In the times of digitalisation, we do not feel the need to visit traditional banks and get a loan. Traditional banks take a long time to process personal loan applications, making the process very difficult. Moreover, banks do not even offer small ticket size loans to borrowers. Moreover, in today’s times where digitisation has taken over the world of finance, giving rise to the “paperless lending” trend is improvising.
The rise in Fintech and alternative lending is making it easy for us. Digital loan lending is gaining immense popularity. Peer to Peer lending platforms provides loans instantly with simple processes. It is now possible for you to apply online for an instant loan while getting it approved within a few minutes to 2 hours and receive a loan at better interest rates than any other traditional loan. It can be done through online web and mobile portals.
Let’s understand 5 benefits of getting an instant loan app.
- Saves Time Do you have the patience and time to wait in long queues and fill out extensive forms when you’re in a financial emergency? Online lending platforms cut these paperwork down and require you to fill in fewer details online as compared to the traditional loan application process. Once the details and required documents that match the eligibility criteria are submitted, your request gets approved and almost instantly the money must be credited in your bank account within a span of 15 mins to 2 hours.
- Convenience While applying for a loan, we do not look for credit history, neither prepayment charges are availed and also loan amount is at affordable-interest rates. A borrower can avail an instant personal loan ranging from ₹ 5,000 to ₹ 10,000 on the app and we can transfer cash to your bank account in just 15mins to 2 hours.
- Instant Approval Instant online loans approval is absolutely a benefit as compared to traditional loans. You can get your loan in just a span of minutes provided you match the required eligibility criteria. Not only that, the loan you have applied for often gets credited to your account within 15mins to 2 hours. This is extremely useful during emergency times.
- Easy Access While approving loans through banks or credit institutions, they go through credit history and many other criteria. While in some cases, banks even take weeks for your loan to get approved which creates a barrier if the requirement is urgent. Peer to peer lending, however, are a lot more lenient. For instance, you don’t really need to have an excellent credit score provided you have a stable job and steady monthly income. Therefore, it is easy to get your loan approved quickly with online peer to peer lending services.
- Immediate help during emergencies We face a lot of emergencies at times and instant money at such times is crucial. It may be a medical crisis or any other, you know that instant loan apps will be a benefit. Since, we do not know any other medium that provides instant cash in your bank account. So why not have faith in peer to peer lending platforms and avail for an instant loan if needed.
