New Delhi, March 18 -- Fintech firms have in recent years transformed lending in India with fast, convenient, and largely unsecured loans to crores of borrowers. Leading fintech companies such as Paytm, Cred, MoneyTap among others charge different interest rates depending on the profile, credit score, history of repayment etc., of borrowers.

The below table gives a rough idea of the interest rate charged by some of these firms:

(Interest rates are indicative and may vary based on borrower profile and terms)

Now, such personal loans are easy to plan for the sudden liquidity need, still there are certain traps to be remembered while borrowing a loan from fintech organisations so that one does not get into financial issues. Below are five...