With more and more young people opting for online personal loans to seek assistance during the financial crunch. Personal Loan can give individuals a lot of free hand when it comes to finances. Online loan apps are quite helpful when it comes to getting an instant loan. Since the usage of loan does not have a designated purpose, regardless of what the financial situation is, personal loans can help anyone that requires financial assistance.
Today, there are a number of fintech apps available through which it is easier to apply for a personal loan for students and personal loans for instant cash. They also provide CIBIL Score checker and personal loan emi calculator online. Such facilities have made it more favourable for people to opt for a loan and has led to the growth in the volume of transactions of personal loans. Let’s talk about a few quick pointers about why online personal loan apps are a rage nowadays.
● Credit Scores
Online lending apps don’t ask the borrower for their CIBIL scores while granting loans. This makes it easier for students and employees to seek a loan of low value for a duration of a week to 51 days, and EMI based 3 months to 12 month personal loans. The best part about getting a loan through the app is that your credit scores remain unaffected and your credit standing remains intact.
● Ease and Agility
Getting a loan online requires no formalities and minimal waiting time. Customized loan plans without any human underwriting are involved. The prominent aspect of these loans is that they are getting accepted by the employees as financial wellness offerings from the companies who have collaborated with such finance apps. The loans earn brownie points for disbursing the loans in the accounts of the borrowers within 24 hours of the loan application.
The lifestyle patterns of new-age millennials are constantly evolving. With the introduction of instant lending apps and instant digital wallets for the people have made finances easier for people during the month-end financial crunch. Now an individual does not have to postpone their needs and rather postpone payments accordingly through these online loan apps. People take easy personal loans anywhere between INR 60,000 to INR 1 lakh to fund their dream holidays or ease up their cash flow to finance other expenses.
● Frequency And Quantum Of Loan Options
Earlier Personal loans were considered a burden but with changing times and needs, loans have been fulfilling cash requirements of even INR 5,000. A person may be opting for these online loans umpteen times during a year and sorting their repayment schedule likewise. The frequency and quantum of loans have increased and decreased respectively. While the variations in the loan amount as per the needs also ask for a facility that is quick, undemanding and economical.
● Credit Cards And Online Lending
Banks and other NBFCs provide less choices in terms of short term credit facilities. Personal Loans are generally best for large purchases like homes or cars and it also offers a lower interest rate than a credit card, providing funds in one lump sum. Also, people with low credit scores may not be eligible to avail a credit card. Credit cards are often accompanied by heavy interest burden and patchy recovery agents haggling customers. Hence getting a personal becomes an ideal option for anyone who wants to get hassle free loans.
● App Based Loans
There are no physical barriers involved, nor is the need to travel to the nearest bank branch and get your loan sanctioned. People prefer to get almost anything done from their smartphones. Everything has been made feasible on a single mobile app, from the loan application to uploading of documents to loan approval. Making mobile bill payments has become the most visible form of fintech, the solutions in the mobile payments space specialize in cashless transactions. Mobile phones have become a great tool to pay for all kinds of services and products. Mobile wallets are a good example of such payments. You can be in the comfort of your couch and get access to instant personal loan into your account.