In today’s fast-paced world, where everything is available at our fingertips, financial services are no exception. With the advent of technology, online loan apps have become increasingly popular, providing quick and hassle-free access to credit. This article will discuss the five reasons why you should use an instant loan app for your next loan.
Reasons to Use an Instant Loan App
Traditional lending institutions failed to be inclusive as they had high application fees, strict eligibility criteria, and collateral requirements. This discouraged people in need of money to borrow from the formal economy, and they had to resort to exploitative informal channels like money lenders. Luckily with the digital and fintech revolution, everybody can access loan apps on their smartphones and avail of the following benefits:
Quick and Easy Application Process
One of the most significant advantages of using an instant loan app is the quick and easy application process. With just a few clicks, you can apply for credit and get instant approval, saving you time and effort. Moreover, most apps don’t charge any application fees, thus saving you money. The application process is entirely digital, and you can complete it from the comfort of your home or office.
No Collateral Required
The loan apps offer unsecured loans, which means that you do not need to provide any collateral to avail of the personal loan. This eliminates the need for maintaining time-consuming paperwork and saves you the hassle of providing collateral. As long as you meet the eligibility criteria and have a good credit score, you can easily avail of an instant loan without any collateral. These apps thus result in the financial inclusion of the underserved population which lacks assets.
The loan apps offer customised credit offers based on your requirements and repayment capacity. Advanced algorithms and data analysis tools are used to recommend the borrowers the most suitable loan product for them. You can choose the credit amount and tenure that best suits your needs and repayment capacity. Moreover, you can also opt for a flexible repayment schedule, making it easier for you to repay the credit amount.
Competitive Interest Rates
The instant loan apps offer competitive interest rates, making it easier for you to repay the loan amount. As these apps save money on physical infrastructure and human resources, they pass these savings to customers in the form of lower interest rates. Since the loan is unsecured, the interest rates may be slightly higher than secured loans, but they are still lower than credit card rates. Moreover, you can compare rates from different lenders and choose the one that offers the best rate and repayment terms.
Secure and Safe Transactions
Online loan apps use advanced encryption technologies to ensure that your personal and financial information is safe and secure. The app also provides real-time updates on your loan application status, allowing you to track your credit disbursal. Additionally, you can also opt for automatic credit repayments, ensuring that you do not miss any payment deadlines and incur additional charges.
Instant loan apps are an excellent option for those in need of quick financial assistance. However, before using such apps, it is important to check the lender’s reputation, read the terms and conditions carefully, and ensure that you have the means to repay the credit amount on time to avoid any additional charges or penalties.
True Balance is a leading fintech platform that allows borrowers to secure credit that is disbursed only by RBI-licensed NBFCs. Borrowers are thus assured of safety. It offers credit in the range of ₹5,000- ₹50,000 at an interest rate starting at 2.4% per month. Quick disbursement of loans within five minutes of approval makes it superior to other apps available in the market. You only need to follow a few simple steps, such as downloading the app, signing in, submitting documents, entering credit details, and submitting the application to avail of loans. Get the True Balance loan app now and enjoy a hassle-free means of borrowing loans!