How to Choose the Best Personal Loan App In 2022

In 2022, almost every NBFC in India has its personal loan app, allowing users to borrow loans from their smartphones. Personal loans are flexible financial sources that one can use to fund a plethora of expenses, including vacations, medical expenses, weddings, home improvements, or education. They are unsecured financial sources that one may avail of without any collateral, guarantor, or security.

As the popularity of personal loans continues to rise, it becomes essential to know how to choose the best instant personal loan app in India.

Here are a few tips to follow.

• Check the App’s Authenticity

In the current age of digital fraud and scams, ensuring the app’s authenticity before downloading it on a smartphone is crucial. Several apps project themselves as authentic apps from reputed lenders, but they are not. Therefore, the best way to avoid an inauthentic app is to download it from a trusted app store only. Checking details and reading reviews are the best ways to confirm an app’s authenticity.

• Look at the App Size and Compatibility

A loan app with a large size will take time to download, consume a lot of space in a smartphone, and make it sluggish. The best loan apps are just a couple of megabytes heavy so that the users do not mind keeping them on their phones for any urgent use. Besides that, the app should be compatible with the user’s smartphone. The users will need to visit their phone’s app store to find a compatible loan app. For instance, Android phone users will find an app in the Google Play Store, and iOS users will need to visit the Apple App Store.

• Confirm 24/7 Accessibility

An instant personal loan app in India will be of no use if it works only for a few hours a day. The primary purpose of a mobile app is to make the lender accessible 24/7. Therefore, the best loan app is the one that remains functional even on weekends, holidays, and non-working hours. Besides that, the app must have a user-friendly interface that must make loan applications easier for the users. All the features and tools should be placed strategically to ensure ease and speed during the application process.

• Ensure Fast Approval

As its name suggests, an instant loan app must make a loan available to applicants within minutes. NBFCs make this possible by keeping their loan application procedure 100% digital. Since there is no need to visit the lender’s office, stand in queues, and submit paper documents, they can approve loans within minutes. Online verification procedures confirm the provided details within seconds, and the applicant gets the loan approval or rejection almost instantly.

• See if the Repayment Term is Flexible

It is essential to note that most personal loan lenders have flexible repayment terms, allowing borrowers to select a loan term with EMIs that can easily adjust to their monthly budget. The longer the tenure they choose, the easier the repayment will become. Check the lender’s time window and select a loan term with easily manageable EMIs.

• Check Other Tools and Features

A loan app is incomplete without other tools and features helpful in making better loan-related decisions. While applying for a loan, an applicant will need to do numerous calculations to finalise their loan deal. Manually calculating these numbers is complex, time-consuming, and error-prone. That is why select an app with some of these calculators within its interface.

For instance, a personal loan eligibility calculator calculates the loan amount an applicant is eligible for, depending on their income, debt-to-income ratio, and other eligibility conditions. Some loan apps also have a personal loan EMI calculator that helps applicants calculate EMIs and select a loan tenure according to their repayment capacity.

• Test Customer Service

There might be confusion, discrepancies, and errors that the applicant may want to rectify during the loan process. Therefore, the app should have a dedicated customer care centre accessible via multiple communication mediums. Some popular mediums include phone, email, chatbot, and social media.

Before selecting an instant personal loan app in India in 2022, keep these seven points handy as a checklist. Whichever loan app an applicant selects, the key is to ensure timely repayment to ease the financial burden and improve the credit score.