personal loan

Today, getting a personal loan is one of the best ways to get rid of a financial emergency. With digital advancement, it has now become possible for one to get a personal loan to take care of financial situations in an easy way. Without having to run pillar to post, one can apply for a personal loan from the comfort of their home. 

The application for a personal loan can be made from home using a personal loan app that can be downloaded from the iOS app store or Google Playstore. Almost every financial institution in India today offers an online application process that makes it easy for one to apply and get quick disbursal. 

Simply installing the application on the mobile phone makes it simple for you to get access to quick funds that allow you to address emergency financial situations in an easy way. Read below the five reasons why you should apply for a personal loan using personal loan apps.

What is a personal loan app?

A personal loan application is an application available on Google Playstore or iOS store that allows you to apply for a personal loan in an easy way. The application also allows you to upload documents and track the status of your loan in a convenient way. Not just this, you can also get the below details from personal loan apps:
  • Principal Amount
  • Interest Rate
  • Value of EMIs
  • Tenure of the loan
  • Outstanding principal amount
  • No. of EMIs outstanding
  • Prepayment option and the amount you will be required to pay
  • Prepayment fee

Reasons why you should install a personal loan app today:

Cater to emergency fund requirements: A personal loan app makes it possible for you to address emergency financial situations in an easy way. When you are running out of cash the application makes it convenient for you to take care of emergency expenses by giving you cash on the go. So, whether you require funds in case of a medical emergency or when you are holidaying in some other country, the application makes it easy for you to take care of your urgent financial needs.

Helps you save on time and effort: Personal loan apps makes it easy for you to get instant access to funds as the application process is easy and can be done from the comfort of your home. Traditional lenders require you to visit their office and do the paperwork, sign various documents only after which your loan application is processed. However, online lenders don’t require you to visit any office as the process is simple and can be done online. The documents for the loan can also be uploaded online, thus making the process a cakewalk for you.

Safe and secured: If you are concerned about the security of your data when applying via personal loan apps, then it is important for you to know that your data is 100% secure as online lenders now use encryption technologies that secure your data.

No paperwork needed: Since the loan application process is digital, you don’t have to follow any lengthy documentation process. Simply uploading documents online in JPG or PDF format helps the lenders assess your credit eligibility. All you have to do is upload one address proof, identity proof and salary documents and you are good to go. No paperwork ensures that you save on a lot of time and effort to arrange the documents.

Take care of different financial expenses: No matter what type of financial emergency you are stuck in, a personal loan app makes it easy for you to sail through it by offering you access to cash that can be utilized for any purpose. You can use the loan amount for paying off wedding expenses, getting your house renovated, paying education fee, travelling and others. Using a personal loan app thus makes it easy for you to cater to multiple expenses in a hassle-free way.

Get all loan related information on the go: Using a personal loan app helps you get all the loan related information on the go; it not just gives you easy access to cash. Get loan related information like your EMI details, interest rate, foreclosure charges, loan tenure and outstanding principal amount.

How to apply for personal loan using a personal loan app?

  • To get instant access to funds, do the following:
  • Download an instant personal loan app like Upwards from Google Playstore
  • Login to the app using your Gmail or Facebook address
  • Enter your personal and professional details
  • Upload KYC documents
  • Wait for approval
  • On successful approval, submit additional details
  • On submission of the all the required details, get instant disbursal

Conclusion

Opting for a personal loan using a personal loan app is one of the convenient ways to get quick access to money. However, it is always advisable to check on features of the loan before opting for it.