The COVID-19 pandemic has crumbled economies and shattered many families. In such financially distressed times, getting a personal loan to manage your finances is the only available choice instead of using your savings and putting yourself in vulnerable situations. Unlike the old days, the process of applying for a personal loan has become simple and hassle-free.
For instance, it was quite a daunting experience to get a personal loan a few years ago. The documentation involved was lengthy and burdensome, and the process of application was so complex that not everyone could access it. However, if you need a personal now, you do not have to look past your smartphone.
Lenders have fully grasped the importance of technology and have made it simpler for the borrower to access funds. With an online loan app, you can apply for a loan and get approval almost instantly. Here are some of the reasons why an online loan app is a better option:
Reasons why Online Loan App is a Better Option:
- Meet your need for emergency cash
A personal loan app can be treated as a mini bank in your pocket. No matter where you are, you can access funds to manage your expenses. Whether you are at home or on the go, you can now seamlessly deal with your financial emergency.
If you encounter a financial emergency, you can go to your pocket, pick your phone, and apply for a personal loan through an instant loan app. There cannot be a simpler way to access instant funds than through an online loan app. It acts as a backup to provide financial assistance in times of need.
- Saves time and efforts
The benefit of having an instant loan app is that you have 24×7 access to their services. Whether you are home, at work, or traveling, you acquire a personal loan with just a few clicks. Unlike traditional personal loans, you do not need to visit any physical locations to access funds. Furthermore, using a personal loan app, you can avail of a paperless KYC facility that saves both your time and efforts.
- Safety and security
When it comes to mobile applications, the biggest concern one can have is their privacy and security. However, you can rest assured that your information is well protected. An online loan app is 100% safe and trustworthy. However, it is your responsibility to protect yourself with a secure password.
- Quick approval and instant disbursal
Much of an instant loan app’s popularity stems from its features like quick approval and instant disbursal. A personal loan app is quick and fast. After providing your information and submitting the relevant documents, the lender will process it instantly, and the sanctioned loan amount can get credited to your registered bank account within hours.
- Tracking made easy
Another benefit of an instant personal loan app is that you can stay updated and keep track of all your transactions on the app itself. It has an outstanding user experience and provides customer-centric features. You can check your loan details like the outstanding, the amount borrowed, and the payment days.
Furthermore, you will receive automated notifications on your registered mobile number or email address about the payments, ensuring that you never miss your EMIs.
- 24×7 accessibility
The best thing about an online loan app is that you have 24×78 accessibility to funds. It means that whenever the occasion rises wherein you need money on an urgent basis, you can apply for a personal loan and meet your financial needs. Also, there is no restriction imposed on the end-use of the loan amount, so it will remain with you for whatever personal expense you may have.
Additionally, a personal loan app is a great help on your travel for personal or professional reasons. It enables you to have ready cash available on your phone, and you can withdraw it from anywhere.
- It serves multiple purposes
Irrespective of your expenses, you can easily access a personal loan on your smartphone. You can use a personal loan to buy a new phone or vehicle. You can pay for a medical emergency, education, travel, or get your start-up off the ground. You can also use the loan amount to take an international trip to your favourite destination. A personal loan app goes a long way in making your transactions easy and hassle-free.
Additional Read: In What Situations Should You Apply For A Personal Loan?
If you have an immediate financial need, you can acquire a personal loan through an instant loan app regardless of the end-use of the loan amount. Access instant funds through an online loan app to manage your finances without touching your savings.