5 Reasons Why You Should Use an Online Personal Loan App.
Online personal loan apps are the future of borrowing funds.
They alleviate the hassles of paperwork, documentation, form filling, long
queues and counter hopping. In fact, when you apply for personal loan online,
all this is reduced to a few taps, click and a little finger exercise on your
keyboard.
However, there are many who are still skeptical of this modern take on borrowing money, and if you are one these individuals with reservations toward transacting online, you’ve come to the right place. This article will highlight 5 good reasons why you go online or use an app the next time you need a personal loan.
1. It is super easy.
As mentioned earlier, online personal loan apps reduce the loan and tiring process of personal loan application to nothing but a few clicks, swipes and taps on your keyboard. In fact, some online lenders offer customers simple 3-step application processes that promise next to instant approvals and transfers to your account in minutes, seconds if you’re a repeat user of the app.
2. Easy on the pocket.
If you do decide to apply for personal loan online, chances are you could be in for a sizeable amount of savings too! This is because some online personal loan apps charge interest that’s next to buying a friend a couple beers! That’s right; one lender we found on the app store levied a total interest of just Rs. 3409 on a 1 lakh loan repaid in 41 days.
3. No prepayment charges with an online personal loan app.
Traditionally, you’d have to a penalty for repaying your loan before the due date. This would result in paying the full interest amount even though you have the funds to cut short the tenure and slash the total interest payable. However, if you were to apply for personal loan online, there are some lenders that do not charge any prepayment charges on early repayment of your loan.
4. No credit score required.
When you apply for personal loan online, some lenders do not require a credit history. This can come as a relief for people with slightly below par credit scores, or individuals who don’t have a credit score. Some lenders have their own algorithms that formulate the credit worthiness of a person based on other things such as their social media.
However, there are many who are still skeptical of this modern take on borrowing money, and if you are one these individuals with reservations toward transacting online, you’ve come to the right place. This article will highlight 5 good reasons why you go online or use an app the next time you need a personal loan.
1. It is super easy.
As mentioned earlier, online personal loan apps reduce the loan and tiring process of personal loan application to nothing but a few clicks, swipes and taps on your keyboard. In fact, some online lenders offer customers simple 3-step application processes that promise next to instant approvals and transfers to your account in minutes, seconds if you’re a repeat user of the app.
2. Easy on the pocket.
If you do decide to apply for personal loan online, chances are you could be in for a sizeable amount of savings too! This is because some online personal loan apps charge interest that’s next to buying a friend a couple beers! That’s right; one lender we found on the app store levied a total interest of just Rs. 3409 on a 1 lakh loan repaid in 41 days.
3. No prepayment charges with an online personal loan app.
Traditionally, you’d have to a penalty for repaying your loan before the due date. This would result in paying the full interest amount even though you have the funds to cut short the tenure and slash the total interest payable. However, if you were to apply for personal loan online, there are some lenders that do not charge any prepayment charges on early repayment of your loan.
4. No credit score required.
When you apply for personal loan online, some lenders do not require a credit history. This can come as a relief for people with slightly below par credit scores, or individuals who don’t have a credit score. Some lenders have their own algorithms that formulate the credit worthiness of a person based on other things such as their social media.
5.Quick.
In comparison to the time consuming process of queuing up, filling out numerous forms and submitting a host of documents, when you apply for personal loan online, you can rest assured your application will be approved instantly. If you are a new customer, the funds should reach your account on the same day and most often in minutes. If you are a repeat customer, the transfer should take less than a few seconds.
We hope that after reading these benefits, you skip the usual rigmarole of normal personal loans and choose to apply for personal loan online! Good luck and all the best!
In comparison to the time consuming process of queuing up, filling out numerous forms and submitting a host of documents, when you apply for personal loan online, you can rest assured your application will be approved instantly. If you are a new customer, the funds should reach your account on the same day and most often in minutes. If you are a repeat customer, the transfer should take less than a few seconds.
We hope that after reading these benefits, you skip the usual rigmarole of normal personal loans and choose to apply for personal loan online! Good luck and all the best!
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