Here’s an overview of an instant loan app

Here’s an overview of an instant loan app With the help of modern technology, the fintech industry has simplified its loan procedures by making loans easily accessible to borrowers online. People can now borrow small, unsecured loans through instant loan apps online.

These apps can be used to easily avail and manage personal loans online. Plus, these apps are super easy to use. It is no rocket science to apply for a loan through one of these apps.

The following article gives an overview of using an instant loan app.

Things to keep in mind before using an instant loan app 1. Research various options First, you must make sure to carry out thorough research before finalizing an instant loan app for borrowing money. When you type ‘instant loan’ on Google Play Store or App Store, the screen will prompt several apps as a result of your search. Now, the very first app that pops up on your screen may not be the right loan app for you. Hence, compare

various apps based on their interest rates, loan amount, repayment terms, reviews, and so on. This will help you find an app that will be best suited for you.

2. Eligibility and documentation requirements Every instant loan app has a set of eligibility criteria and document requirements that one needs to meet to successfully apply for a loan. The eligibility criteria of some loan apps are very simple. They require you to have a minimum monthly income of Rs. 10,000 and fit in the age group of 23 to 59 years. Along with eligibility, instant loan apps also ask for proof of the borrower’s identity, residence and income. The documents that they require may include your Aadhaar card, photograph, bank statements, PAN card, and so on.

Hence, choose an online loan app where you qualify as a borrower. Also, check whether you possess the documents required by the app so that you can easily apply for the loan.

Steps for using an instant loan app to borrow money Step 1: Download the instant loan app First, you will have to download the shortlisted instant loan app. Once that is done, you will have to sign up on the app by filling in a few basic details like your name, phone number, email address, residential address, bank account details, and so on.

Step 2: Select your loan requirements You will have to select your loan requirements such as the amount you want to borrow and the loan tenure. Some instant loan apps allow you to avail of a loan of up to Rs. 20,000. These apps also enable you to choose a specific loan tenure between 3 months to 12 months depending on your financial capacity.

Step 3: Upload documents for verification Next, you will have to upload a few KYC documents as proof of your identity and residence. Some instant loan apps only ask for your Aadhaar card, PAN card, and photograph to verify your loan application.

Step 4: Wait for loan approval Once you have fill in the required details and upload the documents, click on done. The instant loan app will then verify and sanction your loan in about 20 minutes and you will receive an approval message. On approval, the loan amount will be directly transferred to your bank account.

And this is how simple it is to avail of a loan through an instant loan app. We hope this article has been helpful to you.

Good luck!

Related Article:- 4 essential factors to keep in mind while choosing a personal loan app