Even if you pick up scenarios from a decade ago, applying for personal loans through mobile was never an option. Instead, you had to go through daunting banking procedures that included elaborate KYC paperwork.
With time the lenders realised how technology could exponentially grow their business prospects. Thus, they took a step forward in making their customers’ lives easier. Standing today, you will be considered wiser than your peers if you already have a reliable personal loan app installed on your phone. Continue reading if you want to know why it is so.
8 benefits of storing an instant loan app on your device
Finalising personal loan deals from your chosen lender is now a matter of a few minutes. More importantly, when you already have a loan app installed, you can experience the following advantages:
- Fast credit approvals
Earlier, when technology was not this advanced as it is today, availing of a personal loan used to be a long-drawn process. First, you had to call the bank officials of your nearest branch. Then, you were asked to visit their branch at a predetermined time and fill up a list of documents. After all these engagements, actual transference used to take place in almost a week. But now, all you have to do is take a few taps on your device by logging into an app to secure on-the-spot loan approval.
- No need to enter personal details
Any personal loan app these days collects the user’s data while they register for the first time. After this instance, all future loan applications get placed easily without requiring the resubmission of those basic details.
The app manufacturer’s server securely captures all its customers’ sensitive information and follows a strict set of guidelines. These regulations ensure the usage of all the stored information only upon receiving permission from the respective account owner.
Furthermore, you can easily submit the required documentation through these apps. You can now simply scan and upload the papers, and the server will keep them stored for future usage.
- Highly affordable interest rates
There is a misconception in the market that pocket-sized loans come with hefty interest rates. While using an instant loan offering the app regularly, you start receiving loan suggestions that precisely meet your needs. Furthermore, the interest rates seem to be more likely to fit within your monthly budget. All these happen by virtue of filters that allow you to minutely categorise deals out of plenty of available options in the market. So, you get a better deal every time you apply for a loan.
- Seamless loan management
Everything gets displayed in a single place, starting from the remaining EMIs to the mandatory pending papers. This compact manifestation of credit status simplifies the management of multiple loans from a single account.
- Auto repayment mode
Personal loan apps now come with much-requested autopay options, which ensure that borrowers never default on their EMI payments. To enable this mode, you just need to navigate to the appropriate option within the loan app and activate the option. After allowing auto debit payments from a selected bank account, loan repayment becomes hassle-free. Also, your credit score never takes a dip.
- Flexible repayment terms
Today borrowers prefer taking personal loans from mobile apps instead of directly communicating with a lending institution’s agent. You can also try doing the same to craft a deal that won’t make you uncomfortable over the years. Flexible repayment not only means tenure as per your convenience but also involves the date selection on which you wish EMIs to be debited from your bank account.
- Real-time loan calculator
EMI calculators are now default additions to personal loan app interfaces. With its help, you can adjust each parameter like the tenure, principal and desirable interest to analyse what will be best for your needs.
Things to Remember While Starting Off a Personal Loan Application
Here are the three main things you must be doing while using a new instant loan app:
- Cautiously go through their terms of service
It is essential to assimilate the app’s data handling methods and usage policies. Missing this step may lead to problems later on if any security measures are found to be breached.
- Run security enforcing app in the background
If there are any malicious activities detected in your personal loan app, reputable security software will give off indications. At that moment, you can immediately block the app’s access to your personal information and close your account.
- Notice the URL
Unauthorised access to a secured payment gateway gets indicated when a URL appears with no “https://” prefix. If you witness this thing, terminate the transaction immediately.
The online loan application process has transformed the way financial institutions function nowadays. With everything at your fingertip, you can get the funds without stepping out of your house. Having said that, it is wise to read through the loan terms before applying to avoid facing any issues during repayment and have a pleasant borrowing experience.