July 15, 2024

Reasons To Use Instant Loan Apps in Case of Financial Requirements

India is slowly and steadily changing along with evolving practices, mindsets, and habits. For instance, today, availing a loan is not considered taboo. Young Indians avail loans through various modes like private sector banks, public sector banks or instant loan apps like Kreditbee, Nira, Cashe, MoneyTap, etc. Loans are availed to meet distinct purposes like studying overseas, renovating your homes, funding holidays, buying a 4-wheeler, etc. To meet this increasing demand, many businesses have started to provide instant loans on online platforms to fuel the passion and dreams of ambitious individuals of today. 

The Indian loan apps have slowly become popular owing to the various advantages they provide – customised repayment plans, a simple application process, cheap credit, and a 24 X 7 tracking facility. Multiple instant loan applications in India today provide a paperless, quick, and stress-free way to get quick fund access to make you attain your financial needs with ease. 

So, why you must use a loan app?

Personal loan applications offer an instant way to apply for credit options, anywhere at any time. Before this era of loan apps, one of the major challenges was approaching a financial institution to obtain considerable info first and then approaching again to apply for the loan. However, with online apps, not just can you know about the loan options and deals on offer, but you can even apply for an online loan instantly from the convenience of your home. Apart from this, you can even monitor the application’s progress. Of course, you will even be able to find details once the loan is approved. Basically, the major advantages of using a loan app are as follows – 

Instant approval 

Online lenders will enlighten you instantly or quickly if your loan application is approved, how much are you allowed to borrow and how can you repay the same. Many traditional banks are distinct i.e., you might be able to finish the application online, however, it might take a while to get the answer. This is because someone might require reviewing your request and you might even require visiting the branch in-person for thorough verification. 

Better interest – You always pay to the shop around you and online lenders often levy less as compared to the traditional financial institution. The money lending applications offer a lower rate of interest and lower service fees if any. Online lenders do not hold similar overheads as credit unions and banks with local branches and they even do not witness the same regulatory expenses. So, this means you can repay a lesser amount. 

Simpler approval – Over the years, banks have grown restive. If you hold a good credit score and history, it is simpler to avail a loan. And in case you still are looking to form a credit score, or you have been through some really difficult times currently concerned with borrowings, you may not get any benefits from the financial institution. Online digital lenders may still approve your loan application even if you hold a lower score. However, to compensate their credit risk, they tend to charge a higher interest rate. 

Saves time – In the scenario of conventional banks, to avail a loan approval, you might require to constantly check the procedure and wait for a few days. However, with the instant online lending application, the approval procedure is easy and quick, thus saving effort, time, and money. 

Unsecured loans – Many online credit options are unsecured, meaning you do not need to pledge any security or collateral to get approval. This makes the process of borrowing way safer and more convenient. If you do not make repayment of an unsecured loan, your score may drop but your security or assets for sure will not get repossessed and you may not witness any foreclosure. 

Zero physical documentation – When you look to borrow through an online loan application, you can do away with approaching the bank or other office. You can simply upload the required documents to get a loan-on-loan app or site. 

Stress-free application – Many reputable institutions, banks and companies provide instant credit options in a time-efficient and hassle-free application procedure. For instance, Kreditbee offers instant loans with a simple application. You just require downloading the app or visit the Kreditbee site, login in, and upload the documents and your loan may get approved. You may get notified when your request for a loan is processed. 

All-time accessibility – Online loan applications provide a feature of accessing the loan proceeds at any time. You just require to download the app from the Apple store or Google store and place the application for a loan at any time of the day. Through this process, you can get instant access to funds at any time. 

Convenience – You do not require visiting a financial institution anymore and wait for hours for loan approval. With quick and easy-to-use loan apps, which are compatible with all electronic devices, you can get approval for a loan conveniently from the comfort of your home. You just require downloading the digital loan app, say Kreditbee and placing an application for a loan, which roughly takes any effort or time. 

Flexible end use – Next important advantage of opting for a loan from online loan apps is you can use the funds for your business or personal requirements. You do not require specifying a reason for availing a loan. You can simply use the funds of the instant loan for purchasing a property or spending the money on any exigencies like if there is any healthcare-linked exigency. You do not have to provide any reason to the lender for availing a loan. 

Direct transfer to bank account – Often, even post availing a loan approval, the procedure of getting your loan proceeds transferred to you can take considerable time and may appear complex. However, this is not the scenario with online loan applications that provide the option of direct transfer.  

Small ticket loans – Instant loan applications provide an instant personal loan that ranges anywhere between Rs 5,000 and Rs 20 lakh. You can get an instant loan too according to your loan eligibility and requirement for instant loan applications. So, you do not require to fret the next time you look to take up a small ticket loan as you are aware of the fact that how advantageous is it to avail a loan through an online loan application

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