Not A Bank, But This App Will Get You A Loan

The nature of an emergency is such that it comes without warning. When faced with a financial or medical emergency, your first thought is to take a personal loan from your bank to tide over the crisis. But you might consider taking the loan from a personal loan app rather than a bank to save costs and time.

What are personal loan apps?

As the name suggests, these are smartphone-based apps that facilitate the application and approval of a personal loan for individuals. In contrast to applying for the loan at a bank, the app fronts an NBFC registered with the RBI and offers a quick, sophisticated digital interface for loan application and processing.

When you approach a bank for the personal loan, it is possible that…

• The bank will ask for a lot of documentation, which you must gather and check before submission. This might take up a lot of your valuable time.
• You may have to visit the bank branch to submit the batch of documents with your application form.
• The bank checks your CIBIL score, which is calculated based on your past loans, income and repayment history. If your score is not high enough, the loan application will be rejected. If the bank does decide to approve the loan, you may be charged a higher rate of interest than what is being offered to others, to cover the risk.
• Overall, banks take a while to process and approve the personal loan request. These delays are harmful in case you need the loan for an emergency.

Whereas, when you apply on a personal loan app

• The app checks your credentials within mere minutes, using its own proprietary AI-based algorithms. These machine learning mechanisms quickly determine your credit score, and are a far better barometer to assess credit worthiness than only CIBIL score.
• The list of documents required with the application are listed on the app. Simply upload them on your phone with the completed application form, take a selfie as photo proof, and submit.
• Your application is reviewed and processed digitally, so you don’t need to visit the lender’s branch office.
• If your score is high and documents are correct, the app informs you of the loan approval. You might even get the personal loan money in your bank account in minutes. If your application is found ineligible, you are informed of the same at once.
• Thus, the app saves a lot of time and effort ordinarily involved in getting a personal loan. The loan is truly an instant one.

Next steps

Download an instant loan app on your smartphone. You can find the best ones on the Google Play Store for Android phones. Once downloaded, the app is available to use to get an instant loan whenever the need for the same arises.

Conclusion

Loan apps offer a faster, more reliable mode for instant personal loans than banks do.

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