Why search for Fast Loans Online when you have the answer in your pocket?

Why search for Fast Loans online when you have the answer in your pocket?

Many turn to the internet when they require a quick loan. This is because online loans have earned themselves a reputation of providing time-bound and convenient borrowing solutions. However, there’s a new way to avail personal loans and it is just a few taps away. If you haven’t guesses already, we are talking about app-based borrowing. This novel way of getting financial solutions is fast becoming the go-to borrowing solution for the tech-savvy generation.

This article will provide some benefits of applying for a loan through an app, so you can make informed decision when you need personal loans in the future.

1. Completely app-based procedures.

One of the most important benefits app-based borrowing has to offer customers is the convenience of a completely native process. Everything applying for the loan, to submitting documents and getting the loan sanctioned can be down through your phone. Not a step outside is required and you get the financing sorted from home, at office or while on the move.

2. Lightning fast!

Getting quick personal loans is not just easy, it’s super-fast. Even if you’re using the app for the first time, you can expect to get approvals within 10 minutes. Subsequently, if all your documentation is in order, you can expect direct transfers to your bank account within 24 hours. If you’ve the app before, approvals should be instantaneous and sanctions shouldn’t happen within minutes of approval.

3. No credit rating checks.

Traditional personal loans put a barrier for first time borrowers by making it mandatory for them to furnish their credit history. This is something that’s changing with the advent of app-based borrowing. Most lenders only check your monthly income and your social worth when deciding your eligibility, this does away with the need for a credit history. Therefore, if you are a first time borrower or if you have a credit score that’s on the lower side, you should remember that you’ll be provided with a quick loan if you borrow through an app.

4. No-prepayment charges.

When you opt for quick personal loans, usually, you are levied with prepayment charges. These charges defeat the entire purpose of repaying the loan before the due date. However, most app-based lenders will ensure 0 prepayment charges, meaning you can get out of debt quicker and save the total interest amount without worrying about any penalties.

5. Decent loan amounts for fast loans.

Usually, you can’t expect high loan amounts with such loans. However, app-based lenders are offering as much as 2 lakhs with such loan. This is quite a substantial amount and should be enough to cover any of your immediate and urgent financial gaps.

With so many benefits, we hope you go the app route the next time you need to take a quick personal loan. Good luck and all the best. Remember to read the fine print before and do your research before singing along the dotted line!

Usually, you can’t expect high loan amounts with such loans. However, app-based lenders are offering as much as 2 lakhs with these fast loans.