Know the Complete Details about Instant Loan Apps

You may have heard of the instant loan apps like the personal loan apps to apply and get easy funds without having to visit your lender physically. If you want to explore more details about personal loan apps, then this article may help you. Read on to know more:

What is a personal loan app?

You have been using multiple types of apps on your smartphone to make video calls, pay and receive money, recharge mobiles, pay credit card and utility bills and more. 

These apps help you ease off your multiple tasks for what you had to step out by saving your time and effort.

Similarly, a personal loan app helps you ease off your procedure of applying for a personal loan without visiting your lenders and completing the tiring paperwork. 

Technologies have enabled the process of eKYC possible on your mobile phone, which saves you from lengthy paperwork of applying for a personal loan manually. 

Your bank accounts and other details are also verified digitally, and funds are credited into your accounts fast. 

What are the benefits of using a personal loan app?

Other than applying for a personal loan even in the dead of night, you can make the most of an instant loan app in many ways. Take a look: 

1) Apply for a loan in no time 

When you have a loan app of a leading lender that has been in service for long, then you can trust it to deliver you fantastic services even on its app. Hence, you can apply for a loan 24/7 and while being on the go and avoid the hassles of doing it manually. 

2) Track active and previous relations 

The personal loan app can help you track your ongoing debt and even the ones that you have closed. It is also possible to start downloading previously closed accounts’ statements. 

3) Pay EMIs super quick 

After you have availed a loan, you will be needed to repay it in the form of EMIs. An instant loan app can help you pay EMIs on the go. You can also know about the details of your future payments. 

4) Make other payments 

Other than making EMI payments, you can even start paying other payments like part pre-payments so that you can pay the reduced loan EMIs. What’s more, it is also possible to foreclose loans right on the personal loan apps before the scheduled tenor. 

5) Receive all vital notifications 

You don’t need to remember the date of your EMI payment anymore and default on it. Yes, the loan app of a known lender will keep sending you notifications related to your next EMI payments, pre-approved loan offers, and much more. This way, you can be notified all the time and avoid missing any upcoming due date and hamper your CIBIL score. 

6) Raise a request for any disputes 

In case if you face discrepancies related to your existing loan account and want some intervention from your lender, then you don’t need to call their customer support. It is because raising a request for any issues and tracking its status is possible on a loan app. You can also view your earlier closed requests and know how many days it took for the issued ticket to be closed.