Technology is changing the speed at which things work. When we think of availing of personal loan, the first thing that comes to our mind is going to the bank, filling out hours of documents and application forms, and standing in a queue at different lanes to get approval. This process is tedious and quite time-consuming. With the development in technology, applicants can avail of the loan directly from the comfort of their home with a few clicks on the screen. As a result, more and more people are now taking online loans when needed.
Some of the advantages of using online loan app are:
- Fast Processing
As compared to the traditional system, using online loan apps, users can get the loan approved in a matter of a few clicks once the issuer verifies the documents. It has been noted that processing online loans takes a few minutes, while it takes a few hours for some people. The online loan app specifies what documents would be needed at the start of the process so that the user can get all the required items in one go.
- Better Availability
Users can easily get the loan facility by downloading the application from the playstore. Making an account on this application is quite easy and fast and does not require any technical expertise. This makes online loan appa much more attractive to a new generation as they need not spend time at banks by going to various counters to get small information about documentation and other things.
- Better Loan Options
Users can see all the loan options for them on their phone screen and need not go through lots of pages to understand the requirement and issues related to each loan option. Users can avail any amount of loan that can be sanctioned to them, starting from as low as INR 5000.
Similarly, users also have an option to pay back the loans in EMI in a period of 3 to 5 years or more, depending upon the issuer. The issuer decides the maximum loan amount once the documents are verified by their team.
- No Usage Bar
In traditional loan processes, users should specify the purpose of taking the loan to the bank. Loans taken through online loan apps do not need any justification. Users can use this money for their business or personal use as a medical emergency or buying some property as well.
- Better Support from the Issuer
Traditional banks work only during a limited time of the day, hence, customer queries can only be handled during this time. However, with online loan apps, users can ask the support team any query whenever they want, and assistance is provided at any point of the day. If the query is not resolvable by a simple chat or call, the issuer’s team makes a ticket of the same and reaches out to the candidate in less than 24 hours.
- Fewer Physical Documentation
With banks, users need to keep all the documents pertaining to the loan safely with them as this would be needed at any time for the bank if there is any query or during the end of the loan tenure. With the online loan apps, all the documents are in electronic format, which the users receive through the mail and can be downloaded “n” a number of times as well.
- Faster Transfer of Amount to the Account
Even if the loan is approved traditionally, the amount takes a few days to be credited into the user’s account, which might not be the desired thing in terms of emergency. Using an online loan app, once the loan is approved, the amount gets credited instantly into the user’s account within a few minutes. This helps the users in times of emergency.
Online loan apps are all-time preferred as they save time and money for both users and the issuers. However, users should read loan-related documents properly before availing of any loan and check the legitimacy of the platform. There are several online loan apps, and selecting the right one will help the user at all times for a smooth transition on availing of a loan.