Personal loan apps have made the procedure of taking loans easy for common people, following are the features of instant personal loans:
Instant Approval: In the old banking system it takes weeks and even months to approve loans. This includes multiple visits to the bank, but instant loan apps approve loans within no time. Generally within half-an-hour.
Instant Disbarsal of the Loan Amount: There is an instant disbursement of the loan amount immediately after approval, and the whole process does not take more than an hour.
No Visit to the Bank Required: Procedure of getting the loan from an instant personal loan app is completely online and there is no need to go to the bank.
Minimal Paperwork: One has to go through the KYC procedure online and there is no need for the hard copies of the documents.
Interest Charged Only On The Used Corpus: Some of the instant loan apps charge interest only on the used sum and not on the entire sum allotted to the borrower, unlike traditional banks, making it cheaper.
