Personal loans have become an integral part of our financial planning. There is always a demand for quick and instant cash. This is because of our evolving needs, changing lifestyle and the ever-increasing inflation rate of our country.
Personal loans are also becoming popular because they are easier to avail now. The reason is the option of availing a personal loan online through a loan app.
With the introduction of loan apps, the demand for instant personal loans has also increased. Personal loans online facilities are becoming a fast-growing financing option in our country. The concept of applying for a personal loan online through a personal loan app is on the rise because of its convenience.
Read on to know the various benefits of applying for a personal loan through a personal loan app.
- Quick Funding Time
One of the biggest reasons for making a personal loan application on a loan app is the quick funding feature. If you apply for a personal loan through a loan app, you get instant cash on approval of your application. People opt to apply for an instant personal loan through apps so that they get their funds in no time.
- Confidentiality
If you apply for a personal loan through a loan app, your details are always safe and secured. Mobile loan apps use advanced data encryption techniques. The information that you share on a mobile app is confidential between you and the lender. It is your responsibility to secure access to your personal information with a password to safeguard your loan amount.
- Information at all Times
All the information about your personal loan is at your fingertips. You can know all about the status of your application in a few seconds. If you have availed a personal loan online on a loan app, you have access to information on outstanding EMIs and their schedule. You can pay your monthly loan instalments online. All you need to do is log in to your loan app and follow the instructions for paying the EMI.
- Back-up for Emergencies
Personal loans are mostly availed in emergencies. When you face an emergency, it is not always possible for you to go to the lender in person for a loan. Also, there is a crisis of time in an emergency. In such critical situations, a personal loan app is a saviour. All you need to do is to take out your mobile phone and apply for a loan through the loan app. A loan app is a kind of back-up option for financial emergencies.
- Feedback Facility
A personal loan app always allows its users to give feedback on its services. You can leave feedback based on your experience of using the personal loan app by rating it. Your lender may consider your feedback and provide better services in future.
- Possibility of Getting a Personal Loan with a Lower Credit Score
Many online loan apps provide personal loans to applicants with a poor Credit score or no CIBIL score at all. If you have a poor Credit score, you can opt for an online loan app that does not consider credit score as an eligibility criterion. Hence, a personal loan app can get you a loan even if you do not have a good credit score.
Loan apps are useful in many other ways for availing a personal loan. Loan apps save time and efforts. They also help in comparing the offers provided by various lenders.
Hence, you can get the best deal for yourself. Bajaj Finserv app is an online loan app in India that you can download to avail a personal loan and use other financial services as well.
Bajaj Finserv brings to you pre-approved offers on its various financial products like home loans, personal loans and many more. It is to simplify the loan procedures to make it less time-consuming.