A loan is a financial aid that you can borrow from banks, financial institutions or money lending authorities. You can get a loan to fill your various financial needs, like buying a home, getting a new car or planning a wedding or studying abroad.
Previously, applying for loans was hectic and time-consuming, but you can avail of various loans with a mobile loan app like PaySense. And today, we will discuss everything you need to know about these apps and their usage.
What is a loan app?
Have you ever thought about instant loans? Internet-based loan apps make it possible to get an instant loan without visiting a lender’s office. Loan apps are designed to offer online money-lending facilities. These apps are usually unsecured and come from different money-lending organizations and banks.
Due to the immense popularity of online banking and money management instruments, you can find multiple loan apps by different money lenders and banks. You can install them from the Play Store on your smartphone.
How do they work?
If you plan to apply for a loan, there can be no better option than installing a loan application on your mobile. But before you install a loan application, you must learn how it works. Online loan applications are different from traditional applications. And you can check your credit score and eligibility criteria and apply for your loan directly from the app.
You need to install the app from the play store or Apple store and create your account with basic details like- name, phone number, email ID etc.
Steps of using a loan app to apply for a loan
You can use personal loan apps to apply for personal, educational or home loans. Here, we’ll go over some easy steps for applying for a loan using a loan application.
- Install the app-The first step is to install the loan application from Play Store or Apple store on your phone. The PaySense loan app is available for both Android and iOS phones.
- Create an account– Once you install the official loan application on your mobile, it is time to create an account by submitting your basic details like mobile number, email ID, name and surname.
- Check eligibility– Each loan plan has different eligibility criteria. So, check the eligibility section before applying.
- Select a loan plan– After creating your account on the loan application, you can access the dashboard to browse your required loan plan and pick a suitable one.
- Upload KYC– The next step will be uploading your KYC details and digitally filling out the application form. Also, you need to fill out the NACH application for automated payment.
- Instant loan– Get the money directly transferred to your bank account within 2-3 days of your loan approval.
Why use mobile loan applications to apply for loans?
Today most people prefer to choose mobile loan apps to apply for loans instead of physically doing the procedure. But why so? Here we will tell you why you should use loan apps than going to the lender physically to apply for a loan.
- Flexible- Mobile loan applications are flexible, and you can apply for financial aid anytime and anywhere.
- Paperless application– In a physical loan application, you must follow complicated and troublesome paperwork to apply for a loan. But if you choose a loan app, you must install an application on your smartphone and get a 100% paperless loan application.
- Easy approval– In physical loan applications, getting the approvals takes work, and you must wait a long time. But in online loan applications via an app, your application gets approved within a few days if it matches all requirements.
- Non-collateral loans– Most loans you apply physically demand collateral or security, but online or instant loans are non-collateral and safer than previous ones.
- Saves time– The best part of using a loan app is it saves a lot of time you need to devote to a physical loan application. When you use loan applications, it saves your time and makes the process faster.
Applying for a loan using a mobile loan app is easy, reliable, and saves time and energy. And when you choose PaySense, you can get an instant loan with its advanced mobile application.