Looking to avail of an instant personal loan? Be aware of these best loan apps and their features.

About a few years back, applying for personal loans was a tough task. Individuals found complying with KYC (Know Your Customers) burdensome and a complicated process that involved massive paperwork. Currently, if you require getting a personal loan from the best loan apps India, you do not require looking past your laptop or mobile. There are many online lending platforms like mpokket, Zest Money, MoneyTap etc., that are willing to provide instant approvals on a personal loan, making the life of the customers simpler. These lending platforms consider some of the best loan apps in India that are available online or in mobile stores. 

Installing the mobile application on the phone for immediate financial backup is a good decision. However, if you are one of those on the fence thinking about whether to download the few best loan apps in India, here are some of the top reasons why you must install them today. 

∙       App is best to meet financial emergencies

If you encounter any financial contingency, you exactly know where to get it. Yes, that is right! You are just required to approach your phone to apply for a personal loan via mobile app. This is as simple as this. A personal loan app serves as the best option in times when you require any financial assistance. 

∙       App helps save effort and time

Instant loan application endows you 24X7 access. Whether you are either at work, or home or travelling, you can apply for a personal loan with just a tap of a button. A few years back, you were required to visit the bank’s physical branch to apply for the loan. Personal loan application has made loan application procedure paperless by allowing eKYC features that save effort and time. 

∙       App is secured and safe in nature

When it is about mobile loan applications, your tension about security and privacy is understandable. Stay assured that mobile apps are 100 per cent trustworthy and safe. There is zero risk of losing out your money. However, your responsibility here is to safeguard your personal data with a secure password. Mpokket utilizes the most advanced encryption that ensures your personal and financial data stays safe. 

∙       App allows instant cash access and quick approval

Personal loan applications are processed quickly. Such online loan applications are straightforward and simple. Once you make the application via the loan app, the lending decision is made in a few seconds, with the cash loan disbursed instantly. 

∙       App helps you to stay updated and keep good track of all transactions

It is simple to thoroughly keep track of online borrowings. Mobile applications cater to flawless user-based experiences. You can review your details to view how much the debt is outstanding and what are your repayment dates. You might get automated notifications of payments as well as email or SMS reminders for ensuring that you never miss out on any payment. 

∙       All time information and money access

You have 24X7 accessibility to cash on your mobile. You simply can carry out any immediate transfer in your bank account at any time. The personal loan amount will stay available for whatever personal expense you might have, whenever you want, at whichever time you require. A personal loan application is of great assistance, particularly when you are travelling for professional or personal reasons. As you have ready cash available on the phone, which you can anytime withdraw from anywhere, you require not to worry about taking additional money with you. 

∙       Personal credit line can be utilized for various personal expenditures

Whatever your personal expenditures are, a personal credit line is simply accessible on your phone to you. You can easily purchase a mobile through EMI, avail of a wedding loan, get your business off the ground with a business loan at affordable interest rates or choose globetrotting with a travel loan. A personal loan app in your pocket will help you go a good long way into making your purchases hassle-free and simple. 

Now that you know why you must have a personal loan application on mobile, get mpokket, a cutting-edge personal loan application, which enables you to conduct personal loan transactions immediately with just a click of a button. 

∙       Borrowing money is convenient with online credit applications

When we think about the loan application, the imagery that comes up in the minds of many individuals is of lining up in long queues, unnecessarily waiting for follow-ups, and getting frustrated. However, as we know, technology has changed the arena of lending. In the present-day economy, loan seekers and not lenders hold the key. Advancements in technology have formed avenues for individuals to submit the loans and avail of the proceeds on the same day. 

Starting from loan documentation to approval of loan, everything is online. Many of the trusted online apps provide the borrowers with a platform to apply for the loan easily and give approval in a few minutes. You can select among the best loan apps in India by going through their features and matching them with your preference. Once done, you can avail of the personal loan by downloading the app from the play store. 

Ending note

Thus, you must do away with the tiresome and time-consuming process of opting for a traditional personal loan. Now, as you have knowledge about the benefits of using the online loan applications, ensure to download the Mpokket, Paysense or other preferable app and apply for a personal loan. Also, as the need for a personal loan can come up anytime, individuals should always be prepared for a personal loan by forming a high credit score. Holding a high credit score of 750 and above makes it easier for you to avail of personal loan approval at lower interest rates and processing charges. However, on the other hand, having a low or no credit score may either lead to instant loan application rejection or approval of a personal loan at a higher interest rate. A good credit score can be maintained by timely repaying loan EMI and credit card dues, maintaining a balance between secured & unsecured loans, avoiding multiple loan applications through lenders directly, keeping a CUR within 30% etc.