10 advantages of online loans and how they help us
You must have heard about the online loan app for availing a personal loan these days. This concept is getting popular among young professionals due to the various benefits it offers. If you are looking for a personal loan but are not sure to get it via a loan app its best to explore and know all the advantages, you can get.
1. 24/7 availability
Loan app is available on google play store and apple app store 24/7. You can download the app and get access anytime you want.
2. User convenience
You can apply for a personal loan from any part of the world and at any given time. You can get a loan sitting at home or at your office.
3. Minimal Documentation
The documents asked by any loan app are basic and minimal. These include your identity proof, address proof, and income proof.
4. No physical submission
You don’t have to visit any bank or branch when you deal with online loan app. All the required documents can be submitted by uploading on the loan app from your smartphone itself.
5. Small cash loans
Such apps provide instant personal loan starting from INR 10,000 to INR 2 lakh. You can get a loan as per your requirement and eligibility
6. Low interest rates
As these are unsecured short-term loans the interest rates are normally low compared to the bank loans. The interest rates on loan app start from as low as 2.5%
7. Quick Disbursal
This is one of the major benefits offered by online loan app. Once your personal loan is approved, the cash amount is directly transferred into your personal savings account.
8. Faster process
Unlike traditional loans, personal loans via apps are faster in terms of application and approval process. The application process takes 15 to 20 minutes whereas the approval process takes a few hours. You can get a cash loan on the same day of application.
9. Flexible loan amount and duration.
One can take a loan from online loan app starting from INR 10,000 to INR 2lakh. Depending on your eligibility you can avail a loan amount of your own choice. Same goes with the duration of the loan. You can take a loan of 15, 30, 90 and 180 days as per your convenience.
10. Flexible Reason.
The reason for applying for a personal loan can be flexible. You don’t have to specify any details. You can take a loan from an online loan app for medical emergencies or buy any large asset. The reason can be kept private.
These are the major 10 advantages which most of the personal loan app offer. Loan app can be a savior in emergency situations because of the fast speed and minimum documentation. It can get you out of crisis within a few hours if you have required and valid documents. You don’t have to visit or deal with multiple people in the process of dealing with the online loan app.