How to choose the best mobile app for personal loan

Smartphones are no longer just about mere communication now. They have digitalized complex processes such as banking and have made getting loans, and carrying out financial transactions simple, customer friendly and convenient. A few years back, it was hard to imagine that one can choose a loan to suit their needs, upload all necessary documents on the app and get the amount in less than 48 hours! But the question remains - Which app to download?

While there are several digital lending startups that are continually innovating to enhance the user experience, please find below a few things to be kept in mind while choosing the app -

Types of Loan offered – There are several types of loans available today – ranging from ends usage based loans such as holiday loan, wedding loan to generic loan products like a personal loan and EMI Free Loan.  An app which offers different products to suit different needs is more beneficial to download and keep in your mobile as it can be used during various stages of life. The right app would also help one compare, assess all the options available and empower the user to make an informed choice.

Minimum information and documentation required: There are some apps which do not let you check your eligibility, interest rates without signing up for them, whereas others can be accessed simply by entering a minimum amount of information such as Email ID. An app which allows you to upload basic documents easily to initiate the loan approval process is the one to go for. These features make the entire application process hassle-free and quick.

Quick disbursal - Loan requirements are mostly immediate in nature. Apps that will process loan applications faster are an attractive proposition. A simple process which helps you meet your requirements as well as allows you to track the status of your application is a winner for sure. In addition, if you have provided your details on one app already, the processing time is lesser not only for the loan that you applied for last time but for any other loan you wish to obtain.

In a nutshell, while there are a number of online lending institutions today offering various loan products, choosing and downloading the right app will ensure all your loans needs are met at the right time! However, an app that is trustworthy, offers multiple options and is easy to use will go a long way to meet consumer needs across segments.

Article contributed by Vikas Kumar, Co-Founder and CTO, LoanTap