal Line of Credit Is the Most Attractive Option for Millennials in the 21st Century

Earlier, Gen X used to apply for a personal loan to tick off their needs. Whether it is funding children’s education, buying a car, or making a down payment to buy a house; for every need, a personal loan was a mainstream financial option. Right now, Gen X are close to their retirement, and the millennials are coming of age.

Personal loans are still prevailing, but there are many other lending options available right now. Modern-day lenders, especially, fintech’s have come up with innovative loan products customising to the needs of millennials. Of all the lenders, Vivifi India stands apart as a lender that addresses the pain points of Indians and provides them with credit, right when needed.
Many fintech lenders are relying on traditional products with newer & easier means of enrollment, their loan offering is also limited to the customer groups while the under-served & unserved have been left out, and are unable to access even reasonable credit. Vivifi India understands the position of the poor, lower middle class, and middle-class Indians and hence reimagined sachet-sized loans by building India’s only open-ended revolving line of credit product with India’s only scan now & pay later technology for the under-served or unserved customers.

Vivifi is India’s only fintech NBFC that is offering a line of credit and gives the customer the independence to use their credit anywhere in India and at any time. Customers also have the flexibility to choose their repayment terms.

“Vivifi India would want to offer credit to over 300 million Indians who are deprived of formal institutional credit, through its loan offering product, with no prejudices and only based on the customer’s ability to repay”, said Anil Pinapala, Founder & CEO, Vivifi India Finance Private Limited.

The company through its unique value proposition is addressing the many pain points of customers:

  • Facilitating access to credit for the deserving yet under-served & unserved customers.
  • Providing a flexible repayment option to repay at their convenience.
  • Considering other factors beyond the credit report to expand credit based on repayment & intent history.
  • For the first time in India, Vivifi has opened the possibility of access to formal credit and a true digital credit card experience to Indians who were outside the structured financial system. As more millennials and tech-savvy consumers enter the fray, this approach to making payments will offer the perfect, frictionless payment solution to suit these urbanized individuals.

Several reasons that make a Personal Line of Credit the best choice

  • Easy access to credit: Unlike banks, fintech lenders offer credit quickly, right when needed.
  • Minimal documentation: The documentation is minimal, and the documents requested can be uploaded online while applying for the loan.
  • Collateral-free loan: Customers can get an instant loan without having to provide collateral.
  • 100% online process: There isn’t a need to visit the lender’s physical location to complete the loan formalities. Right from applying for a loan to its disbursal, everything is completed online.
  • Flexible repayments: Most lenders offer a flexible repayment option so that customers can repay the loan in flexible payments every month.

If there is an urgent money need, a personal line of credit or an instant loan app are the most attractive options right now, when compared to a personal loan. Customers can get a cash advance on the same day from reputable lenders like FlexSalary. The funds in the line of credit can be drawn anywhere and at any time with interest and fees charged only when the money is utilized.