Why should you always have the best instant loan app on your mobile?
Published on : December 24, 2021

In today’s fast-paced world, everything needs to be delivered in an instant. Consumers are impatient buyers. Even if it is getting funds, they need it processed and delivered as soon as possible. There is no place for tardiness anymore. India has over 700 million internet users and 600 million smartphones. Smartphones have penetrated 35.4 % of the population and the number is growing by 25 million every quarter. People are moving towards mobile transactions for all their needs- be it shopping for groceries, clothes, high-end goods or financial products.

There is no stop to desires and aspirations for which you will need instant funds in order to be able to fulfil them. There are several instant loan apps in India and you should find the one that meets your requirements.

What are the factors that you should take into account while selecting an instant loan app?

While downloading an instant loan app from the play store is a simple task, not every loan app is authentic. You should make an effort to separate the men from the boys and select an instant loan app that checks all the boxes.

Here is a list of factors you should consider before selecting the best instant loan app.

Is your lender authorised?

It is good to verify your lender just like they check out the borrower. You should make sure that the lender is an entity authorised by RBI or linked to RBI authorised entities. If the lender is not authorised by RBI, it must be fraudulent and should be avoided. Such fake setups may be a front for stealing your personal information under the pretext of offering cheap loans.

LoanTap has an in-house RBI registered NBFC. You are safe when you borrow from LoanTap.

Does your lender have a genuine website?

Before you download an app, make sure your lender has a genuine secure website. If it doesn’t have a website, it is not a genuine app in all probability.

If the lender has a website check if the URL contains HTTPS to indicate security levels. If HTTPS is missing, you should not trust the site. Sharing your personal information on these websites could lead to identity theft and cybercrimes.

LoanTap has a secure website and you need not worry about the authenticity of the lender. You can access the website at https://loantap.in/.

Does the lender have a physical presence?

Even if you are enjoying digital access to loans, it is good to know if the lender has a physical office and a phone number where you can contact them. If the lender merely has a mobile app without any physical front, it is better to be wary.

LoanTap has a functional office and staff pan India, so you have no worries on this front.

Does the lender have a grievance redressal mechanism?

One way to check the authenticity of a lender is to figure out the quality of their grievance redressal mechanism. Genuine lenders will always complete the KYC and have a proper mechanism to address customer complaints.

Does the lender have a transparent interest and fee structure?

If the lender doesn’t reveal interest rates clearly, doesn’t check your credit score and has a lot of hidden fees and charges, it is not the right one for you. It sounds fishy and may have an ulterior motive.

A genuine lender will mention all the rates upfront and will confirm your creditworthiness before giving you a loan.

Does the app have good reviews?

The play store reviews and ratings are a good indicator of the quality of the app. You will find genuine customer reviews that cover most issues and the play store rating will give you a fair idea of the response the app has received.

You can use this as a good measure to gauge whether you want to download a particular loan app or not.

It is always prudent to know the details of the lender you are dealing with to have a smooth customer experience and avoid falling prey to cybercriminals.

What are the benefits of having the best instant loan app on your mobile?

Having the best instant loan app on your mobile is as good as having access to immediate cash in case of any emergency. It is good to do your research beforehand and go with an app that meets all the criteria mentioned above. It will give you peace of mind and a smooth customer experience.

No collateral – To get a loan using an instant loan app, you don’t need to produce any collateral. There is no need to pledge any assets against the loan.

Versatile – You can get a personal loan for any purpose using the instant loan app. This makes it very convenient for the younger generation who are always on the go and need immediate funds for several purposes.

Ease of processing – Applying for a loan on the instant loan app is a breeze. You can complete the process in minutes without moving from your seat.

Quick disbursement – The LoanTap app can process your application and deliver your cash within 24 hours. This makes it an extremely convenient app to have on your phone.

Minimum paperwork – With an instant loan app, you can say goodbye to cumbersome paperwork. All you need to do is fill up one form and upload a few documents.

24/7 access – The best part about having an instant loan app in India is that you are no longer bound by banking hours and banking holidays. Your funding requirements do not need to revolve around banking schedules. Instant loan apps have truly democratized the lending process. Now you can get a personal loan whenever you want and wherever you want.

Cheaper than credit cards – Credit cards charge 2-3% on the outstanding balance which translates to 24-36% annually. Personal loans from LoanTap are much cheaper at 18% per annum.

LoanTap offers tailored personal loans to meet your needs from Rs 50,000 – Rs 10,00,000 for tenures ranging from six months to sixty months. You can use a range of flexible repayment plans to make your repayments.

It is recommended that you use a personal loan EMI calculator to work out the best EMI for you by adjusting your tenures.

If you choose to foreclose your loan after six months, you are free to do so without any prepayment penalty.

Who is eligible to get a personal loan on the LoanTap instant loan app?

Any individual who is an Indian citizen or resident between 21 and 60 years and has a net monthly income of Rs 30,000 can apply for a personal loan.

What is the procedure for getting a personal loan?

Here is the procedure for getting an instant loan from LoanTap.

Step 1 – Download the LoanTap app on your smartphone from the play store.

Step 2 – Fill in the online application form with the required details.

Step 3 – Upload the following documents –

  • PAN Card
  • Aadhaar Card/ Driving Licence/ Passport
  • Salary slips for the last three months
  • Bank statements for the last six months

Step 4 – Now you can wait for the LoanTap team to process your application. If all the documents are in order and the credit score is decent, your loan application will be approved. You will receive the credit in your account within 24 hours of the application.

Having the best instant loan app on your mobile device gives you the freedom to fulfil your aspirations whenever the need arises. LoanTap is focused on providing you with a pleasant customer experience so that taking a personal loan feels like a walk in the park, not like a chore you want to avoid or procrastinate. Remember whatever your needs, LoanTap is just a click away on your smartphone!