Since instant cash loan apps in India have entered the market, it has become easier to borrow money. People no longer have to wait in long queues or worry incessantly about their loan application getting rejected due to the smallest of reasons. With many such apps flooding the market, it can become confusing for the borrower to choose one that is genuine and offers them the best deal. To help you out if you are stuck in such a scenario, we look at 6 things that you must ensure before choosing an instant loan app.
#1- Review the app’s safety measures
Good instant cash loan apps in India will have reliable safety measures to ensure that the data of their customers stay protected. Make sure that the app you are planning to choose has a secure HTTPS connection and advanced encryption technologies. You will be sharing your personal data and bank account details with the app, so safety is paramount.
#2 – Check what others are saying about the app
It is important to know what the experience of others has been with the app. Check the number of downloads of the app in the play store. Read through the reviews. Also, check what replies the app developers have given to the reviews as this may give you an idea of whether the app listens to its customers or not. The best instant cash loan apps in India listen to their audience and provide services accordingly.
#3 – See the interest rates of the app
Some apps have high-interest rates to make up for the convenience they are providing. It is advisable to choose an app that provides low-interest rates to its customers. You can get a loan at a 1% interest rate per month when you choose a leading online cash loan app in India.
#4 – Check their eligibility criteria
Instant cash loan apps in India usually have easy eligibility criteria. This increases the accessibility of loans to more people who may require financial aid urgently. To be eligible for a loan from a good instant loan app, you need to be in the age bracket of 18-59 years and have a monthly income of Rs 10,000 from a genuine source. Borrowers find these terms to be much more lenient as compared to those of the banks.
#5 – Check the processing fees and other charges
It is essential to be aware of the processing fees and any other charges that you may incur during your loan. A good online cash loan app in India will have a small processing fee. Some apps may require you to pay membership charges or a signup fee. However, many apps do not have such a requirement. So, make sure you choose an app that suits your budget and meets your requirements.
#6- Review the repayment tenure
Instant cash loan apps usually have short repayment tenures. Before applying for an instant personal loan online, you should make sure that the app you are choosing has flexible repayment tenures paired with the low interest rates. Ideally, you should look for tenures of 3-12 months so that your loan repayment gets done easily and without much delay.
Do bear in mind that the features and terms of instant cash loan apps may vary slightly between lenders. Make sure you are well-researched about different aspects before signing up for anything.
We hope this article has given you a good idea of the things you must ensure before choosing an online cash loan app in India.