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Instant personal loan app to meet your quick financial needs
Posted: Feb 07, 2019
In the past few months, a new type of loan service has emerged in India in the form of fintech companies that show signs of rapid growth. These new financial solutions are simple, quick and secure. While banks and finance companies are reluctant in extending a helping hand ever to the borrowers due to stringent policies and marginal profits, it’s the fintech companies who are gaining the edge.
Today, you can avail personal loan right from your smartphones while on the move. You don't have to make branches visits, fill- up forms, wait for the verification officers to come at your home or offices and then finally wait for the money to be disbursed to the bank account. The process was tedious and time-consuming and would delay the entire purpose of your financial goals.
Today's internet-savvy borrower is more interested in an easy way to compare all different types of personal loans, from one spot - without shelling out any money from the pockets. And fintech companies are meeting this challenge with ease by creating web portals that allow users to immediately switch between different loan lenders on demand. Lenders are keen on offering lucrative personal loan interest rates deal with flexible repayment tenure of around 30-90 days. You can check your loan eligibility online and apply through your smartphones at any time of the day or night.
To avail the loan, you first need to download an instant loan app of your choice, log in through Facebook/Gmail account, fill up few details like name, mobile number, income details - company, salary, upload scan copy of the documents. You can then tell how much cash you require, the lenders will do the entire algorithm and suggest you a particular loan amount and certain interest rate based on your income source and social worth score. Once you e-sign the agreement letter, a relationship manager will be at your doorstep to pick the documents and the money would be credited to your bank account in 24-48 hours.
Some benefits of opting personal loans from fintech companies:
No paperwork
Right from comparing quotes to loan eligibility, application to loan disbursal everything is done online. So, technically there is no paperwork at all. It brings better transparency to the process. Probably the only paper you would have to sign is the copy of your instant personal loan agreement. Thus, you can get rid of stocking piles of documents as you can manage your account, check EMIs, as well.
Quick turnaround time
The entire process of the loan application to verification and final disbursal takes around 30-45 days when applied with banks and credit union. This would waste a lot of time, energy and money as well. However, when you apply for loans through smartphones you get instant loan sanction in a couple of minutes and the loan is disbursed within 24-48hours.
No Collateral
Another great advantage of apply personal loans with fintech firm is that you don't have to pledge for collaterals. However, if you want to do business with traditional lenders or banks you would have to pledge any collateral. The loan amount depends on the value of the security.
No prepayment penalty
Banks and credit unions attract prepayment penalty being a certain percentage of the outstanding loan amount. However, this new age technology based e-lending firms doesn’t levy such penalties. It turns to be a big easy breather for borrowers. So, if you could manage to pay off the loan ahead of time go ahead and enjoy a debt free life!About the Author
EarlySalary offers instant loan within 24 hours. Get unsecured loans up to Rs 2 lakhs into your bank account within 2-3 minutes. Download EarlySalary app, now!
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