Smartphones have become a popular medium
and most of us prefer to get things done on our phone. Day to day transactions
or financial services are now available on your phone through instant loan
apps. The process of getting an instant cash advance in times of
emergencies has become easy in the past few years. With their growing online
presence, instant loan apps have made it to the top of the list of
preference when it comes to ease and convenience. The procedure for application
& relationship management is very different and easy with online loan
apps as compared to traditional banks.
There are some basic pre-requisites like
having a CIBIL score of 700 and more, fulfillment of eligibility criteria which
generally includes age, salary or citizenship etc. Once you pass this
eligibility, you can get instant approval for your online personal loan.
The online loan apps are helpful as they allow you to view and monitor
all your loan-related information at anytime, anywhere even on holidays. Unlike
banks, which are available for customers only in stipulated timings, apps are
available 24 x 7. Hence, they are becoming more popular.
What is meant by instant loan apps?
There is a wide range of instant loan
apps that have made the process of availing funds much simpler than the
traditional banks. These mobile applications are developed in order to help
individuals in the easy availability of financial assistance and tracking
information related to it. In today’s world of speed, rarely anyone may have
time to follow up with banks, wait for the verification etc.
Instant loan apps have made it very easy for individuals to apply for a loan by
providing a single platform that caters to almost all the needs of their customers.
These apps are available for android as well as iOS phones. Although some
lenders may not have an app. In this case, you may have to access their service
through their website on google.
What are the steps to use the instant loan app?
Using instant personal loan apps is
very easy. You only need to follow the steps given below to use any instant
loan app -
1) Downloading & Installing the
application –
Before applying for a loan, you will have
to download and install the instant loan app. PaySense, Early Salary,
Bajaj Finserv Personal Loan app, Tata Capital, Navi, Money Tap are some of the
popular loan apps.
2) Login and Application process –
Post installing the app, the next step will
be registering onto the platform. Fill in your details the app asks you for
while applying for the loan. You may need to fill in your KYC details, Salary,
Account number, etc. Sometimes, the app may also ask you to click a selfie.
3) Approval – There apps like the Bajaj Finserv
Personal Loan app, Dhani, PaySense, etc which process your application
& give approval for your loan within a few minutes if you are completely
eligible. Your loan amount gets credited to your account shortly after you
receive the approval.
How can instant loan apps help?
1) Instant loan apps can help you
apply for a loan, fixed deposit, credit card etc very easily.
2) You can view and track your current
loans and investments, download financial statements in just a few clicks.
3) Loan apps also provide
pre-approved offers like personal loan, credit card, health card etc which can
be very easily availed.
4) You can have access information on your
past loans and transactions, view your statements and more
5) You can check the status of a personal
loan and keep a track of the loan application without having to actually go
to the lender’s branch/office.
Which are the top instant
personal loan apps?
|
App Name |
Max.
Loan Offered |
Minimum
Salary Needed |
App
Rating |
|
Early
Salary |
5 Lakh |
20,000/- |
4.4 |
|
Bajaj
Finserv |
25 Lakh |
25,000/- |
4.3 |
|
Money
Tap |
5 Lakh |
20,000/- |
4.2 |
|
Tata
Capital |
25 Lakh |
15,000/- |
3.8 |
|
Kissht |
1 Lakh |
12,000/- |
4.4 |
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