The evolution of technology has made our lives easier than before. However, the transformations in the finance sector are remarkable. Today, the presence of plastic cash has made transactions smooth and secure. The ongoing concept of Buy Now- Pay Later has brought a revolution in the buyers' mindset.
During the initial days of credit card, you were required to pay yearly card charges, interest on EMIs. Today, multiple applications provide you instant cash for your personal & emergency expenses without filling a bunch of papers and waiting for its approval.
LazyPay App is one option that provides you instant personal loans for up to 1 Lakh with 100% digital and paperless documentation.
What is LazyPay Loan Application?
LazyPay is a PayU power mobile application that gives you access to instant credit following a few online steps. Every user has a different credit limit based on their credit score and history. You can login with your phone number and check the unique limit.
LazyPay has a 100% online platform that provides you with quick and hassle-free processing. Till now, they have disbursed more than 1 million loans every month. The convenience, pocket-friendly EMI, and other options make it good to try the application. Above all, their 100% paperless documentation is the USP that makes it a great option to take your emergency finances (if required).
Features of LazyPay App:
Eligibility for LazyPay Loan:
If you want to get an instant loan from LazyPay, you should first check your eligibility. The credit limit differs from one person to another.
Follow the steps give below to find your personalized credit limit:
LazyPay App Withdrawal Limit:
As mentioned earlier, every user has a different credit limit. Yet, LazyPay has a maximum and minimum credit limit that you must know before using this application and making purchases accordingly.
Minimum LazyPay Withdrawal Limit: From the LazyPay app, you can withdraw a minimum of Rs. 10,000. Furthermore, if your credit limit is less, you can use it on one of the partner applications or use it for EMI purposes.
Maximum LazyPay Withdrawal Limit: The maximum limit of withdrawal from LazyPay is your credit limit. The credit limit differs based on your credit history, which varies for different users. However, you can instantly transfer your entire credit limit to your bank account.
LazyPay Wallet - Where You Can Use It?
LazyPay Personal Loans:
LazyPay offers personal loans to the users to handle their emergency expenses. With simple steps, you can submit your request. Interestingly, the LazyPay app gives you the option for instant approval, omitting the hassle of waiting for loan approval. Once approved, the loan amount will be credited to your bank account. Below are the steps to apply for LazyPay Personal Loan:
Shop with LazyPay on Merchant Partners:
With the LazyPay application, you can also shop across various merchant partners and convert your expenses into monthly EMI. LazyPay has tie up with multiple merchant partners that include the following.
The list of LazyPay isn't limited to the above-given names. Instead, many other names were added in the recent past. You can click here to know the entire list of LazyPay merchants.
What are the Positives of Using LazyPay?
What are the Negatives of Using LazyPay?
18% Interest Rate: The Personal loan at LazyPay is available at an interest rate of 18%, which is at a higher end. Many banks nowadays offer you an instant personal loan at lower interest rates based on your credit history and reputation with the banks.
NOTE: In the early days of January 2021, Google removed LazyPay as it violates the RBI guidelines. Like LazyPay, a few other money-lending apps were taken down from the Google Playstore.
Frequently Asked Questions About LazyPay:
Q: What if you want to extend your repayment date?
A: You can easily extend your repayment via mobile application. However, if you face a technical issue when extending your repayment date, it's better to connect with customer care.
Q: What bank bounce charges are applicable in LazyPay?
A: Firstly, it's essential to ensure your bank has sufficient funds to ensure the EMI doesn't bounce. This is because you have already linked your bank account to LazyPay.
However, if your account doesn't have enough funds and your auto-debit is unsuccessful, LazyPay pays a file for the failed attempt. In such a case, you are liable for bounce charges of Rs.300 per billing cycle.
Q: Who is eligible to take a Personal loan from LazyPay?
A: Interestingly, most of you are purely eligible to take advantage of the LazyPay app. Still, you qualify the below-listed criteria to get approval for the personal loan.
Q: What documents are required for a LazyPay loan?
A: With LazyPay, you can get a loan of up to Rs 5 lakh. A few documents are required before you apply for a hassle-free, paperless personal loan. Below are the documents required from your end.
Documents Required For Address Proof:
For Photo ID proof, you need to submit the front and back side of your Aadhar Card.
Q: Are interest rates negotiable?
A: Multiple factors are considered to find the right and best-suited interest rate for you. Remember, the interest rate varies based on your credit score, tenure of loan, and loan amount.
Everyone wants to surprise them, but sometimes they fall short of funds to meet their needs. Here comes the use of LazyPay that gives you the instant loan facility without heavy paperwork. With the detailed review given above, you can decide whether LazyPay suits you or not.
At last, it’s entirely your decision whether you should try the LazyPay app or not. The LazyPay app offers exciting features alongside instant personal loans with no paperwork and attractive interest rates.
LazyPay is really an amazing option to get a personal loan in case of emergency. What makes LazyPay unique is its affordable interest rate. Its interesting to know that many other alternatives offer personal loan starting at 12% which makes it a big challenge for LazyPay. Furthermore, its 100% paperless process makes it good over its alternatives. However, with growing competition, multiple personal loan apps are available with exciting features. So, if you want to get a personal loan from LazyPay, it's highly recommended to maintain a good credit score to get a high credit limit with a low-interest rate.