In today’s world, everything requires to be delivered instantly. Today the consumers are nothing but impatient buyers. Even if it is about availing funds, they require being processed as well as delivered at the earliest.
There are zero places for tardiness. India has more than 700 million active internet users & 600 million smartphone users. Smartphones today have penetrated 35.4 percent of the population, and this number is evolving by 25 million per quarter.
People today are moving with technology wherein mobile transactions are given prime importance for all requirements like shopping for clothes, groceries, high-end financial products or goods.
There is endless stop to desires as well as aspirations for which you usually require instantaneous funds to be able to meet it. There are various instant loan applications in India, like the Shriram Finance personal loan or HSBC personal loan. But you need to opt for the one that meets your needs.
What are the major factors that you must consider while choosing an instant loan application?
Though downloading the instant loan application from the play store is an easy activity, not every loan application is an authentic one. You must make a good effort to choose an instant app that checks all your boxes.
Do you have an authorized lender?
It is a great idea to verify your lender like they review the loan applicant. You must ensure that the lender is authorized by the RBI entities. In case the lender is not an RBI authorized body, it may be fraudulent and avoided by you. These fake setups might be a move for stealing all your personal data under the context of offering cheap loans.
Is the lender’s website genuine?
Before downloading the application, ensure your lender’s website is genuine. If it does not have a site, it is not an authentic application. When checking the lender’s website, ensure the site URL begins with HTTPs, which indicates a high-security level.
In case the HTTPs is missing by any chance, you must not trust the website and avoid sharing your personal data. Sharing your personal data on the site can result in cybercrimes and identity theft. Thus, once you have selected your lender, may it be Shriram Finance personal loan or HSBC personal loan, ensure to check the downloaded app is genuine.
Does the lender hold a physical presence?
Even if you are looking to gain digital access to credit, it is great to know if the digital lender also has a physical presence and a contact number, which you can contact on a time-to-time basis. In case the lender has a mobile application without a physical presence, it is better you be wary.
Does the lender have any grievance redressal mechanism?
One of the ways to check out a lender’s authenticity is by figuring out the quality in respect to their grievance redressal. Genuine lenders always complete KYC and have a good setup for addressing customer complaints.
Does the lender hold a transparent interest along with the fee structure?
In case the lender does not reveal the rate of interest clearly, does not check up your credit score and holds a lot of charges and fees, it means the lender is not a correct choice for you. It may sound fishy and might have some ulterior motive. An authentic lender will state all the rates and will confirm your credit before approving your loan.
Does the application have good reviews?
Play store ratings and reviews are a genuine indicator of quality apps. You will get genuine customer reviews that cover maximum issues as well as play store rate that will endow you with an idea about the app response. Also, you can use this measure to understand whether you should download the application. Also, it is always a prudent choice to know the lender’s details for a good customer experience and not fall for cybercrime.
What are the pros or advantages of having an instant application on the phone?
Having a prudent instant loan app on your phone is as excellent as having access to immediate cash in case of exigency. It is great to conduct your research before and opt for an application that mitigates all the criteria stated above. This even endows you with the right peace of mind and a smooth customer experience.
Zero collateral: To avail loan through an instant loan application, you do not require producing security or collateral. There are zero requirements to pledge any kind of assets against the loan.
Versatile: You can avail of a personal loan for various purposes using the instant loan application. It makes it convenient for younger generations who are always on the go & require immediate funds for different purposes.
Ease of processing: Loan application on the instant application is very easy. You can finish the procedure in just minutes without the need to move out of your seat.
Instant disbursement: Such loan applications can process the loan and deliver the loan proceeds within 24 hours in case of pre-approved loans. It makes it a convenient application to have on your mobile.
Minimal documentation: With an instant loan application, you can simply say goodbye to massive paperwork. All you require doing is filling up the form and uploading some of the documents.
24X7 access: One of the best parts about holding instant loan applications is that you are not bound by the banking hours and holidays. Your funding needs to not require revolving around banking schedules. Instant loan application has truly democratized the process. Now you can simply avail of the loan whenever you require and wherever you want.
Cheaper as compared to credit card: Credit card charge finance charges of up to 52 percent p.a. of the outstanding balance if you miss repaying your dues by the due date. Personal loan, on the other hand, is way cheaper and come at a lower interest rate of up to 24 percent p.a.