Borrowing a Personal Loan makes it easier to fund emergencies and realize dreams. Are you planning to apply for a Personal Loan for the first time? Choose the best loan app to make the process easier and faster. However, go through these frequently asked questions before selecting and installing an instant loan app on your smartphone.
Is it safe to take a Personal Loan from a loan app?
Safe lending apps operate in tandem with reputable NBFCs and financial institutions that are safe for instant Personal Loan online applications. Downloading a loan app from a credible source like Google Play Store ensures a safe loan procedure while eliminating any chance of fraud. Authentic loan apps from trustworthy sources keep the borrower’s information and safety intact and do not leak the details without the applicant’s authority.
How to check a loan app’s authenticity?
Before downloading and using an app for a loan application, verify its authenticity using the tips mentioned below:
- Do a background check by reading about the app’s registered company and its official website.
- Check the loan company’s offline address, phone number, and email address. If any of these details are missing, stay away from it.
- Read customer reviews to see what the app’s real customers say about its authenticity and service.
- Ensure that the loan provider is transparent about its interest rates, additional charges, and other fees and conditions.
- Check if the lender’s website has an HTTPS:// before its URL. Such websites are secure and do not expose individual data to unauthentic sources.
Can a loan app access my phone gallery?
When you download a loan app, it asks for several permissions to access your phone’s gallery, contacts, texts, images, etc. However, they need this access for KYC purposes only and cannot use the phone data to harass, embarrass, or blackmail the owner. Recently, the RBI identified hundreds of loan apps that circulate phone data to others. That is why verifying the app’s authenticity is essential before downloading it.
Which devices are compatible with Personal Loan apps?
The best loan apps are compatible with almost all internet-enabled smartphones, including Android and iOS phones. Some apps are also responsive to tablets and iPads. Check the app’s compatibility with your device to install it successfully.
What details do I need to provide while applying for a Personal Loan through an app?
Loan companies want to check the applicant’s identity and finances before sanctioning their loan. First, they ask for their personal details like name, address, date of birth, marital status, etc., to verify their identity. Besides, they require the applicant’s income, employment, and experience details to understand their financial stability and repayment capacity. Applicants must provide relevant documents to validate their information and get loan approval.
How to apply for an instant Personal Loan online through a loan app?
The primary aim of a loan app is to make the loan process easier and quicker for aspiring borrowers. Therefore, they have simple steps to obtain a loan in just a few clicks. These are the typical steps involved:
- Download and install the app
- Fill out an online application form
- Enter your personal, financial, and employment details
- Scan and upload the necessary documents
- Wait for verification and get quick approval
- Accept the loan offer and get disbursal directly into your account
What else can I do with a Personal Loan app?
The best loan app is an all-inclusive tool that lets borrowers perform several loan-related actions. These include the following:
- Checking loan eligibility
- Calculating EMIs using an EMI calculator
- Checking the loan application status
- Exploring other loan options like Business Loans, two-wheeler loans, Home Loans, LAP, and more.
- Checking the credit score for free
- Contacting the customer care department
- Locating a branch
- Paying EMIs online
All these FAQs will help aspiring borrowers identify the best loan app and make informed decisions while applying for an instant Personal Loan online. So, whether you require an instant loan to pay for an emergency or fulfill a desire, download an authentic loan app on your smartphone and get instant access to the funds needed quickly.