Advantages of Borrowing Personal Loan from a Money Loan App

In today’s day and age, when almost everything you want is accessible by a few clicks on your smartphone, it’s no surprise that even financial solutions are catching up (or rather, being made to catch up). Today, you can get anything from your groceries and transportation to even food and clothes through a few clicks on your smartphone. Why, then, should we wait in case we want a personal loan to, say, meet a cash crunch? Traditional lenders like banks aren’t the only players on the field anymore. Fintech service firms (financial services via digital platforms) have not only entered the market but have disrupted it with wide-ranging repercussions (all positive, of course).

On top of that, they’re also upping the ante in terms of the convenience of the whole application process, by operating via exclusive money loan apps on your smartphone. Here are three reasons why borrowing from such apps is a good idea:

Considers Alternative Data Points

We all know the significance of your credit score and credit report when it comes to borrowing a personal loan. Without a good score, nobody will stand much chance of being eligible for a personal loan that has a good interest rate and terms. However, is it fair when your eligibility for a loan is evaluated solely based on your credit score? Of course not! You might have a strong repayment capacity, but your credit score may also be low for a variety of reasons. Thankfully, money loan apps don’t operate like this. Apart from your credit score, they also consider many other data points such as your utility bill payment records, your social media footprints, and shopping history, etc, to evaluate your financial standing better, and give you access to more credit.

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The Turnaround Time is Much Faster

When you think of taking out a personal loan from a bank, what’s the first thing that comes to mind? The long, serpentine queues, and how much you’ll probably have to wait before you even get to know the status of your personal loan application. Well, if you’re wondering how to get a loan without these annoying disadvantages, a money loan app is your answer. Since the entire loan application process, from app installation to loan disbursal happens on your smartphone (it is only a mobile app, after all), the turnaround time is very lean. Creating your profile on these apps take a maximum of 30 minutes, after which you will be informed about your eligibility (as in the loan amount you can borrow) within an hour or two. If you decide to proceed further, you can have the loan amount sitting in your bank account within 10 minutes or less (after e-signing your loan document, of course)!

The Application Process is More Streamlined

As mentioned earlier, money loan apps make the entire process of taking out a personal loan very convenient and hassle-free, because it removes all the obstacles associated with traditional players like banks. When you take out a personal loan using a money loan app, you’ll find that the entire loan application process happens in a very simple and easy-to-understand manner. All you need to do is create your profile, upload the necessary documents (KYC documents salary slips, bank account statements, etc) and you will be informed about your eligibility for a loan on the mobile app.

Wrap Up

Taking out a loan can be a time-consuming affair, that’s why we’ve listed out the advantages of a money loan app. If you are on the lookout for a hassle-free money loan app that offers fast and easy access to short-term funds, KreditBee is a good option you can consider. KreditBee offers cash loans up to Rs. 3 Lakh, with no physical documentation required. All you need to do is download the KreditBee app, complete your profile, and leave the rest to us. If you wish to learn more about our personal loans, write to us at help@kreditbee.in or simply call +080 44 292 200..