9 Features You Should Look for in a Personal Loan App

With just a few taps on your smartphone, your entire personal loan process – from application to disbursal is possible through cash loan apps. 

It’s best to save yourself from the hassles of visiting bank branches, submitting a massive list of documents, filling physical forms and waiting in a queue to wait for your turn – if you need a personal loan, just download an instant personal loan app and get your money needs addressed almost instantly. 

Oh, wait! It’s not that simple. 

Because when you go online to download the loan app, you’ll come across various options put forth by various personal loan lenders. So, how do you make a choice? How would you know which personal loan app is the best? In this article, you’ll find tips on how to select the best personal loan app based on the features it offers. Simple. Isn’t it?

How to Choose the Best Personal Loan App

1. Instant Pre-Approval Status:

The new-age personal loan apps are technology-driven and use innovations to gather data from multiple sources online to determine your creditworthiness. How soon the loan app gives you the approval status can be one of the deciding factors of choosing the best personal loan app. 

2. Lower Minimum Income Eligibility:

Many lenders have minimum income eligibility of ₹ 25,000 and above. If your monthly income is on the lower side, you can still be eligible for a personal loan through an app. These instant cash loans apps offer personal loans for individuals even with a monthly salary of ₹ 15,000. 

Pro Tip: Check your eligibility before applying for a personal loan online. 

3. Immediate Funding:

If you are frantically looking for a personal loan online means you are in need of immediate cash. If the loan app takes a lot of time to respond to your immediate cash need, it fails to serve the purpose. So, choose a personal loan app that offers quick approval and faster disbursal. 

4. No Prepayment Charges:

Some lenders apply prepayment charges if you plan to prepay your loan in full or part before the loan tenure ends. So, if you have plans to prepay your loan as soon as possible, it’s clever to choose a lender who allows you to prepay without any charges. 

5. Minimal Documentation:

Even if you are applying for a personal loan through an app, you have to submit your KYC documents for identity and address proof online. However, the list of documents should be comparatively less than what you have to submit at the bank. 

6. Loan Amount and Duration:

The personal loan amount differs from app to app. Mostly the loan amount ranges from ₹ 10,000 to ₹ 5 Lakh. Choose an app which can meet your financial need for the amount you want. 

7. Low-Interest Rates:

Your interest rate on the instant personal loan may vary from app to app because the lenders differ. So, before choosing the loan app, ensure that you check and compare various loan offers and choose the one that’s best suited for you.  

8. 24/7 Access to Funds and Account Details Anywhere, Anytime:

You should be able to use your loan amount whenever and for whatever you need. Also, through your instant cash loan app, you should be able to keep track of all your transactions, payment history, etc. 

9. Pay Your EMI Online:

Your personal loan app should give you the benefit and convenience of making EMI payments online.

Author bio: Shiv Nanda from MoneyTap