Download
1 / 12
120 likes | 137 Views
Earlier, banks were the only option when it comes to applying for a loan. But thanks to the advancement in the digital world, borrowers can simply choose not to visit the banks and chose to apply for a loan right from their houses.
E N D
Bank loans vs. Instant money loans – Which is the better option
Earlier, banks were the only option when it comes to applying for a loan. But thanks to the advancement in the digital world, borrowers can simply choose not to visit the banks and chose to apply for a loan right from their houses. While both the options are accessible to the borrower, which one proves to be the better alternative? Let us find out:
Taking a loan from the bankThe traditional way that was the only option people had whenever they wanted a loan was to visit a bank. Once there, they met with a representative of the bank who would then explain the various loan plans that would be offered to them. This is the stage where they would understand the exact terms and conditions of the loan plan
Once this was done, the next thing to do is to complete the application form and submit all the required documents. When you complete the application form and documentation process, you will then have to wait for the bank to review your documents before they can approve the loan. This process could take quite some time, even about a week or so. If you make a mistake in the documentation, your application for a loan could even be rejected.
Taking an instant money loan Thanks to the availability of loan apps, borrowers do not have to go to the banks every time they need a loan. They can simply go online and search for a loan app, which should be no problem at all considering that there are hundreds of loan apps available. Once they find one, they can simply download it to apply for an instant money loan.
How? The app will present a basic application form that would take you all but 2 minutes to fill up, and even the documentation requirements are minimal. A good app would just require three details: Your Aadhaar card, PAN card, and photograph. Just upload these documents and you’ll be done with the whole process within 10 minutes. Now that we have understood the procedure of both the banks and online loan apps, here are key features why borrowers prefer to go for the latter:
Loan sanction & disbursal timeA money loan app is far better as compared to any bank when it comes to providing loans in a short period of time. Banks take a very long time to even approve the loan, let alone disburse it. This is however not the case with loan apps, as they provide an instant money loan within 30 minutes of sanctioning the loan, which only takes 2 minutes.
Documentation processBorrowers dread going to banks since they have very complicated documentation procedures. But this is not the case when it comes to an instant money loan, since loan apps have only basic documentation requirements that have to be uploaded. This proves to be really simple and convenient for borrowers and hence they choose to use these apps rather than go to a bank.
We hope that this article has been informative, all the best!
Follow us on : https://www.facebook.com/rapidrupee.in/ https://twitter.com/RapidRupee https://www.youtube.com/channel/UCQyXHZLSjG47dE0RebP1Q4A https://www.instagram.com/rapidrupee/
For more details: instant money loan RapidRupee Website: https://www.rapidrupee.in/ RapidRupee App: https://play.google.com/store/apps/details?id=co.afg.rupie
