7 Benefits of Having a Personal Loan App on Your Mobile Phone
About a few years ago, applying for a personal loan was a cumbersome task. People found complying with Know Your Customers (KYC) burdensome and a rather complex process that involved a huge amount of paperwork. Today if you need to get a personal loan you don’t need to look past your mobile phone.
Many banks, lenders, financial institutions and online lending platforms have well understood the role of technology to make life simpler for their customers. They have developed personal loan mobile apps, which are available online and are downloadable on mobile devices.
Installing a mobile app on your phone for instant financial backup is a wise decision. If you’re on the fence thinking whether or not to download the personal loan app, here are 7 reasons why you should install it today.
- You can apply for a personal loan in case of emergency cash
A personal loan app is like a bank inside your pocket. You have it with you wherever you go. So, if you encounter a financial emergency, you know where exactly you need to go. Yes, that’s right! You just need to go in your pocket, dig out your mobile phone and apply for a personal loan through the mobile app. It’s as simple as that.
The personal loan app acts as your backup in times when you need financial assistance.
- It saves your time and efforts
Instant loan apps give you 24/7 access to their services. Whether you are travelling, at home or at work, you can apply for a personal loan with a tap of a button. A few years ago, you had to visit the bank’s physical branch to apply for a loan.
A personal loan application has made the loan application process paperless by enabling the eKYC feature that saves your time and efforts.
- The app is safe and secured
When it comes to mobile loan apps, your worry about your privacy and security is quite understandable. Be assured that mobile loan apps are 100% safe and trustworthy. There is no risk of losing your money, but it is your responsibility to safeguard your personal information with a secure password.
MoneyTap uses the most advanced encryption technologies to ensure that your financial and personal information remains safe.
- Quick approval and instant cash access in your app
Personal loan online applications are much faster. These online loan apps are very simple and straightforward. Once you apply through the app, the lending decision is made within a few seconds and you get an instant cash loan in your app faster than you can ever imagine.
- Stay updated and keep track of all your transactions
It is easy to keep track of your online borrowing. Mobile loan apps provide a flawless user experience. You can check your details to see how much debt is outstanding, how much have you borrowed, and what are your payment dates.
You may receive automated notifications of payments and email or SMS reminders to ensure that you never miss a payment.
- All-time access to money and information
You have 24/7 accessibility to cash on your phone. You can carry out instant transfer into your bank account any time of the day. The personal loan amount will remain available to you for whatever personal expense you may have, whenever you want and at whichever time you want it.
A personal loan app is a big help, especially when you are travelling for personal or professional reasons. Since you have ready cash available on your phone, which you can withdraw anytime from anywhere, you need not worry about taking extra money with you.
- Personal line of credit can be used for multiple personal expenses
Whatever your personal expenses are, a personal line of credit is easily accessible to you on your mobile phone. You can easily buy a mobile on EMI, get a marriage loan, get your startup off the ground with a business loan or go globetrotting with a travel loan. A personal loan app in your pocket goes a long way in making your purchases simple and hassle-free.