Want Money In A Hurry? Tap Into Your Phone

ByAmrina Alshaikh

Have you ever faced a situation where you needed money in a hurry and didn’t have the required amount in your bank account? You scrambled to gather the money, maybe you borrowed it from friends. The next time this happens, simplify things and choose to get a personal loan instead.

A personal loan, or an instant loan, is an unsecured loan offered to salaried individuals for a short tenure. Banks and NBFCs in India offer this loan based on the applicant’s age, source of income (salaried individuals are preferred) and credit history. The documentation is minimal and approval normally comes by quickly.

If you are applying for an instant loan, you can hasten the approval process by choosing to apply using an instant loan app. You just need your smartphone to do this.

Your phone, your lifeline…

You use your phone for practically everything, from getting information to booking flight tickets, and from making investments to ordering takeaway. It is safe to say that short of brewing your morning cup of coffee, your phone can do everything else for you. You use from the moment you wake up in the morning till the time you fall asleep. All your apps, email inboxes and important information are on your phone.

But it is possible that your phone is missing the most important app, especially if you need money in a jiffy. It’s an instant loan app – you guessed it right, it’s an app that facilitates taking a personal loan using just your smartphone.

How the loan app works

  • You can download the instant loan app from the Google Play Store. It’s a free app and you can set it up in a few easy steps.
  • The app is ready for use at once. Start looking up information about instant loans and how you can avail of one. Also look up eligibility criteria, check your credit score and the list of documents needed for the application.
  • Once you understand the procedure to apply, you can upload the required list of documents and fill out the application as directed.
  • Give the app some time to check your information. It also checks your credit score. Once everything is found correct, the app notifies you of the loan approval. After a few minutes, the loan amount is disbursed to your bank account.
  • Every month, you must transfer the EMI amount to the bank account mentioned on the app. Failure to do so results in a default.
  • The loan is repaid in full once its tenure is up, or if you make a larger repayment before term.

Conclusion

Using a smartphone app to get a personal loan is a faster, hassle-free experience. You use your smartphone to organise other areas of your life – why not use it to streamline your financial life, too?