There was a time when getting a loan via the banks included a lot of hassle. The process was troublesome and lengthy. It required physical visits and a lot of paperwork. The personal loan industry has now changed in India. There are many instant loan app available online which provide personal loans to its users. These loan apps will give you an instant loan with minimum paperwork. The process is simple, and you don’t have to visit any bank or branch to avail the loan.
People get a personal loan on the instant loan app for various reasons like medical emergencies, unpaid bills, for travel expenses, for home or car repair expenses, to buy new assets, festival shopping, etc.
7 Benefits of having a personal loan app on your mobile:
Quick process: The process of application on the instant loan app is faster and quicker. One can get a loan on the same day of application. This is useful in emergency situations.
It saves time and efforts: Imagine you can apply for a loan sitting at home and not visiting any bank. Also, apps like CASHe are available online 24/7. This means you can apply for a loan at any given time. All you need is a smartphone and a working internet connection.
Safe and secure process: The entire process is private between you and the app. Your personal data is 100% secure with the app and no third party can access it. Personal loan app uses most advanced encryption technologies to ensure that your financial and personal information is safe.
Quick approval: The approval process is faster. The app verifies your details within a few hours and can approve or disapprove your loan. Online personal loan apps are faster than you can imagine.
No collaterals required: One of the benefits of personal loan apps is that it does require any collaterals. As these are unsecured loans, you don’t need to showcase asset ownership.
Personal loan for various reasons: Instant loan app lets you take a loan for various reasons. You don’t have to mention the reason to get a loan.
Eligibility: You can check your eligibility criteria on the app itself. It will tell you how much you can lend and the interest rates that will be charged.
How does it work?
There are many personal loan apps like CASHe which you can download from Google play store or Apple app store on your smartphone. You can register yourself on the app via your social media logins directly. Enter personal details like name, number, address, and bank account to complete your portfolio. You can then enter your required loan amount. It ranges from INR 5,000 to INR 2 lakhs. The duration of the loan can be 15, 30, 60 or 90 days. The instant loan app will then review your request. You can check your loan status on the app.
These loan apps are gaining popularity among young professionals because of the benefits they offer.