Pre-approved loans: I checked all the terms at the airport

Sitting at the #Airport waiting for my flight, I got yet another call from a #bank offering an instant pre-approved #loan.
Since I started from my home well ahead of time to beat the #Bengaluru traffic, and I had a lot of time to spare, I decided to check all my emails, SMSes, and app notifications to see how much money the financial system was willing to trust me with.

The number was an 8-digit figure!

Some interesting findings:
• Almost every bank is willing to lend
• From e-commerce platforms to housing brokers to even parking apps, it seems everyone has entered the lending business, directly or indirectly!
• The smallest offer was around ₹40,000, while the largest was ₹12 lakh.
• One PSU bank offered a strangely precise amount ending with ₹470. I am still curious about that! Maybe their Risk Models are inspired by #Bata's pricing strategy 😄

Then an even more dangerous thought crossed my mind.
What if I applied for all these loans together?
After all, my credit score wouldn't immediately reflect the new borrowings.
I could become an 8-digit borrower before boarding the flight!
Maybe I should wait a few more years and let the eligibility become 9 digits, and plan to vanish abroad. 😄

That's when my phone rang, welcoming me back to reality.
"Sir, where are you? We are closing the boarding gates."

#MoneyMinusNoise
Today, almost every player out there is competing aggressively to lend.
Just because you are eligible for a loan doesn't mean you should take one.
Loan eligibility is not a measure of wealth. It's merely a measure of how much someone is willing to lend you.
The easiest money to borrow is often the hardest money to repay.

Have you ever added up all your pre-approved loan offers? Were you surprised by the number, or do you ignore them completely? Do share your experiences.

If you're navigating a #PersonalFinance, #taxation, #CreditCard, #loan, or #financialindependence decision and need a second opinion, feel free to send me a message.