We get it, urgent cash needs sometimes hit us out of nowhere. In such stressful situations, visiting a bank, applying for a loan and waiting for approval will only add to the anxiety. Thanks to online apps, one can get a loan digitally and quickly, with minimum paperwork and fast fund disbursement!
If you are considering getting an online loan, you might be overwhelmed by the sea of loan apps available online. You may not know this, but every single one of these apps is catered to a certain audience for their unique loan needs. Some might need a personal loan, while some may need some quick cash for medical needs, and others may want to get a loan against their gold jewellery.
If you are thinking about which loan mobile app will help you best with your instant loan needs, take a look at the type of apps available online for quick loans.
1.Personal Loan Apps
If you are looking for a fast loan online for your personal needs (wedding, vacation, medical bills, urgent repair), then you should go for an instant personal loan app. These loan apps require some basic documentation like a salary slip, Aadhar card, PAN card, address proof, etc., to get started. The loan application is usually processed quickly, and the funds are disbursed to your bank account. The interest rate for these apps will differ, so make sure you read about all the costs involved before applying for the loan.
2.Salary Loan Apps
On the Google Play Store, you can even find a quick loan app tailored specifically for salaried individuals. Salaried individuals may have mid-month or month-end financial crunches. They may also need a loan with a small instalment amount spread over a longer period of time, and ease of loan repayment. These salary loan apps also have a range of loan amounts that they lend, from a few thousand to Lakhs, depending on the borrower’s needs.
However, you will have to fulfil the eligibility requirements of the salary loan app you choose and submit your employment proof to them.
3.Collateral Loan Apps
If you would like to go for a secured loan, you can check out collateral loan apps, which give you a loan against your gold, property or securities. In this case, the loan amount will depend on the current market value of your assets, and if you default on a payment, you might risk losing your valuables. Make sure to read the fine print correctly and check the current market value of your collateral before applying.
4.Collateral Loan Apps
Not every loan app online has the same lending terms and conditions. Some offer a credit line in which the borrower can use only the amount they need and pay interest only on the amount borrowed. This is a safe and quick process, especially for individuals who want urgent funds but not a large amount. It is ideal for freelancers, college students or gig workers.
These modern apps not only allow users to borrow money instantly but also make their lives easier with minimal documentation requirements, relaxed eligibility criteria and flexible repayment options. However, as a borrower, always make sure that the app you are borrowing from is RBI-compliant and shows all the costs upfront. And also ensure that you create a repayment plan. Happy borrowing!