Here's Why You must have an Instant Personal Loan App on your Mobile

Published on Sep 22, 2022 06:21 PM IST

Having an instant personal loan app on your Mobile gives you the power to access personal loans anytime and anywhere. Reasons why you could consider having an instant personal app on your Mobile:

Instant personal loan apps are completely safe and trustworthy.
Instant personal loan apps are completely safe and trustworthy.
ByHT Brand Studio

Instant, simple, and convenient are terms that the present modern-day world looks for when searching for loans. A few years ago, filling out a personal loan application was just as time-consuming as filing your taxes. Complying with KYC requirements required a lot of paperwork and was considered a challenging process. India has experienced a change in the previous three to four years concerning financing consumer durable goods and short-term personal loans. The digitally active populace now prefers to use most services online, including immediate quick loans, thanks to the advance in technology, widespread use of smartphones and affordable mobile data.

Everyone is in such a rush all the time that they want everything as quickly as possible, including loans. Thanks to the development of FinTech companies like PaySense, which have made getting instant personal loans easier with an instant personal loan app. Having an instant personal loan app on your Mobile gives you the power to access personal loans anytime and anywhere. Reasons why you could consider having an instant personal app on your Mobile:

Things you must consider before downloading an instant personal loan app:

Due to the advancement of technology, the growth of fake applications keeps increasing, and that's where you need to be careful, especially when there's money involved. The two most important things you must consider when downloading an instant personal app are:

Is the lender authorised to provide loans?

It is advisable to check your lender just as they do the borrower. Make that the lender is a business that the RBI has authorised or is affiliated with a business that the RBI has authorised. The lender must be dishonest and ought to be avoided if the RBI has not authorised them. Such fictitious organisations might be a cover for identity theft while posing as lenders of low-cost loans. PaySense is registered as an NBFC with RBI.

Does the app have good reviews?

The app's quality can be determined by reading the reviews and ratings in the play store. Most of the flaws are covered in real customer reviews, and the play store rating will give you a good indication of the app's response. This will help you decide whether or not you want to download a specific loan app. To have a positive customer experience and prevent being a victim of cybercriminals, it is always good to be aware of the specifics of the lender you are working with. PaySense is known to be one of the best loan apps.

Are all the interest rates and fees associated with the loans transparent?

If the lender has a lot of hidden fees and charges, doesn't examine your credit score, or doesn't disclose interest rates clearly, they are not the perfect fit for you. It sounds suspicious and might have a hidden agenda.

Before granting you a loan, a trustworthy lender will disclose all the rates upfront and verify your creditworthiness.

Reasons why you must have an instant personal loan app on your Mobile:

After looking at the things we should keep in mind before downloading an instant personal loan app, let's look at some of the reasons why we should have one. Here's why:

No Collateral

One great thing about instant personal loan apps is that there's no need to provide any collateral against the loan amount.

24/7 access

The best and the most fortunate part of having an instant personal loan app on your Mobile is that you don't have to worry about banking holidays and working hours. You can access everything you need on that instant personal loan app. It is no doubt that instant personal loan apps have revolutionised the lending process.

Quick approval

Unlike the hectic and never-ending process of paperwork and approval, instant personal loan apps have a swift approval process. After submitting an application through the app, a lending decision is made in a while, and you receive an instant cash loan faster than you could have ever imagined.

Keep track of all the transactions

Your online borrowing history is simple to keep track of. Instant personal loan apps give customers a positive and flawless experience. You can review your information to find out your borrowing history, the total amount owed, and the dates for your payments. And to guarantee that you never forget a payment, you can opt to get automated notifications of payments along with email or SMS reminders.

It's safe and secure

When it comes to instant personal loan apps, there's no need to worry about the security of your information as long as you ensure that the provider is legally registered for providing loans. After that, instant personal loan apps are completely safe and trustworthy.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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