Why You Should Use An Online Loan App For Your Finance Requirements

Updated on: 10 April 2023

Published on: 26 December 2019

India is changing, along with evolving mindsets, practices, and habits. For example, today, taking a loan is no longer a taboo. Young Indians take a loan for a variety of purposes— such as studying overseas, financing holidays, renovating their homes, buying a car, and also for their weddings! To fulfil this growing demand, many organizations have begun to offer instant loans online to fuel the dreams of the ambitious people of today.

Online loan apps in India are slowly becoming popular due to the many benefits they offer – customized repayment plans, cheap credit, simple application methods, and 24X7 tracking. Multiple instant loan apps in India today offer a quick, paperless, and trouble-free way to get quick access to funds to make a dream come true during a financial emergency.

So, why should you use an online loan app? 

Personal loan apps provide a quick way to apply for loans, anywhere, anytime. Before this era of apps, one of the biggest challenges remained visiting a bank to obtain relevant information first, and then visiting again to apply for the loan. However, with online loan apps, not only can you know all about the loans on offer, but you can also apply for an online loan instantaneously from the comfort of your home. 

Besides, you can also monitor the progress of your application. Of course, you will also be able to view the details once the loan has been approved.

On a high level, here are some of the biggest benefits of using an instant loan app:

• Quick approval: Online lenders will tell you more or less instantly if your loan is approved or not, how much you can borrow, and how your repayments will be structured. Many traditional banks are different: you may be able to complete an application online, but it may take a while to get an answer (someone may need to review the request, and you may even need to visit a branch in person).
• Better rates: You always pay to shop around, and online lenders often charge less than traditional financial institutions. Money lending apps provide lower interest rates and lower service charges (if any). Online lenders do not have the same overheads as bank and credit unions with local branches, and they do not face the same regulatory costs. In the end, that means you can pay less.
• Easier approval: Over the years, banks and credit unions have grown skittish. If you have great credit, it’s easy to get a loan. And if you are still building credit or you’ve been through some tough times recently, you won’t get any benefits from a poor CIBIL score. Online lenders are more likely to accept lower credit scores and use “alternative” details to determine your creditworthiness (such as transactions for services and even social network data).
• Saves time: In the case of traditional banks, to get your loan approved, you may need to constantly monitor the process and wait for days. But with instant online money lending apps, the application and approval process is quick and easy, thus saving time, effort and money.
• Unsecured loans: Many online loans are unsecured, which means that you are not pledging collateral to help get approved. This makes borrowing safer. If you do not repay an unsecured loan, your credit scores will drop, but your assets will not be repossessed, and you will not face foreclosure.

The bottom line

With several personal loan apps in the market, the options for quick cash loans are available in a wide range. An internet search and a quick comparison among India’s various online loan apps for fast online cash loans brings up a multitude of options. For a borrower, there’s never been a better time for access to credit.