Personal loans are really helpful for all your immediate financial needs. Whether it is an urgent payment of a utility bill, last minute travel expenses, or fixing an appliance at home, getting a short- term personal loan can help afford these costs. And nowadays, getting a personal loan online is even more easy thanks to instant personal loan apps. With the assurance of getting quick approval, a loan app seems to have a much simpler approach. Read on to discover 6 reasons why you should choose an instant personal loan app for your short-term financial needs.
- Saves you from the hassle of travelling to the bank
Travelling to the bank can certainly be stressful when you need money in an emergency. Many of us also have working hours similar to that of a bank and so, it becomes extremely difficult to visit a bank to apply for financing. This can become a roadblock during urgent situations which see you needing instant cash. With an instant personal loan app, you can get quick funding using your smartphone at the time of your convenience. A loan, just a few clicks away.
- No requirement of high credit scores
Most banks need you to attain a certain credit score to approve you for a personal loan. On the other hand, an instant personal loan app usually approves your loan without asking for your credit score. This is where a lot of borrowers take a step back. However, with A really good point to consider if you are a first-time borrower.
- Lower interest rates
At times, people feel doubtful about getting a personal loan from a bank because of their high interest rates. When you go for a personal loan online, the interest rates are generally much lower, depending upon the lender. There are reliable apps that offer interest rates as low as 1% per month. This proves to be very beneficial for any borrower as they would not have a tough time in repaying the loan.
- No high income required
Another difficulty that a lot of people face in getting a personal loan from a bank is the lender’s requirement of a high income. On an instant personal loans app, one can get the loan approved even at a low income, provided that the income is from an authentic source. Even those who are self-employed or have an income of at least Rs 10,000 a month can easily get their loans approved.
- Quick processing
When you opt to take a personal loan from an instant personal loan app, your loan can get sanctioned very quickly. Some lenders even sanction the loan and transfer the money into your account within a time span of 30 minutes. This is perfect for those times when you are in dire straits and want cash on hand instantly for urgent needs.
- Easy repayment
A good personal loans app would offer personal loans along with flexible repayment terms which make it quite easy to repay your borrowed sum. The low rate of interest is already a bonus. Add to that the wide repayment tenure option of 3-12 months is a boon that allows repayment at your convenience. You will easily pay the loan back on your preferred repayment tenure and also improve your credit score in doing so.
These benefits may differ between apps so, make sure you do your research before making any financial decisions.
We hope this article has helped you understand how an instant personal loan app could benefit you!