List of Loan / Pay Later Accounts on your Credit Report

This was posted by me on FinTalks Facebook Group on 25th August 2020.

Here’s a list of Loan Accounts that you might find on your Credit Report:

  • Amazon Pay Later: CapFloat Financial Services / IDFC First Bank Ltd. / Karur Vysya Bank.

  • Flipkart Pay Later: IDFC First Bank Ltd.

  • PayTM Postpaid Lite: Clix Finance India Pvt. Ltd.

  • PayTM Postpaid Delite: Aditya Birla Finance Ltd.

  • OlaMoney Postpaid: Aditya Birla Finance Ltd.

  • Mobikwik: IDFC First Bank Ltd.

  • CRED Stash: IDFC First Bank Ltd.

  • LazyPay: PayU Finance.

  • Simpl: ICICI Bank.

  • MPockket: Jalan Chemical Industries Pvt Ltd.

  • Postpe: SBM Bank.

  • Bharatpe: Hindon Mercantile.

  • ZestMoney: InCred / DMI Finance / Nahar

  • Slice:

  1. DMI Finance Private Limited
  2. Quadrillion Finance Private Limited
  3. Fairassets Technologies India Private Limited
  4. Aphelion Finance Private Limited
  5. Northern Arc Capital Limited
  6. Vivriti Capital Private Limited
  • Freecharge Pay Later - Axis Bank.

  • UniCard - NDXP (Northern Arc, DMI Finance, Liquiloans, Lendbox)

  • StashFin - AKARACAPL.

  • MoneyView - WHIZDM Finance.

  • Red Carpet - DMI Finance.

  • SI Creva Capital - Kissht

  • Branch International - Branch

If your actual limit provided is lesser than the loan amount, you may formally reach out to the respective financial institutions and ask them to display the correct limits.

However, keep in mind that having a high limit is actually helpful, as it keeps your overall credit utilization ratio low.

If you have any other loan accounts, do let me know. I will verify and add them to the thread.

Thank you for reading. Don’t forget to join our FinTalks Facebook Group & FinTalks Telegram Channel for regular updates on banking and finance.

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Q: I noticed unknown loan entries on my CIBIL Report. I haven’t taken any loans. What are they? How to close them?

Ans: Unknown entries on your CIBIL (or Experian or any other credit bureau) may be surprising to you, however, in most cases, it is NOT a thing of worry. Let me explain.

Broadly speaking, there are 2 types of ‘Credit Lines’:

  1. Credit Cards.
  2. Loans.

Credit cards are self-explanatory. However, anything that is NOT a credit card, falls under the ‘Loan’ category. This includes instant loans, and the BNPL category (Buy Now Pay Later).

What is the difference between traditional loans and BNPL?

Traditional loans may include education loans, house loans, car loans, etc. These mainly fall under the secured loans category, since they usually have collaterals. You are charged interest on these loans from Day 1 of the loan sanctioned until you pay it back fully.

BNPLs are credit lines that offer you an upfront loan amount, however, you are not charged any interest if you don’t utilize it. Even if you utilize it, if you pay it back BEFORE bill generation (and in some cases, after bill generation but BEFORE the due date), you won’t be charged any extra fees. These are unsecured loans.

These include Buy Now Pay Later services such as Amazon Pay Later, Flipkart Pay Later, PayTM Postpaid, OlaMoney PostPaid, etc.

Coming back to your query, most likely, the chances are that you have opened a BNPL account, which is showing up as a loan. You must check this post to know the List of Pay Later Accounts that may show up on your Credit Report.

Are these Loans on my Credit Report affecting my Credit Score? Should I close them?

Ans: There are different factors that cumulatively contribute towards a credit score, so it is hard to explain. However, I will give a general idea of what can be inferred as a ‘positive’, ‘neutral’, or ‘negative’ factor towards calculating your ‘Credit Score’.

  • If you use BNPL services every month and pay back on time: Positive.
  • If you just keep your BNPL services open and don’t use them at all: Neutral.
  • If you use BNPL services and don’t pay back on time: Negative.

So, my general recommendation will be this: If you are using them, fine. If you are not using them, you can still keep them active, since they are not contributing to your credit score negatively.

BNPLs can strengthen your overall credit profile with time as they increase your credit age. They also can maintain a ‘balance’ between ‘Credit Card’ type and ‘Loan’ type Credit Entries on your credit profile, which is considered good practice in general. (compared to a situation where you have 100% credit cards and 0% loans)

How do I close my Unknown Loan / BNPL entries on my Credit Profile?

I have already written detailed posts for permanently closing the most popular Pay Later Accounts. Follow the links:

Thank you for reading. Don’t forget to join our FinTalks Facebook Group & FinTalks Telegram Channel for regular updates on banking and finance.

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Didn’t found any threads for questions so asking here, what BNPL service you recommend for first time user? My civil report is not yet generated. This will be my introduction to these things, any service which doesn’t ask for contacts permission for verification would be great.

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Hello Huan. Firstly welcome to FinTalks Forum. The safest BNPL are Amazon Pay Later, Flipkart Pay Later, OlaMoney Postpaid. These 3 started their services much before and they don’t ask for contacts. Thank you.

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My CIBIL Report is showing a Loan " Arthimapct Business Loan Unsecured"
I can’t determine which pay later app is this from.
Please help.