What will you do if you get caught in an emergency and your bank balance is not enough to help you out? What if you want to fulfil a long-cherished dream but don’t want to exhaust your savings? How will you arrange the required funds? Getting a Personal Loan from a reliable lending institution can be the best option in such situations. These days, you can apply for a loan using an online loan app on your smartphone and get instant funds within minutes. In this article, you will learn what a lending app is and its key features and benefits.
What is a Personal Loan?
Personal Loans are flexible funding options with no usage restrictions. They require minimal documentation and have a speedy approval process to make borrowing more convenient for loan seekers. Also known as cash loans, quick loans, or instant loans, you can apply for one using an online loan app without visiting the lender’s branch office or filling out complicated forms. It saves the time and hassle for both lenders and borrowers.
Personal Loans are quickly gaining popularity among millennials due to no collateral requirements, rapid approvals and disbursals, simple eligibility conditions, and minimal documentation requirements. They can help you tackle your emergency needs or fulfil your dreams immediately.
What is an Instant Loan App?
An instant loan app is an online platform to obtain loans directly from lenders. You do not need to physically visit a lender’s branch office or hire an intermediary to process your application. It connects aspiring borrowers with lenders who provide instant loans to eligible applicants. In a nutshell, you can apply for a Personal Loan using a reputable small loan app and borrow the required money to cover your intended expenses.
Lending institutions create these apps to help borrowers apply for loans without physical or human interaction. You just need to download the loan app on your smartphone, register, and apply online. Using these apps, you can also handle other loan-related activities, such as comparing interest rates, choosing a repayment tenure, checking eligibility, checking the credit score, etc.
Features of the Best Small Loan App
Let’s look at the features of the best online loan app:
100% Digital Loan Procedure:
A mobile loan app brings the entire loan application process online, saving you from visiting the lender’s branch office, hiring an intermediary, or handling hefty paperwork.
Speed and Convenience:
Applying for a Personal Loan through a mobile app is extremely fast and convenient.
An efficient loan app allows you to submit the required documents by uploading their scanned copies via the app on a smartphone.
Most apps have loan eligibility calculators that help you check your eligibility without professional help. Simply enter your monthly income and financial obligations to know the loan amount you may qualify to obtain.
While most lending institutions offer flexible repayment terms for Personal Loans, their apps have online EMI calculators that help you calculate instalments for various loan terms. It helps plan the repayment better and lets you build your credit score.
No Usage Restrictions
Owners of most loan apps do not pose any usage restrictions on their Personal Loans. That means it’s entirely up to you to use the approved loan amount according to your requirements or desires.
The loan application process through a small loan app is quick and hassle-free. The instructions to apply are easy to follow, and anyone without any technical or financial knowledge can complete them. The extremely user-friendly interface of these apps makes the loan procedure flexible and straightforward.
Once your loan application through a mobile app gets approved, the lender sends a loan offer with details about your approved loan amount, interest rate, repayment terms, and other terms and conditions. After reading the loan offer carefully, if you accept, you will receive disbursal directly into your bank account.
Apart from applying for a loan, checking eligibility, and deciding upon a loan tenure, you can repay your EMIs using a loan app. Enter your bank details in the app to activate the e-mandate and automatically pay your EMIs each month.
Benefits of Using an Online Loan App
- You can apply for a loan using a mobile app from anywhere in the world from the comfort of your home or while working at the office.
- The details you enter in the loan app are completely private. That is because the application procedure does not involve human interaction, and reputed apps use advanced security measures to keep the information confidential.
- Any time barriers do not bind the application procedure. You can apply for a loan anytime, 24/7, irrespective of the lender’s working hours.
- The digital loan procedure through a mobile loan app takes just a few minutes to complete.
- Since multiple loan apps are available, you can compare and finalise a loan plan that best suits your needs.
- The interest rates are competitive, as they are customised according to your eligibility and repayment capacity.
- Most loan apps have minimal documentation requirements, and you can upload scanned copies of the necessary documents via the app.
- 100% digital procedures make loans available instantly, making them a dependable funding option for emergencies.
- You don’t need to pledge any assets as collateral to avail of a Personal Loan using these apps.
- Since you must register with the app using your KYC details, you can view your complete credit history and EMI repayments by logging in to your account.
- The app sends notifications whenever an EMI is due, making EMI management easier.
- After applying for a loan, you can check your application status using a reference number through the app.
- Most reputable loan apps have online support systems you can use to ask any queries or get assistance at any time.
To sum up, using an online loan app to apply for a Personal Loan saves borrowers significant time and effort. Simply download a reliable loan app on your smartphone and use its user-friendly interface to seek financial assistance 24/7.