Instant loan apps: Know the best features of digital lending platforms

Instant loan apps provide access to funds quickly

One of the best features of an instant loan app is that they disburse the loan within hours or even minutes. This is unlike availing traditional loans from banks, which may take many days to get disbursed and can delay your course of action in the process. Instant loan apps are speedy and help you get your money in time, which may be beneficial in cases of emergencies. They can be a lifesaver if you are in need of urgent money due to medical emergencies, or if you are stuck somewhere while travelling alone. This can make a significant difference.

Instant loan apps approvals are quick

The approval process for instant loan apps is easy as the speed needs to be taken care of by the loan company. You do not need to visit any bank or go through a long process to get your loans approved. You may need to do a basic KYC and the loan will be approved within minutes. This helps you get access to your funds in a matter of hours or even minutes. An easy approval process saves you from stress in case of emergencies, including medical, when you are likely to be under stress already.

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Application process is easy

Instant loan apps available today make your application process easy, unlike those in traditional banks. The application process is usually straightforward and user-friendly. You can just apply for a loan from your smartphone without visiting the bank to submit forms or documents. Usually instant loan apps require you to give out basic information including your name, bank account number and the details of your income. You can directly upload your address and identity proof documents to complete the KYC process.

Instant loan apps provide flexible loan amounts

Instant loan apps give you the option to take different amounts of loans and thus allow you to customise the loan amount and tenure as per your needs. You can take the loan based on your requirements at the time, and this makes it easier for you to apply for the loan. Most instant loan companies also give you the option of a flexible tenure, which also lets you pace out the repayment amounts.

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You need to provide minimal documentation

One of the most common problems that a borrower may face while applying for traditional loans is the amount of documents required for it to get approved. You need to provide income proofs, identity proof and a plethora of other documents. This can be cumbersome and takes a lot of time. With instant loan apps, this is not the case. You need to provide only basic KYC documents along with your income proof and PAN. The complete digital process makes the loan approval much easier and user-friendly. In most cases you receive the amount in your bank account instantly or within 1-2 hours.

No collateral required

In order to sanction a loan, many banks require the borrower to provide collateral. This can include property or any other valuable assets like the gold, whatever the bank may deem suitable. The requirement of collateral can be a major hassle in securing a loan, especially in urgent cases. A quick loan app, however, does not require you to pledge any asset as mortgage to the lender. Most of the lenders offer unsecured loans through the digital platforms based on the credit score and income of the borrower. Your credit history, credit score and income become the key factors for approval of the personal loan application.

Secure and user-friendly interface

Data security and privacy could be the major concerns for borrowers availing loans via digital lending platforms or instant loan apps. So, it’s always advisable to use the instant loan apps or websites of reputed banks and NBFCs.

The apps should also offer user-friendly features and provide an easy and convenient interface for a hassle-free experience. This helps borrowers easily navigate the loan application process and get all required information without missing out important details.

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Pre-approved loans on instant loan apps

Digital platforms like Moneycontrol offer their users with personal loan offers from its lending partners. You can apply for personal loans up to Rs. 15 lakhs, with repayment schedule spanning up to 60 months, through the Moneycontrol app and website.

Some instant loan apps also offer a pre-approved amount based on the credit score, income and credit history of the borrower. Users with better credit scores usually get loans of higher amounts. It further streamlines the process and saves time in getting the loan.

To Sum Up

Instant loan apps have become quite handy in applying for personal loans from multiple lenders. The instant loan app features also make it a completely hassle-free and seamless process. As the privacy and data security concerns still prevail with mushrooming digital lending apps, the borrowers must exercise due diligence while applying loans online.