You take a personal loan to meet any expense you are unable to cover from your regular income. According to a CASHe report, in 2018, while many millennials are taking loans to pay for medical expenses and buy consumer goods. Thirty-one per cent of the loan taken in 2019 by the millennials is for unforeseen medical expenses. It has become easier than ever before to apply for and get a personal loan. The report says that 57% of the total personal loan for the year was for medical emergencies. But, why waste time and energy to visit the lender’s branch, when you get all the information on your phone or tablet? You can download your lender’s app to complete the application process and keep track of your EMIs. There are many advantages to using personal loan apps.
Let us look at the benefits of downloading loan apps on your phone:
- Download it instantly and at your convenience – The most significant advantage of a personal loan app is that it can be downloaded at any time of the day or night. Go to Google Play Store and iStore, choose the app and click download. It takes only a few minutes to download. You can download the app from the lender’s website also. Once the app is downloaded, follow the process by filling in details like name and phone number. After that, begin exploring and applying for a personal loan, instantly.
- Use it for emergencies with minimum hassle – The need for a personal loan is felt the most in case of an emergency. As the CASHe report says, most the EMI-linked loans are taken for emergencies. These apps work as instant personal loan apps and require you to fill in the minimum details to complete the application process. Get quick approvals and instant access to cash. Keep in mind that the lender verifies a personal loan application before the loan is approved.
- Safety and security are given the utmost importance – Apps from reputed lenders focus on ensuring that your details are safe and secure. The risk of losing money is minimised as good apps will use encryption technologies to ensure safety. Conduct financial transactions without fear of trustworthy apps. Hence, it is important to go with established lenders like Bajaj Finserv, SBI, etc.
- Complete the application process online– Most apps have uncomplicated user interface meaning that the apps are user-friendly. You do not need help to fill in the application form. In case you are not confident, chat with a customer care representative to help complete the process. It is simple and easy, and it takes only a few minutes. Some loan apps even give the option of uploading documents to the app, adding to the convenience. It is easy to complete the process through the app without the need to visit the lender’s branch.
- Always provides access to money – Since the app is on the phone, you have access to funds at all times. 24×7 access always makes it possible to make emergency payments. You will enjoy the sense of security that a personal loan app offers while travelling as it gives access to funds without the need to carry extra cash.
- Keep track of EMIs and loan details – With an instant loan app, it is easy to keep track of the EMIs paid and pending. It allows you to plan your expenses and EMI payments meticulously.
The above are some of the advantages of downloading a personal loan app. It will make the process of applying for a loan easier, and help keep track of all EMI payments.