Information dissemination is the key I would say with LoanSimple. My whole loan performance is available on mobile app. Plus I do not have to leave work in order to bother about my repayments
Jatinder Pal Singh is one of those individuals who had started working as early as 15. “It is just for this reason I realized very soon in my life that money can only be made with money”, he says. Frustrated with his job at a commercial battery production house where had gained enough experience at a young age to run his show on a smaller scale, he started retail of household inverter batteries with the help of his family. “My business has very long credit cycle as we must run it on sale on approval basis and approval generally comes at a month’s time or even longer at times. It doesn’t mean that I must stop stocking my inventory or stop taking new orders and that is where my major credit requirement lies”, say Jatinder. Running a business with frequent credit requirements in order to cover for the working capital expenses, he adds that “the traditional banking parlance doesn’t approve of my business and considers it as a risky business.
My house being on my father’s name adds additional hurdles to procuring credit”, he further adds. Jatinder faced a huge loss due to a theft in the house and was in urgent need of funds to clear his dues before the insurance claims arrived.
Learning about LoanSimple from a friend, he put in an application with all his legitimate documents and proofs, Jatinder’s loan was sanctioned within just 4 days of filling the application. Using these initial funds to set off his losses, Jatinder has been given a top-up to which he has utilised to add new product brands to his offerings. “Information dissemination is the key I would say with LoanSimple. My whole loan performance is available on mobile app. Plus I do not have to leave work in order to bother about my repayments”, he concludes.See Other Stories