3 Ways Personal Loan Apps Have Made the Borrowing Process Easy

personal loan apps

Technologies evolve to make our lives easier. The massive influence of technology on our lives is quite evident in the way we do things today as compared to how things were done before. If we observe the personal loan apps market in the current day, personal loan apps are playing a big part in making finance easily accessible to a whole lot of people.

Thanks to fintech lending companies/platforms like MoneyTap, Paysense, Indiabulls, Bajaj FinServe and many more, who saw the opportunity in the lending space to make the consumer’s experience – right from loan application to loan disbursal – as smooth as possible by rolling out personal loan apps.

Earlier, getting a personal loan took several days, but now with fintech lenders coming into play, getting a personal loan is like hailing a cab. It’s so easy and quick! 

Let’s look at some areas where technology is playing a key role in making the personal loan process digital, seamless and fast!

Instant approval feature of Personal loan apps

When you apply for a personal loan through an app and submit your Aadhar and PAN information, your eligibility check happens almost immediately. This information is used to fetch your credit report. The risk-assessment algorithm examines your report for crucial parameters like your credit score, repayment history, the total number of loans, total outstanding dues, etc. 

If your credit profile meets the algorithms, you’ll be instantly approved for the loan. A few steps more and you are on your way to receiving your loan. 

Online document submissions and digital verification

Before personal loan apps came into being, applying for a personal loan was a lengthy process. You’d to submit physical copies of documents to the bank representative visiting you. After documentation, the verification process follows, which usually takes 2 to 3 days. After verification, the disbursal process takes another week or so. So, a lot of time goes by before you get the money in your account. 

But now, with personal loan apps, the loan application process is paperless. You can submit the soft copies of the required documents online through a secure web platform.

Your identity and other crucial information are verified online, and then the loan is disbursed. Right from application to disbursal, the process happens digitally. 

Flexible tenure and competitive loan interest rates

With the evolution of fintech companies, it has become very easy for consumers to get a personal loan at a low-interest rate and a flexible loan tenure. Personal loans from these newer technology-driven lenders are designed to incorporate flexibility in their loan offerings.

You can enjoy the benefit of a low-interest rate. You also have the freedom to choose your repayment tenure and monthly installment amount depending on your financial capability.

How MoneyTap’s credit line feature is different from other personal loan apps in the market?

MoneyTap offers personal loans of up to ₹ 5 Lakh in the form of a personal line of credit. And that sets MoneyTap apart from many other fintech lending platforms. The unique features of MoneyTap are as follows:

  • No need for collateral – unsecured loan
  • Low-interest rate – starts at 1.08% per month
  • Withdraw as low as ₹ 3,000 up to your credit limit – borrow what you need
  • Pay interest only on the amount you withdraw – save money on interest
  • Once approved, the line of credit is available to you for life – no need to go through the hassle for reapplying for a loan once repaid
  • You can withdraw from the credit line anytime and from anywhere – best as an emergency cash tool 
  • Flexible repayment option – choose a short or a long loan tenure depending on your financial standing

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