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How to choose the best instant personal loan app for your needs

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How to choose the best instant personal loan app for your needs

Having instant and convenient access to funds is a must to finance life’s goals. Here’s where a personal loan app can be a game-changer, offering you a quick loan when you need it.

A personal loan app helps you:

  • Get collateral-free funds quickly to finance urgent needs or emergencies
  • Enjoy 100% digital processes that are faster and easier to complete
  • Get 24X7 access to tools, such as the EMI calculator, and services like checking your repayment schedule or contacting customer service
  • Manage your transactions in real-time, all at the same place and repay your loan on the move
  • Transact safety with data protection protocols

However, not all loan or Fintech apps are reliable. So, checking specific parameters is key to having a stress-free experience. Before downloading a personal loan mobile application, here’s what you need to check.

Ratings and reviews on the App Store or Play Store

Before you download a personal loan application, ensure it is not a fake app. You can do this by checking the name of the app and developer, the descriptions and the screenshots. Next, do some research to find out if the lender has been authorised by the RBI or is affiliated with a lender such as a bank or NBFC that the RBI has authorised.

The RBI has mandated that all digital lenders fully and correctly disclose this affiliation [EW1] to customers. Knowing this will prevent you from falling prey to fraud or having your private data leaked.

Finally, you can check the rating of the app as well as the customer feedback. A high rating and positive reviews indicate that you can rely on the app.

Interest rates and processing fees

Make sure you are aware of the digital lender’s interest rates and other policies regarding prepayment fees, processing charges & more. Download an app of a lender who is transparent about all these charges.

If you find hidden fees in the fine print or find suspicious loan terms and conditions, stay away. This could aggravate your borrowing and repayment experience. A trustworthy lender will also check your creditworthiness (Credit Score) before approving your loan request.

Safety and encryption features

Security is a significant factor when you use a personal loan app. While choosing one, do check its security features. You can understand this by reading through the privacy terms on both the App Store and Play Store.

Moreover, both Google and Apple have ‘Data Safety’ and ‘App Privacy’ sections. Read them to know how the app stores and shares data and the security practices used. This way, you know that your personal and financial information is encrypted and not misused.

Approval timeline and process

Lastly, check the time taken by a personal loan app to approve your application and disburse funds into your account. Also see how easy it is to apply for a loan, upload documents and manage your loan. All this makes it simpler for you to get funds speedily and manage the loan conveniently.

Ease of use and instant access to funds are two reasons to have an instant personal loan app on your smartphone. Now that you understand the benefits of applying for a personal loan through a loan app, choose the right one. Try the all-in-one Bajaj Markets App on Google Play or the App Store to get digital access to a range of financial and lifestyle products. Download it today to get pocket-friendly loans in just a click!

Disclaimer: Third party Guest post readers can take their own risk.

Image Credit: Pixabay.com

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