One of the effective ways dealing with sudden financial crisis is availing a Personal Loan. Whenever you find yourself in a sudden need of money, a personal loan is an easy option to tackle such conditions.
There are multiple channels through which you can avail an instant personal loan. Either you can approach a bank, or you can opt for an NBFC or online lenders. Usually, banks take longer time to approve your loan application. The process is lengthy and quite stringent. Due to this, it is easier and convenient to get an instant loan from personal loan apps.
There are multiple reasons why applying for personal loan online is a good idea as stated below –
Easy application
Online personal loan apps have made the application process for a personal loan much simpler. Once you download and register on the app, you can apply for a loan digitally. All you need to do is fill in your details, upload your documents and wait for the verification call. It is that simple. This has completely ruled out paperwork. Personal loan apps have become popular for the reason that they have made availing a personal loan a paperless process.
Quick verification
Once you are done applying for the loan on the instant personal loan app, you may have to go through the verification process. You might be asked to click a selfie of yourself, give few references from office or family etc. Usually this verification is done on call. Hence you do not need to step out of your home. This is very helpful during the times of pandemic when there are a number of restrictions on your movement.
Instant approval
As the entire process for availing a personal loan is digitized with minimal manual work, it makes the process very quick and instant. All your details entered while applying can be quickly fetched and verified online. It helps expedite the approval of your loan and disbursement of funds. In times of emergencies, this method really helps where you cannot afford to wait for a very long time and the need for money is very urgent.
Small amount loan
With the instant personal loan apps, not just big-ticket loans, you can also get small cash loans – as low as 5000/- Hence this has gained popularity among youngsters, students who usually do not require large amounts, only small funds to fulfil their needs.
Easy tracking
If you apply for a loan an instant loan app, you get to track the application status in just a few clicks. You can see at what stage has your loan application reached – Received, Verification, Processing, Approved, Disbursed etc. This makes the entire process transparent and keeps the customer updated with the progress. You need not physically go to offices of the lenders to check out the status and enquire about your loan.
24 X 7 availability
Banks might not operate on certain public days. That can hinder the process of your loan application. Also, beyond business hours, banks do not function. Hence there is limited scope of time within which you can reach out to them. Bu that is not case with online personal loan apps. They are available for you on all days – even holidays and 24 x 7.
