When we face a shortage of funds, we usually go to a bank to apply for a loan. Or so was the practice until recently. With the advent of online loan apps, one can get a loan digitally with no hassle. An online loan application has a much simpler process, where the disbursement is quick and payment terms are flexible.
If you are planning to take a personal loan online, here are 5 features you should look for before you download a mobile loan app.
1.User-Friendly Interface
There is a plethora of online personal loan apps available in the market today. And let’s be honest, not all of us are tech-savvy. Even if we are, a user-friendly app makes things easier. You don’t want to spend hours just figuring out how to create an account or how to navigate through the app. Once you have applied for a loan, you should be easily able to see the status of your application process on the app. After you have received the loan, the app should make it simple for you to pay your instalments.
2.Quick Signing Up & Approval Process
As mentioned above, a personal loan app needs to be smooth and quick. Sometimes, they make the signing-up process so long and complicated that people in need of an urgent loan get discouraged and delete the app. So, to save time and headache, download a loan lene wala app that has a quick signing-up process. Not just the signing up, but the loan application process must be hassle-free too. You can find online loan apps that approve the loan on the same day and disburse funds instantly.
3.Transparency Of Costs & Policies
Do not download a money lending app if it is shady with its costs and policies. All the online loan apps must follow RBI guidelines and be compliant with the current government rules and regulations. Know the interest rate, EMI amount, late payment fine, and any other costs that may be involved before you apply for the loan.
4.Flexible Repayment Options
Every personal online loan application has different features and different policies when it comes to lending funds. Before you apply for a loan through such apps, you should not only check all the costs involved but also check their repayment options. Online personal loan apps are known for their flexibility, so go for an app whose repayment policies are not too rigid.
5.Strong Security Protocols
Such loan apps are going to have access to your personal details, bank details and other important information. It is very important that you verify the credibility of the loan app before downloading it. Make sure that they are RBI-compliant and follow all the financial regulations set by the government. Also, check for reviews online and compare between apps, check the website and other lender information which may be available on the internet.
In short, these are the features you must ideally look for in a personal loan app: user-friendly interface, quick signing up and approval process, transparent costs and policies, flexible repayment options and finally, strong security protocols. Lastly, check if the app provides loans that are suited to financial needs.