The past few years have witnessed an increased demand for digital lending platforms owing to the digitalisation of financial services. These instant small loan apps are well known for handling every single stage of your loan process smoothly and efficiently. Whether it is related to initiating a loan request application or conducting a credit appraisal using various advanced methods such as an ACD model, an instant small cash loan app can handle it all.
Read on to learn more about these small loan apps.
Top 7 Features of Instant Small Loan Apps
- User-friendly Interface
Gone are the days when you had to pay a visit to your lender’s branch just to make yourself aware of the loan application process. Nowadays, the new-age lenders, through their user-friendly instant small loan apps, make it convenient for both new and existing borrowers to cover the loan lifecycle digitally, without any hassle.
The user interface of the digital lending platforms is designed to guide the first-time users through the entire registration or loan application procedure seamlessly. Existing users, on the other hand, will benefit from the user-friendly interface when it comes to making EMI payments, updating their information, and so on.
- Paperless Documentation
Instant small cash loans are meant to fulfil your emergency needs. When an unexpected financial crisis strikes, you will look for a source that can provide you with immediate financial assistance without requiring a long list of documents. To apply for a loan on an instant small loan app, you will require three basic documents—PAN Card, Smart Driving Licence/ Aadhaar Card, and a bank account with one of the banking institutions listed on the digital lender’s website.
- Unsecured Loans
Loans offered by instant small loan apps are unsecured, which means you don’t need to put up your valuables as collateral to obtain funds. To apply for an instant small cash loan, you only need to meet the lender’s minimum qualifying criteria. However, keep in mind that a collateral-free loan does not imply that you don’t have any liability. Failure to repay your debt will result in a dip in your credit score, as well as a slew of other legal consequences.
- Sufficient Loan Amount
As the name implies, instant small loan apps are known for offering small short term loans. However, the fund amount will be sufficient enough to cover your short term funding requirements. In addition, you can utilise the funds to meet various purposes such as paying your medical bills, purchasing trending gadgets, and more. Most of the digital lenders offer a loan amount ranging from Rs 50,000 to Rs 1.5 lakh.
- Low-interest Loan
Another feature of instant small loan apps that sets them apart from various traditional financial institutions is low-interest loans. Most of the digital small cash loan lenders offer this loan with a monthly interest rate starting at 1.67%. However, bear in mind that the interest rate differs from one customer to another and is determined based on your credit profile.
- Quick Disbursal
Why should you have to wait weeks for funds to be disbursed once you submit your loan request? One of the greatest features of instant small loan apps is quick funds disbursal. As soon as you share your details over the app, the advanced tech-based app immediately runs a credit check and grants approval within seconds. Once you are approved for a loan, you can expect the fund to be credited to your account within 24 hours.
- No Hidden Charges
Another advantage of using instant small loan apps over traditional lenders is that there are no hidden fees. The entire loan disbursement and repayment process are transparent. The various charges associated with your loan are clearly stated on the website and the app.
So, if you are worried about getting entangled in various charges while applying for a loan, clear your concerns right away by choosing a digital lending platform for instant small cash loans.
How to Use an Instant Small Loan App?
To understand this better, let’s use the example of SimplyCash.
- Open Google Play (Android users) or App Store (iOS users), search SimplyCash and click on the ‘install’ icon.
- Once you download the app, open it and enable your location setting for a better user experience.
- Share your email address and mobile number to start the registration process.
- On your shared mail address/mobile number, you will receive an OTP. Enter the same to complete the validation process.
- Now, you can explore the various options and can easily apply for an instant small cash loan on the SimplyCash app.
Bottom Line
Since instant small loan apps rely heavily on technology for loan approval and disbursement, the procedure is faster and smoother. These features can also be used to determine the best platform for an instant small cash loan.
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