Facing a financial crunch? We know how that feels. All of us have been there at some point or another. It can be hard for individuals to make ends meet when it comes to sudden and unexpected financial needs. This is when a personal loan can come to your aid. However, all of you might be thinking, how can we get loans that easily? Okay, let us ask you a question. When you have a sudden financial crunch, how much cash is it? (Talking from a normal man’s perspective). It would never be in lakhs or crores. It is typically in thousands. Honestly, if it were in crores, we would see it ahead of time, right? Okay, coming back to the main topic, these small amounts can be catered to without having to go to a financial institute, such as a bank, with a big bundle of documents.
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Tuesday 12 Nov. 2024
You can get it as easily as an online application.
You might be wondering if apps are even reliable. Especially with the amount of people getting scammed on a daily basis. We tell you there are some reliable small providers out there who can come to your aid, ask for the most minimal documentation, and also be a safe option. Though it sounds too good to be true, enjoy this post with as – as we only speak facts.
Keep reading to find out more about the top personal loan applications out there.
What is a Personal Loan App?
To start off, you first need to know what a personal loan app is and how it works.
This is a mobile application that lets you apply for and manage a personal loan directly from your smartphone. These apps are offered by banks, NBFCs, fintech companies, and other lenders who give you an easy and quick way of accessing funds without having to visit in person.
These apps come with several perks:
- a) Instant Loan Application
Through these applications, you get the option to get instant loans and offers without looking for forms or seeking someone’s help.
- b) Paperless Documentation
As mentioned above, when you apply for a loan through an app, everything is accessed through a digital database. This is why you require the least documents when you apply for a loan through these applications.
- c) Loan Offers and Eligibility Check
You can watch live loan offers and check your eligibility for personal loans almost instantly.
- d) Instant Disbursement
Unlike loans that you get from banks and other financial institutes, you can get these loans disbursed almost instantly without having to wait for a long period.
- e) Flexible Loan Amounts and Tenure
You get to choose the tenure of your loans, and the amount you want to be disbursed into your account.
- f) Interest Rates and EMI Calculators
You can see the documents and interest percentage for the personal loan. You could also use the EMI Calculator, which comes as an in-app feature, to check the amount of EMI you would be paying for the personal loan that you avail yourself of.
- g) Credit Score Check Options
You get to check your credit score on the personal loan applications before you can apply for the loan to know if you fit into the eligibility criteria of the loan.
- h) Loan Management Options
You can manage your personal loan, the monthly EMIs, and other features of your loan online through the in-built features of the loan.
- i) Secure Transactions
You can also make secure transactions using the application for EMI and settlement payments through multiple payment gateways.
- j) Customer Support Services
You can also call customer support almost instantly to resolve any issues that arise with your personal loan options.
What are the Top Personal Loan Apps in 2024?
Here is the long list of mobile applications for loans that you would have to know for starters:
- Navi
Known for its user-friendly interface, Navi offers personal loans up to Rs. 20 lakhs with interest rates starting at 9.9% per annum.
- KreditBee
This app is ideal for both salaried and self-employed individuals, offering loan amounts ranging from Rs. 1,000 to Rs. four lakhs.
- MoneyTap
This app offers a unique line of credit feature, allowing users to borrow as much as they need, up to Rupees five lakhs.
- ZestMoney
ZestMoney provides loans without the need for a prior credit score, making it accessible to a wider range of users. It offers loans up to Rupees five lakhs, with interest rates starting at 14%.
- Airtel Finance
The Airtel Finance mobile application comes as an in-built option in the Airtel app. It offers up to Rs. 5 lakhs, with interest rates of 12.99% per annum.
- Mobikwik
Mobikwik is also a personal loan application app that can be used for several purposes. The mobikwik personal loan interest ranges to 4% per month, and it also offers a pay later option for users who want to use the app for other kinds of payments.
- LazyPay
Lazypay offers instant personal loans in the name of express cash. You can get up to Rs. 45,000 deposited directly into your account. Moreover, just like Mobikwik this app also gives you the option of paying later to use for the payments of other apps.
- 8. Groww Credit
It is an instant loan app for all your financial needs. Whether you need an instant personal loan for an unexpected expense or looking for easy EMI options to finance your next big purchase, or simply want to check CIBIL Score for free, Groww Credit is your all-in-one credit app.
Conclusion
Are you a little relieved now? You know there are applications that can come to the rescue when you have financial needs. However, there are some things you need to be aware of. You need to keep in mind that you need to do a thorough background check of an application before you can get started with applying for a loan through them. Make sure you provide your basic documents only after they have gained your complete trust. It is never right to jump headfirst into an element – EVER!
