Why Do You need a Reverse Auction at Gullakh.com?

Currently a Loan seeker faces the following major issues:-

  1. Hassle of carrying the loan documents, across various banks and getting sanctions. One also doesn’t know upfront if the bank is interested to lend to his profile. This results in a lot of wasted effort and time. Additionally, each bank may require a different set of documents increasing the work for the Loan seeker.
  2. Each time one applies to a Bank, the Bank does a Credit check with the Credit Bureau which negatively impacts the credit score. By the time one has reached the fourth or the fifth bank there are 4 credit inquiries on the credit report, bunched together. This is a big red flag for the Bank. One may still get the loan, but the Rate of Interest may go higher, or the Loan Amount may be lower, or Tenure may be shorter or a combination of these. In short, one ends up getting a deal worse than what one started with. Loan search, in this case, ended up doing more damage than good.
  3. In case one decides to use a Loan Agent. These are lowly-paid, barely qualified staff which ends up handling your highly sensitive financial information and Identity papers. The attrition amongst this segment is very high and the controls in the industry are very poor. So you can well imagine, your application lying in some corner, doing rounds in the market, available to whoever is interested. Additionally, Loan agents have incentives to push certain products which may not be the best options for the borrower.

Reverse Auction at Gullakh.com Solves it for You:-

  1. We collect information and prepare your loan application and digitally match with the Banks. Credit filters are applied in real-time to ensure the banks for which the application doesn’t qualify is eliminated. Its one single application, visible to all eligible banks.
  2. We do a credit inquiry on your behalf, which is a Soft Enquiry and doesn’t impact your Credit score. This Credit score is available to all lenders to assess your creditworthiness and make offers. You get a Free Copy of Credit Report too. Banks then bid for your business and you end up choosing the best offer as per your needs. All this without breaking a sweat.
  3. We have highly secure AWS systems and servers, where your information is stored under encryption. We don’t share your contact details till you choose the lender saving you the terror of spam, marketing calls.

What We Do