When in an emergency, you might need immediate help with your finances. Under such circumstances, availing a Personal Loan online can be a viable option for multiple reasons. To begin with, it is an unsecured assistance i.e you do not need any collateral to avail this loan. As there is not security taken against Personal Loan, its rate of interest is generally high. Also, it is readily available through lenders post easy verification. But applying for it through a bank can be tedious given to the lengthy process, stringent criteria for eligibility etc.
There has emerged a wide range of instant Personal Loan apps that have made the process of availing funds simpler and faster than the traditional banks. In today’s fast-moving world, rarely you may have time to follow up with banks, wait for the verification etc. Instant loan apps have made it very easy for individuals to apply for Personal Loan online by providing a single platform that caters to almost all the needs of their customers.
Below are the pros of applying for a Personal Loan online using instant loan apps –
1) Easy Process –
Personal loan apps have a much simpler process of applying for a loan than traditional banks. You can avail funds only in a few easy steps. The online loan apps eliminate the trouble that you may go through in banks – long queues, endless wait, stringent eligibility check, heaps of documents etc. With loan apps, there is no hassle at all.
2) Available anytime –
Banks are not open for you always. An instant personal loan app will always be on your phone for 24 x 7, 365 days. You can easily access your loan account information anytime, anywhere you want.
3) Online management –
You can check your loan application status, pay EMIs, and monitor your transactions and much more. An app is much more convenient and hassle-free. You can view your transactions, statements, know your outstanding dues and much more through the apps. Lenders like the Bajaj Finserv Personal Loan app offer easy online management of loan-related necessities.
4) Funding for all needs –
Different instant loan apps have a different limit of amount pre-defined up to which they approve loans to individuals. Some apps lend a lower amount of funds like Early Salary, Money Tap which lend up to 5 lakh & Kissht which only lends up to 1 lakh. There are big lender apps like the Bajaj Finserv Personal Loan app, or Tata Capital which can provide you with the financial assistance of up to 25 lakhs. Once you pass the eligibility check, you can instantly avail the desired amount & get it disbursed in your account in no time.
5) No security needed –
Instant Personal Loan apps have a very big benefit i.e they do not ask for collateral against the amount they lend. That is also one of the reasons why their interest rates are high. However, not having to pledge collateral makes it easier for applicants to avail funds in times of emergency.
6) No restriction on end-use –
Personal Loan is free from the restriction of end-use i.e you can use this loan amount for any purpose you want like Travel, Education, Marriage, Home renovation, Health emergency etc. The ability to use this loan for numerous purposes makes it convenient for the borrower to utilize the funds however she/he deems it fit.
Given the above benefits, instant personal loan apps come in very handy in times of need. They are easy to use and much more convenient. Unlike banks, they are avail all the year-round, including holidays & 24 x 7. It is also easier to get in touch with their customer service in case of escalations. Their entirely digitized process is transparent and offers you online KYC, facility application, & approval – all from the comfort of your home or anywhere you, please.