Financial needs can arise anytime in the current fast-paced world, often catching us off guard. Whether it’s an unexpected expense, a sudden home repair, or a last-minute event to be organized, having access to quick and convenient financial solutions can be a lifesaver. This is where an instant personal loan comes into the game.
These innovative and fintech applications have completely revolutionized how people access credit, making it relatively easier and more convenient than ever before. In this article, today we’ll explore the various ways in which a personal loan application can help you in times of need.
What is a personal loan?
It is an unsecured form of borrowing from financial institutions, including credit unions, banks, and online lenders, to individual borrowers for a variety of personal expenditures. When compared to secured loans, such as home or car loans, which are supported by collateral, personal loans do not have a specific asset serving as security.
Instead, the approval of personal loans typically hinges on the creditworthiness of the borrower as well as the capacity to repay the borrowed funds.
What are its top advantages?
- Minimal Documentation
The traditional loan application process often involves a considerable and lengthy amount of paperwork, which can be quite time-consuming and frustrating. However, a personal loan app simplifies this by requiring minimal documentation. With this, you are on the path to saving a lot of time and reduce the likelihood of errors in your loan application.
- Round-the-clock accessibility
It’s important to understand that financial emergencies don’t adhere to a strict schedule and can occur at any point in life. These applications recognize this and offer round-the-clock accessibility, and you can easily submit a loan application or check your loan status at any point in time. This accessibility is particularly beneficial when you need immediate funds to address an unexpected situation.
- Convenience and Speed
Another significant pro of using this application is the convenience and speed it offers. Remember the old-school traditional loan processes? Time-consuming and lengthy ones! Nowadays, these loan types simplify the entire process, as with just a few taps on your smartphone, you are more than good to go. You can easily apply for a loan without leaving the comfort of your home.
Which is the best application to apply for loan?
Out of all the applications that are currently active in the market, only ‘Stashfin’ offers such loans at no interest rate. This simply means that you, as a borrower, have to pay back the same amount you borrowed from them.
- Download the app from the Play Store/App Store
- Sign up using your mobile number
- Add your personal details to check your credit limit
- Complete KYC and you are good to go!
In the current era of 2023, many people are inclined towards a personal loan app due to its feasibility and convenience. Just a few taps, and the amount is directly disbursed into your account. Moreover, such loan types have entirely changed the way people look at loans by offering round-the-clock accessibility, feasibility, and flexibility.