INSTANT LOAN APPLICATIONS

An unforeseen financial emergency can occur at any moment today, and we might need instant cash to take care of these situations. Going to a regular bank could be a hassle considering the paperwork banks require. In these situations, instant personal loan apps could be a saviour. Organisers of shady loan apps are emerging as a major threat across the country as they look to target vulnerable people from poor and middle-class families by lending them large sums of money in the form of unsecured loans at high rates of interest.

Documents required for Personal Loan

Different lenders might require different documents, but some of the most common ones are-

1. Identity Proof (Voter ID Card, Passport, Driving license, Aadhar Card, PAN Card etc.)

2. Address Proof ( Utility bills, Rental Agreement, Bank Statement etc.)

3. Income Proof (Salary slip, Tax Return, Business Documents etc.)

Eligibility Criteria

1. You must be an Indian citizen.

2. You must be in the age group of 18-65 years.

3. You must have a minimum monthly income of INR 15,000.

4. You must have a permanent residential address in India.

5. You must be employed or self-employed with a steady income.

6. You must have a minimum credit score of 650.

How to apply for a loan on an app

1. First, you should download the personal loan app.

2. Create an account on the app by providing your basic information like name, phone number, email address etc.

3. After this, you’ll have to provide some relevant details about your employment, income, and credit history.

4. After providing all the information, you can apply for the loan. You can choose the loan amount and repayment tenure.

5. Once you’re done with this, the lender will review your application and decide about it.

6. Once your loan is approved, the amount you’ve applied for will be deposited in your bank account within 24-48 hours to a few days, depending on your chosen lender.

What criteria should I consider when choosing a personal loan app?

1. The foremost thing to consider is the interest rates being charged by the lender. The lower the interest rate, the lesser interest you pay over the loan’s lifecycle.

2. Check the Repayment period the lender has and decide if you’re planning to return the loan within a shorter period or if you’ll need a larger time frame to repay the loan and then choose accordingly.

3. Some personal loan apps charge application fees, processing fees, late payment fees, and foreclosure fees. Take all this into consideration while deciding.

4. Check the minimum and maximum loan amounts provided by various loan apps and decide which one will fulfil your requirements and whether you can return the amount.

5. Check the lender’s reputation, reliability, and trustworthiness before choosing.

6. Check customer support of the personal loan app and its effectiveness because if you face any problem regarding your loan, customer service will help you out in this matter.

What happens if you miss a repayment

1. A late payment fee will be charged, which might vary from lender to lender.

2. Your credit score will be affected by this, and you’ll have a drop in your credit score.

3. If you continue to miss your payments, the lender may take legal action against you.

4. If you pledged any collateral to secure the loan, your lender may repossess the collateral.

Tips and Warning

1. Compare different lenders before choosing anyone.

2. Read the terms and conditions carefully before applying for the loan.

3. Prepare the required information and documents before applying for the loan.

4. Don’t pick and apply on the first app you see. Check various apps to find the best personal loan app for you.

5. Have clarity about how much loan you want, for what purpose you plan to spend, and how much time you’ll require to return.

6. Some personal loan apps require you to have a good credit score, so maintain a good credit score.

7. Personal loan apps are a quick and easy way to get money but understand the associated risks also.

8. Beware of the high interest rates charged by some personal apps. So, check it well.

9. Be sure to understand all terms and conditions. Know if there are any hidden charges.

10. Some personal loan apps engage in predatory lending.

11. A personal loan will affect your credit score.

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