Our life is gradually becoming tech-savvy and let’s face it – we prefer to get most things done on our phone. Even financial services are now available on your phone through instant personal loan apps. The process of getting an instant cash advance in times of emergencies has been changed drastically in the past few years. With their growing online presence, instant loan apps have made it to the top of the list of preference when it comes to ease and convenience. The procedure for application & relationship management is very different and easy with online loan apps as compared to traditional banks.
There are some basic pre-requisites like having a desirable CIBIL score, fulfilment of eligibility criteria which generally includes age, salary or citizenship etc. Once these checks are passed, you can be sure of getting instant approval for your online personal loan. The online loan apps come in handy as they allow you to view and monitor all your loan-related information at anytime, anywhere even on holidays. Unlike banks, which are available for customers only in stipulated timings, apps are available 24 x 7. Hence, they are becoming more popular.
What is meant by instant loan apps?
There is a wide range of instant loan apps that have made the process of availing funds much simpler than the traditional banks. These mobile applications are developed in order to help individuals in the easy availability of financial assistance and tracking information related to it. In today’s world of speed, rarely anyone 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 a loan by providing a single platform that caters to almost all the needs of their customers. These apps are available for android as well as iOS phones. Although some lenders may not have an app. In this case, you may have to access their service through their website on google.
What are the steps to use the instant loan app?
Using instant personal loan apps is very easy. You only need to follow the steps given below to use any instant loan app –
1) Downloading & Installing the application –
Before applying for a loan, you will have to download and install the instant loan app. PaySense, Early Salary, Bajaj Personal Finserv Loan app, Tata Capital, Navi, Money Tap are some of the popular loan apps.
2) Login and Application process –
Post installing the app, the next step will be registering onto the platform. Fill in your details the app asks you for while applying for the loan. You may need to fill in your KYC details, Salary, Account number, etc. Sometimes, the app may also ask you to click a selfie.
3) Approval – There apps like the Bajaj Finserv Personal Loan app, Dhani, PaySense, etc which process your application & give approval for your loan within a few minutes if you are completely eligible. Your loan amount gets credited to your account shortly after you receive the approval.
How can instant Personal loan apps help?
1) Instant loan apps can help you apply for a loan, fixed deposit, credit card etc very easily.
2) You can view and track your current loans and investments, download financial statements in just a few clicks.
3) Loan apps also provide pre-approved offers like personal loan, credit card, health card etc which can be very easily availed.
4) You can have access information on your past loans and transactions, view your statements and more
5) You can check the status of a personal loan and keep a track of the loan application without having to actually go to the lender’s branch/office.
Which are the top instant personal loan apps?
|App Name||Max. Loan Offered||Minimum Salary Needed||App Rating|
|Early Salary||5 Lakh||20,000/-||4.4|
|Bajaj Finserv||25 Lakh||25,000/-||4.3|
|Money Tap||5 Lakh||20,000/-||4.2|
|Tata Capital||25 Lakh||15,000/-||3.8|