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Looking for Instant Loan App? Remember to find one with these 5 features.

The decision to borrow through one of the many instant loan apps is a smart one. However, you will ruin it if you do not compare options thoroughly - there are hundreds of lenders that have taken their loan offerings to app-based platforms. Unfortunately, there is considerable disparity among these lenders and their finance solutions. To ensure you get the right financial help, this article will highlight 5 features to look for when comparing the alternatives available to you.

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Looking for Instant Loan App? Remember to find one with these 5 features.

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  1. Looking for Instant Loan App? Remember to find one with these 5 features.

  2. 1. Easy eligibility.What good is an app if you aren’t eligible to borrow from it? In this regard, a number of apps have very high eligibility standards which are next to impossible for people like you and me to meet. On the other side of the spectrum, there are apps that mark you as eligible as long as you have a salary above Rs. 18,000 per month!

  3. 2. Finance sans credit scores.For most instant loan apps, having a good credit score is extremely important, compulsory even. This shuts the door on individuals who have the required repayment capacity but not a good credit rating. The situation looks even worse for those who do not even have a credit score. However, there are certain new-age apps that do not require the applicant to have a stellar score, or even have a score in the first place, to unlock the financing they need.

  4. 3. Application processes. The application process should be easy. It shouldn’t give you a headache or leave wanting to smash your phone in frustration. In this regard, the better apps will have simple 3 steps processes that involved as little as 5 documents that need to be submitted, of which one would a selfie. This enables you to go from application to approval to sanctions into your account with ease!

  5. 4. Quick or not?Most borrowers move from instant online loans to a phone based borrowing experience because they want to save time. In this regard, some of the best apps offer lightning fast approvals, in a matter of minutes in most cases. These apps will follow quick approvals with transfers that are just as quick so you can have the money in your account by the end of the day. If you’re a repeat borrower, some of the better apps further improve the turnaround time even further, reducing the sanction time from hours to minutes!

  6. 5. Least costs.Look for lower interest rates, fewer and more affordable charges, etc. Some instant loan appswill have interest rates as low as 1.75% per annum. Some will waive of processing fees and prepayment charges, the absence of which will provide you a cost effective loan experience. And remember to read all the documents carefully before you apply. We hope this has been helpful, good luck and all the best!

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