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The ongoing corona pandemic has brought a cash crunch in the market as a sizable population faces employment and business problems. In these times, availing of a loan on time is essential for many; instant mobile loan apps like Fullerton instaloan have stepped up to provide hassle-free personal loans to customers at competitive interest rates. Availing a loan through apps is super convenient as the whole process takes a few minutes, and applicants can get approved instantly.
Here are the reasons why to apply for a personal loan via a mobile app. There is no need to visit any branch or arrange an executive visit for the application and verification process. Applicants can easily apply for a loan via personal loan apps.
5 Reasons Why to Apply for Personal Loan via Mobile App
- Hassle-free process
There is no need to go through the lengthy process of submitting documents like income or collateral for taking loans via mobile loan apps. The loan application process is super easy and could be completed from anywhere through a mobile phone. Earlier customers had to visit the lending institution’s office and devote precious time to get a personal loan. Now, instant loan apps have revolutionized the market with a quick and convenient method for getting a personal loan. With Insta loan apps, customers can get a personal loan in desperate times in a few minutes only. Applicants have to submit their PAN, Aadhar, latest salary slips through the e-verification process and get an instant approval for a loan to complete the loan application process. The loan amount is sanctioned based on income, CIBIL score, current loans, EMI, etc.
- Eligibility criteria
Traditional finance institutions have stringent eligibility criteria for the approval of credit, and a vast section of the public cannot access funds in times of need. Insta loan apps have made the process consumer-friendly; a large number of mobile loan apps have very relaxed eligibility criteria for handing out credit. These loan apps are especially beneficial to students, homemakers, and older people. Now they can apply for short-term credit to fulfil their immediate financial needs from their homes’ convenience. Insta loan apps have their credit risk calculator besides the CIBIL data, and if applicants fulfil eligibility criteria, they can get funds transferred to the account in a few minutes only. Now customers don’t have to go through a lengthy approval process; due to the finance market’s competitive nature, lenders have eased their eligibility criteria.
In a time of emergency, getting a loan on time is bliss offered by mobile loan apps. You don’t have to Visit different lenders and waste your time to get the loan approved. Getting funds in a few minutes has a very positive impact on consumers’ experience. When you are facing any Financial emergency like medical bills, availing credit on time is crucial. Insta loan apps disburse an amount into customers’ accounts within a few minutes of approval. If you apply for a loan through a mobile loan app, you don’t have to go through the tiresome process and waste time, especially when you are already under stress.
- Loan without collateral/security
Collateral has been one of the main reasons for disapproval of loans. A large number of applicants could not get loans sanctioned because they don’t have any Collateral. This hindrance has made the loan process too stringent. Mobile loan apps have solved this problem and now are providing loans to customers without any security or collateral. You have to upload eligibility documents online via mobile apps.
Mobile instant loan apps provide the freedom of choosing amounts as low thousand rupees, and there is a wide range of plans to choose from. There are specially designed loans to satisfy different customers’ needs, such as travel loans, medical loans, personal expenses loans, etc. Applicants can now choose the amount and duration of EMI according to their comfort. The repayment process is super easy, and instant loan apps also allow the loan amount’s early repayment.