Getting a loan online has become quite easy. You just need to download the loan app and apply to get the required funds within hours. Mobile loan apps are becoming popular as they offer more convenience than traditional banks. Whether you need a small amount for phone repair or a comparatively bigger amount for travel, you can easily avail loans on these mobile apps. On the other hand, going to a bank takes time and effort.
But before you take app-based loans, there are certain things you should know. You should be aware of how these apps work, the risks associated with the mobile loan apps, how to borrow safely and more.
Understanding Mobile Loan Apps
Mobile loan apps, as the name suggests, are the apps that you can use on your phone to get loans. You can download these apps from the Google Playstore or App Store. The best part is – these apps often offer collateral-free loans. So, you do not have to pledge any security or assets. You just need to provide basic details like your ID proof, PAN card, bank information and income proof. Once approved, you get the money directly into your bank account. With CASHe, you can get your loan approved within a few minutes.
Benefits of Loan Apps
There are numerous benefits of loan apps you can avail. Some of the significant advantages are:
- 100% Online process
- Quick approval
- Less to no paperwork
- Apply anytime, anywhere
- Avail flexible loan amounts
- User-friendly apps
- Perfect for emergencies
Key Considerations Before Taking a Loan
Before you take a loan from a mobile app, here are certain things you must consider:
- Check the interest rate offered, as some apps charge very high interest.
- See if there are other extra charges, like app fees or any hidden charges.
- Check the loan term so you understand how long you get to repay.
- Make sure the app gives you the amount you actually need.
- Use RBI-registered apps or apps linked to registered NBFCs like CASHe.
Risks Associated with Mobile Loan Apps
Undoubtedly, mobile loan apps are quick and convenient. But with convenience, there come several risks. So, here are some risks associated with online loan apps you should be aware of:
- Some apps may ask for access to your contacts and photos. If you delay payment, they may misuse your data.
- There might be hidden charges, as some apps do not show all costs clearly.
- Compared to banks, these online apps often charge more interest.
- If you miss an EMI, fake apps may call or message you repeatedly and even contact your friends.
- As getting an online loan is easy, taking too many loans can lead you into a debt trap.
Tips for Safe Borrowing
Here are some simple tips to stay safe while using mobile loan apps:
- Borrow only what you need.
- Use trusted apps like CASHe.
- Always check the interest rates and fees to understand how much extra you would have to pay.
- Compare loan apps vs banks to see what suits you better.
- Read the loan details like EMI amount, late fees and duration carefully.
- Set reminders or auto-pay so you do not miss any EMIs.
Conclusion
So, if you want to get money quickly when you really need it, mobile loan apps are your way. Just use your phone and get the money in minutes.
CASHe offers Easy personal loans of up to ₹3 lakh at competitive interest rates. If you are looking for a safe option, download the CASHe app right away. You can apply online and get your loan approved within minutes.
