Even though many people still stick to the conventional approach for a Loan application, there has been a rise in the number of individuals that adopted the modern and reliable approach of availing loan via apps. These applications are easy to use and come with several functionalities that help loan applicants in more than one way.

Why Apply for a Loan with An App?

Here are 5 reasons why using a loan app can be the best way to apply for a loan. Look on these points–

1. Instant Approval
A person may come across situations where he/she need to secure funds on an urgent basis. In such scenarios, going to a financial institution, understanding the loan procedure, and navigating through the entire process can be time-consuming. Instead, you can download the loan app and apply for a credit by simply filling up the required details.
Usually, lenders approve these loans to eligible candidates within 24 hours. Also, the loan amount is disbursed to loan applicants’ account within 2 to 3 working days after approval.

2. Time-Saving
You can expect instant loan approval via apps as these offer a quick and easy method of applying for finances. You only have to fill up some necessary details and file an application. The rest of the information is collected and verified by the lending institution, and you don’t have to go and complete the process manually. It saves a lot of time for applicants that adopt this method.

Apart from the quick access to emergency funds, applicants can have access to monthly financial statements, past credit history, and active credit and investment reports as well from this mobile platform. Apps like Bajaj Finserv App – Experia offer you such benefits along with easy and secure transaction experience.

NBFCs like Bajaj Finserv help individuals acquire an instant loan that is approved quickly, especially if you are an existing customer. The process is accelerated with the help of pre-approved offers made available to loan applicants. One can get these offers on a wide range of financial services and products such as personal loans, business loans, home loans, etc. Check your pre-approved offer by sharing only some basic details such as name, contact details, etc.

3. Convenience
One can apply for a credit from the convenience of their home or even when traveling with the help of a dedicated mobile application. You don’t have to rush from one financial institution to another and look for the feasible option to acquire an advance. At times of emergency situations, availing loans through an instant loan app is not only convenient but also enhances user experience and security. The app is secured against any unauthorized access to make any transaction safe.

4. Reduced paperwork
Candidates don’t have to go through a lengthy application process, submitting several documents and lengthy paperwork, when they apply and get the approval of a loan using a dedicated mobile app. An applicant may have to provide documents in support of their application by uploading it in the portal or by sending documents as required by their financial institution.

5. Keep track of your credits
At times when an individual is dealing with multiple loans, it gets difficult to keep track of their active loan accounts, equated monthly installments and the due dates. With dedicated personal loan applications, you will be able to keep track of your present and past credit information on the go. Not only this, one can as well be notified of the EMI due date so that they don’t miss paying these installments on time.

In an era of technological proficiency where everything is available in just a few clicks, borrowers can easily acquire advances to mitigate their financial need through loan app, offering an easier and convenient way of applying for credit.

Subsequently, individuals looking for finances can get more benefits while applying through loan applications than traditional methodologies. The simple user interface of apps makes the process more convenient and hassle-free for borrowers. They can be notified in case there is an update or change in their credit status. One can browse through its different sections to get detailed information on their present and past credit report. These are the major reasons why using a loan app is convenient and efficient.