Why more lenders are turning to phone applications for Quick Loans.
Why more lenders are turning to phone applications for Quick Loans.

Quick cash loan in India have seen a sharp rise in popularity. More and more individuals are turning to these finance solutions to meet smaller yet urgent monetary needs. The increasing demand has caused numerous lenders to enter the market looking to capitalize on this booming market. This has, in turn, has led to an intense competition between these banks & non-banking financial institutes. In such a scenario, only the most innovative & customer-friendly service providers are able to capture a larger market share.

Keeping with focus on innovative and customer-centric services, many lenders have started to create cash loan apps. These applications streamline the entire process considerably - so much so that, customers have stopped applying for traditional quick loans; now they just reach into their pocket and get things done on their smart phones. Here are some reasons why you should get with the times and try out such apps when in need of small yet pressing monetary needs.

1. It is just so easy!

If you’re accustomed to a real-world process or even if you’re well-adjusted to getting cash loans online, you are sure to find these finance apps much easier. It’s common place with such apps to have a simple three step application process. The documentation process, which can be tedious with traditional channels, is reduced to a list of just 4 or 5 documents, among which, one will be a selfie!

2. Quick turnaround time.

In combination with being super easy, these cash loan apps manage to make things extremely time-efficient as well. You can go from application to approval in minutes and get cash transfers directly into your account within hours. Things get even quicker if you are a repeat user of the app.

3. Lower eligibility.

Most of these apps open the doors to first time borrowers and to those with lower monthly income. For instance, many of the apps that provide cash loans do not require you to furnish a credit report to get financing. Other apps will set the minimum eligible income as low as 15K. Usually, borrowers with a low/no credit score or a monthly income below 18K are shunned by traditional lenders.

4. No prepayment charges!

It’s not just the application process but the repayment process as well that has become super convenient with the introduction of such apps. Especially since most of these cash loan apps offer 0 prepayment charges. This allows you to settle your debt before the due date and save on the total interest payable. Add this to flexible tenures ranging between 2 and 24 months, and you get an extremely easy to handle form of debt.

5. High level of financing.

You might think that these apps only nickel and dime and that they do not provide large loan amount. However, you’ll be surprised to know that some of these apps providing loan through their cash loan app offer as much as 2 lakh as a loan amount!

For a better perspective on these apps, just download one and try it out. Hope this                                                                                                                                                                            article has been help                                                                                                                                                                                                                                                                                ful, good luck and all the best!

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