Your Questions, Answered

You get a diverse range of personal loan options with competitive interest rates. Our streamlined process ensures a fast and convenient application. Transparent terms, credit score improvement, expert guidance, and top-notch security make us the ideal platform for your borrowing needs.

Quid is a loan aggregator platform and marketplace that connects finance seekers with RBI-registered NBFCs and lending partners.

No, Quid follows a no-questions-asked policy. You need not disclose the purpose of the loan and are free to use it for any financial need.

You can get personal loans starting from Rs. 3,000 up to Rs.50 lakhs from 3 months to 5 years.

Processing fees may vary depending on the lender and the type of loan you choose. It's crucial to carefully review the terms and conditions of each loan offer to understand any associated fees. While some lenders may charge a processing fee, others may not.

Our platform provides transparency, and you will be informed about any applicable fees before finalizing your loan application. Additionally, remember that our loan aggregator services are free for users. We do not charge fees for using our platform to compare and access loan options.

Yes, you can prepay your loan as and when you want.

Each consumer wishing to borrow on the Quid portal will need to go through a verification and credit assessment process. The assessment is based on information collected from data sources like the credit bureaus. The above process is automated and happens within seconds. Hence, you can get an approval shortly after you submit your application.

The reason your application was rejected was that your credit profile did not match the criteria stipulated in the policy provided by the financial institution at the time. However, the institution might be able to approve your application at a later date, if by then your credit file has improved or there have been changes in the policy.

If you miss a payment or are unable to make a payment on time, it is crucial to communicate directly with your lender as soon as possible. The specific actions taken by the lender in case of missed payments vary and are outlined in the terms and conditions of the loan agreement. Typically, a missed payment may result in late fees or penalties.

It can also negatively impact your credit score. Lenders may have policies for addressing late payments, and it's essential to be aware of these terms before agreeing to a loan. Continued non-payment could lead to more severe consequences, such as legal action or debt collection procedures. Our platform encourages responsible borrowing.

An interest rate of a loan is defined as the percentage charged on the principal amount given by the lender to the borrower. The Annual Percentage Rate (APR) is a method of computing the annualized cost of credit, which includes both the interest rate and any processing fees associated with the loan. APR indicates the actual cost of borrowing money and is expressed as a percentage.

For example, if you apply for a Personal Loan of Rs. 1,00,000 with an interest rate of 12%, tenure of 12 months, and processing fee of Rs. 1000, the loan's APR is 14%. This means you will pay back Rs. 1,14,000 at the end of the contracted tenure.