A personal loan is a flexible unsecured loan that you can use to meet diverse financial needs. Today, you can apply for an instant personal loan through a loan app with ease. With an instant loan app, the process of applying for a loan is much simplified.
However, before you go ahead with a personal loan, you must know the nitty-gritty of personal loans. Read on to know the difference between two common terms associated with personal loans – Personal Loan App and A Loan Aggregator.
Personal Loan App
An instant loan app is like having a lender in your pocket. Everywhere you go, you carry it with you. A personal loan app comes in very handy in case of a financial emergency. You only need to reach into your pocket, pull out your phone, and use the mobile app to submit an application for a personal loan.
Benefits of Personal Loan App
- Quick loan approvals: Unlike offline personal loans, which can take weeks to process, instant personal loan apps disburse the loan amount into your account within a few hours upon approval.
- No need for physical documents: The paperless documentation process is another important benefit of applying for a quick loan. You need to upload a handful of basic documents on the instant loan app.
- Digital Loan Application: The online application procedure has significantly improved personal loan sales. To apply for a loan, log into your loan account online, complete the application, and submit it from the convenience of your home.
- Attractive Interest Rates: Borrowers who research and compare the interest rate while taking small loans might benefit from applying for a personal loan through online apps. Online interest rate comparison tools let you find the one that best fits your financial situation.
- Automated repayment option: Every month on a set date, EMIs are automatically deducted. It prevents missing or delayed payments and maintains your credit rating. If you opt for self-payments, the app will send you constant reminders and notifications, so that you never miss a payment.
- Flexible repayment option: The due date and duration of the EMI installments are up to the borrower. Because loan repayment is simple, flexible options encourage you to take out additional debt.
- EMI calculator for loans: The instant loan apps provide a built-in EMI calculator. It allows you to choose the loan amount, term, and interest rate to suit your needs.
Applying for a personal loan online through an online loan aggregator is more beneficial than a personal loan app. When you go through a loan aggregator, you can evaluate loans given by several financial institutions. A personal loan app is specific to the lender but a loan aggregator compares different loan offers in the market.
Benefits of a Loan Aggregator
- Assists in Comparing Loans Offered by Various Lenders: The main advantage of choosing a loan aggregator is that you can compare the monthly EMI due, the interest rate, and the processing fee levied by various lenders. By doing this, you may apply for a loan with reasonable monthly payments.
- Online Resources: When you use an online loan aggregator, you may make use of a variety of online tools that are offered on the website, such as the credit score calculator, the personal loan eligibility calculator, and the personal loan EMI calculator.
- Quick Loan Disbursal: In most situations, borrowers who meet the lender’s requirements will get the loan amount within 24 to 72 hours after applying. The loan disbursal period will be much shorter if the applicant has already received pre-approval.
- Immediate Assistance: If you need immediate assistance when submitting your loan application, you may contact the aggregator’s customer service staff by using one of the customer care channels listed on the website.
- Secure: Any data or files you provide to an online aggregator from a reputable third party are safe. The financial institution receives the information immediately, guaranteeing perfect secrecy.
- Paperless Approval: Copies of the necessary papers may be requested if you apply for a loan through offline channels. On the other hand, you will only need to submit/upload soft copies of the necessary papers if you apply for a personal loan through an online loan aggregator. As a result, no paperwork is required when requesting a personal loan through a third-party aggregator website.
- Unique Deals: In certain instances, the aggregator websites may provide exclusive offers, such as no processing fees for loans offered by specific lenders or gift cards upon loan acceptance.
Using a lender’s online loan app, one can apply for an instant personal loan. You no longer need to go to the bank. The whole procedure—from application to paperwork to approval and disbursal—takes place online. Just make sure to compare the loan offers before choosing your lender and always have a solid repayment plan ready.