Get Immediate Financial Support With This Smartphone App

Lately, a lot of people have downloaded loan apps on their smartphones. One never knows when a financial emergency may strike – after all, we are still living in the shadow of the Coronavirus pandemic – and one must be prepared to meet it head on. But how do loan apps really help?

This is how a leading loan app can be a lifesaver in times of financial emergencies:

* Personal loan

Leading loan apps offer quick personal loans to applicants with a regular salaried income (provided your job is in a Government concern or private firm), a good credit score and correct documentation. All you have to do is download the app on your phone and check your loan eligibility before applying for the loan. Once your application is approved (post checking your credit score and documents) the app disburses the loan money to your savings account. You can withdraw the money and use it right away. The loan is repaid in monthly instalments over its tenure, or you can foreclose it with regular pre-payments.

The app does not concern itself with why you need the loan, nor are you asked to furnish any security to avail of it. Your credit score and income are the only securities for the loan. Leading apps have competitive rates of interest, a fully digital platform from application to repayment, and zero foreclosure charges.

* Credit line loan

The best loan apps in India have also started offering credit line loans to their customers. This means that the app approves a credit limit for you based on your income, age, credit score and repayment ability. Since the credit limit is already approved, the loan is approved instantly once you apply for it. Thus, you can borrow the loan for both personal emergencies and shopping needs.

You can borrow several loans against your available credit limit – for example, if your credit limit is Rs 2,00,000, you can borrow sums of Rs 30,000, Rs 20,000, Rs 40,000 and so on till your limit is exhausted. Just like the personal loan, this loan against the credit  limit is repaid from your monthly salary. You can use the money for immediate needs, or take shopping loans using tie-ups with e-commerce sites and grocery chains. Leading loan apps offer you the chance to buy your month’s supplies using the Grofers online grocery loan – shop for whatever you need and pay the money using your credit line loan.

Once you repay the borrowings, the credit line is reinstated. This means that you have a revolving line of credit constantly at your fingertips.

Conclusion

Loan apps are like financial magic wands for the 21st century, offering monetary support immediately when the need arises. Download the loan app on your phone and have it ready to use at a moment’s notice.