Reasons Instant Loan Apps are more Preferred

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Life is full of uncertain moments. They say money isn’t everything but at times of emergency having an option from where you can get extra money is assuring. In the times when pandemic hit us, many realized that having some sort of backup would be a great option. It can get tough when you are a salaried employee who brings in a fixed amount of monthly income. As the times developed, there came an app for almost everything in the market, even for times like this when you need some money. These apps provide instant online loan to the salaried employee so that in times of dire need, you have an option available. There are many such apps available in the market offering loans from amounts as small as 1000 Rs. up to 2 Lakh Rs. You can even take a personal loan using these apps. Interest rates may vary from app to app. Here are some more reasons why you should prefer such apps over the traditional system of taking out loans:

Hasslefree Online Process:

If you consider the traditional method, you have to go to the bank, wait in a queue for hours just to begin the process. Whereas, this method does not require you to do that much physical work. You don’t even need to get up from your sofa to take out loans online as the whole process takes place online making it fast as well as hassle-free. These apps do the work in just a few clicks saving you a lot of time as well as physical effort.

Fewer Documents:

Mobile apps are made to make our lives simpler and that is exactly what these personal loan apps do. The traditional method where you take out a loan from a bank requires many documents. Not the same case for the apps that provide personal cash loan. In such apps, to take out a loan, all you need are 3 documents – a PAN card, Address Proof, and Salary Proof. All you need to do is upload these documents to complete your KYC. After your KYC is authorized, you can take out a loan.

Fast Approval & Immediate Bank Transfer:

All of us are aware that taking a loan out of a bank takes a lot of time. Instant loan apps as the name suggests, focus on providing fast approvals for loans. This might be one of the biggest advantages of such apps over banks making them more preferred day by day. After the approval, it does not take much time for the loan money to reach your account. A direct bank transfer is initiated and you get the money deposited in your bank account.

These were the reasons why more and more salaried professionals are moving towards personal loan apps rather than banks. The eligibility criteria are that you should be a resident of India, more than or 21 years of age, and lastly, you should have a monthly source of income.

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