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Cash loan apps and how to get the best ones.
Cash loan apps are trending! Need money to cover the groceries? Get a cash loan app! Impromptu travel plans? Get a cash loan app! Salary is late but bills are piling up? You get the drift! However, since they are a relatively new way to borrow money, not everyone knows how to find and use such apps. Well, fret not, that’s exactly what this article will help you do.
So what is a cash loan app?
It’s an application that you can download onto your smartphone through which you can get quick loans for your short-term finance needs! These loans can be used to cover things like the grocery bills, the medicine bills, and your child’s school fees, repair costs of your bike/car, etc.
How to get such apps?
It’s quite simple – these apps are easily available on the app store! Just search for ‘instant loan app’ or ‘instant personal loan online’ and you should find numerous results. Now, just compare the results, find the best loan offering and download the app. How to compare? Well, to compare and find the best application, you will have to evaluate numerous factors. Some of these factors are given below.
-Eligibility: The first thing you need to look at is how freely the lender is providing the loan. Some lenders have very strict norms. They will only accept borrowers if they have a good monthly income, usually above 20 or 30 thousand per month. They will also require those with a good credit score, preferably above 750.
However, there are some lenders who do not have such strict parameters. They offer finance to those even if they have a minimum income of just Rs. 10,000 per month. They won’t even ask you if you have a credit score, great isn’t it.
-Quickness of finance: Some loans take 1 day to get sanctioned. This is quite fast compared to traditional loans that usually take weeks to be disbursed. If you thought that was quick, you should know that some lenders even provide instant approvals and sanctions in just 2 hours!
-Flexible loan amounts: Some of the best lenders will have flexible loan amounts. You can get loan amounts ranging from Rs. 1,000 to Rs. 20,000. This is helps you cover numerous needs!
-Ease of access: All this sounds great, but getting the loan can become a hassle with some lenders. That’s why you should opt for lenders that make it easy to get access to the finance solutions you need. They will have easy 3-step processes and minimal documentation. Some will only require 2 documents – your Aadhaar & PAN card – to process your application.
-More downloads & better reviews: Look for cash loan apps that have more downloads and better reviews. This will ensure you are downloading a trustworthy app and not one that will offer substandard services. Good reviews another signs of a quality application.
You should also look for lenders that have good interest rates, plausible tenures and lower processing fees. If you keep all these pointers in mind when comparing cash loan apps, you care bound to receive favourable finance solutions. Hope this has been helpful, good luck and all the best!
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