Traditional financial institutions still rely on outdated technology and methods for funds disbursement. The time-consuming process, heavy documentation, and strict eligibility criteria have compelled people to turn to instant cash loan app.
These apps are among the most effective solutions for obtaining instant cash aid. Read the article to understand how digital lending apps help with speedy borrowing.
- Paperless Approval:
You would despise searching for your important documents in a cash pinch or financial emergency. If the lender requires you to submit a large amount of paperwork during an emergency, it will simply add to your stress. As a result, more and more people are turning to instant cash loan apps to avoid such circumstances. The entire application process over these apps is paperless. In addition, the lender requires you to upload a bare minimum of documents that includes KYC papers and evidence of income. However, if you are an existing customer or hold a pre-approved loan offer, you might not have to furnish any documents.
- No Collateral Required
One of the worst scenarios is being turned down for finances during a crisis because you don’t have anything valuable to put as security is frustrating, isn’t it? Most of the traditional lenders require you to put collateral in order to approve you for funds. However, this is not the case with instant cash loan applications. These digital lending platforms provide loans based on your income and the documents that you have shared. If you match their minimum qualifying criterion, the funds will be disbursed quickly. Since the loan offered by them is of unsecured nature, instant cash loan apps are the finest option to borrow funds quickly.
- Minimum Processing Time
Taking a day off from work to visit a branch of a lending institution is a decade old story. Earlier, people had to go through a time-consuming loan application process. You must complete the lengthy forms and submit a bundle of documents. In the next step, the lender sends an official to perform physical verification of your information and documents. The whole process takes so long that you might forget the purpose for which you are looking for a loan.
The advent of instant cash loan apps in the Indian financial landscape has successfully resolved this issue. The digital lenders deploy advanced technologies and software to their systems that assist them in immediate credit appraisal. Determining whether or not the customer is eligible for a loan hardly takes a few seconds. The turnaround time for funds disbursement is also very less once you are approved for the loan.
- Competitive Interest Rates
The loan interest rate is the first thing that every borrower considers while shopping for a loan. You spend hours comparing rates and offers from several lenders. You will be charged a different rate once you pick a lender and visit their branch to initiate your loan request. The reason for this, according to them, is that what you see online are only indicative.
However, this is not the case with instant cash loan apps. The digital lenders clearly mention the interest rate charged by them. They also detail the extra fees associated with the loan. Furthermore, because of the cut-throat competition in the industry, you can readily obtain funds at a competitive rate.
- Simplified Application Process
Another way through which online cash loan apps help customers in instant borrowing is their simplified loan application process. These apps allow you to have instant access to finances. Don’t worry if you have never used these apps or are unfamiliar with the application procedure. The following are the processes to obtain a loan through digital lending applications.
- Step 1: Install the App
You must first download and install the app if you are a first-time user. There are a number of instant cash loan apps available on the app store. Do some research before deciding on one.
- Step 2: Registration
Once you have installed the app, the next step involves registration. You need to share your address, contact number, and email address. Once you proceed, you will be receiving an OTP on your shared number/ email address. Input the OTP to complete the registration process.
- Step 3: KYC Process
In the next step, you will need to complete the KYC process. Upload your identity proof, address proof, and evidence of income.
- Step 4: Share your Banking Details
After you have completed the KYC, the lender will ask for your bank account information. Banking information is vital since it will assist the lender in selecting the account to which the funds will be disbursed after approval.
- Step 5: Use EMI Calculator
You must use the calculator to determine your need and affordability. Once you are decided, complete the application process.
- Step 6: Wait for Funds
After you have completed the above processes, the lender will immediately disburse the funds once you have been approved.
One of the most efficient tools for meeting your quick finance needs is instant cash loan apps. These easy-to-use applications allow you to borrow up to Rs 1.5 lakhs.