Web-Based Economy: An Inevitable Future

When you look at the economy and how we conduct business today, it is safe to say that we are becoming an increasingly internet-based, or digital economy. The internet and technological innovation have not only touched every sphere of the economy, but it has also brought about thousands of products and services to make our lives easier. Just think about it – today, almost everything we do is online, and there is no reason for us to step out of our homes. We order food online, shop, and even book a cab for our daily office commute online. Now ‘online’ here, of course, refers to an app, which is again a product of the internet and technology. We use apps for just about anything – from exam coaching and booking a doctor’s appointment to investing and exercising. So why should borrowing money be any different? There are many online loan apps available today that can give you emergency funds within minutes. Here are 3 advantages of personal loan apps:

1. User Convenience

When you use an online loan app, you can be sure of getting access to emergency funds very quickly and conveniently. Since you’re using an app on your phone, there’s no need to step out of your house. The entire loan application process happens online on the app, so all you need is a strong internet connection and your documents handy. From entering your basic details to uploading your documents, everything happens online. Once your loan is approved, the funds will also reach your bank account automatically. What’s not to like? You don’t have to worry about opening or closing hours (as was the case with banks). You can avail of a loan using an app 24x7.

2. Quick Application and Disbursal

This is one of the major advantages of availing of a loan using an online loan app. Unlike traditional banks, which took 4-7 days to approve your loan application, online loan apps take just 24 hours. Depending on your loan provider, the application process will just take about 15-20 minutes, while the approval process will take a few hours. This saves you from waiting in agonizingly long queues banks are known for. You save a lot of time, and the app shows you the loan amount you are eligible for very quickly. If you’re happy with the offer, you can go ahead and apply for a loan. Once it is approved, the funds will be credited into your bank account within minutes.

3. Flexible Loan Amount and Repayment

If you plan on taking out a loan from a bank, chances are you won’t be able to borrow less than ₹50,000. This is because banks have restrictions on how much and to whom they can lend. Fortunately, online loan apps are much more flexible in this regard. Based on your requirements, you can borrow loans starting from ₹10,000 up to ₹2 Lakhs. You can even set the loan tenure based on your convenience. Starting from 2 months, it can go on to 6 months if you so wish. You can also use a variety of repayment modes for your loan EMIs. Some popular options are netbanking, Paytm, UPI, and direct bank transfer. However, these options vary from one loan provider to another.

Wrap Up

We hope that the above points have illustrated the advantages of using online loan services to meet your financial needs. If an instant personal loan online is what you want, KreditBee is a great option you can consider. Just download the KreditBee app from the Google Play Store, complete your profile, and leave the rest to us! To learn more, you can write to us at help@kreditbee.in or reach us at +080 44 292 200.