Technological advancements in India have impacted every sector of the society, including the ways personal loans are studied and applied for. Many borrowers face the rejection of their applications despite the convenience offered by tools such as online loan apps.

Instant loan apps can help you get the desired amount within the minimum time and with minimal documentation. Though these apps are designed to make the processes of applying for a loan easier than ever before, many people fail to take advantage as they are not aware of the features and benefits a loan app should offer.

Here’s a detailed list of all the essential factors that you must know –

• Terms and Conditions of the Online Loan Apps –

You must carefully read all the terms and conditions that are stated in the app before applying for a loan. If there is something that you do not understand, then you must clarify it through the contact details provided in the app. A customer care executive can always help resolve your queries and concerns. Note, it is essential not to omit or overlook any information.

• Customer Service –

You must carefully research the promptness of the app and the assistance provided by them to the customers. Most of the loan apps offer an option to chat with customer service executive online. Chat with them and see how quickly and efficiently they respond to your queries.

• Additional Charges – 

Most of the loan apps charge a processing fee that values approximately 2% of the total loan amount. If you have a healthy credit score, some of the lenders may waive off the additional charges. The condition of the processing fees varies depending upon the loan apps. So, make it a point to study and make a note of all the charges before you submit your loan application.

• Offers

Loan apps provide attractive offers which may or may not be available on the lender’s website. Lenders offer various attractive plans with low-interest rates and cashback offers. You must check the app for the offer details.

• Facility to upload documents

Make sure you can upload your documents in jpg or other file forms directly from your mobile. After all, choosing to apply on the app means that the app should make the process faster and more convenient.

Another factor that may or not fall under the purview is the eligibility criteria set by the lender. If you do not meet this important criterion, then you cannot use the app to apply for a loan. The standard eligibility criteria for the loan remain the same, and do not change because you are applying from an app.

Conclusion:

There are so many perks of applying for a personal loan through a personal loan app. They provide you with instant funds without any hassle. While there are various loan apps available in the market., you need to conduct a thorough research about the app and its features.  Look at the ratings and reviews of the app to know whether you can trust the app with your information.