Instant Loan Apps for Emergencies: 7 Features You Need to Know

In the fast-evolving digital landscape, it is easy to find solutions to bridge all financial gaps online. Whether you need expert advice or funds, you can access multiple options and choose the best one for your needs in just a few clicks. With an instant loan app, you can further simplify your access to funds during an emergency.

Such apps allow you to choose a lender and loan offer suitable to your urgent requirements. Furthermore, you can complete the process right from your smartphone. Here are some features that make loan apps a convenient, quick and safe alternative to visiting a bank in person.

Easy to Use Interface

When you are dealing with stress that goes hand in hand with an emergency, a simple solution to arrange for funds simplifies matters. An instant loan app is the preferred solution, as it offers a straightforward application process. You can easily find all the details on your smartphone to make an informed decision, whether it is about eligibility criteria, interest rates and other charges or calculating EMIs.

By offering an easy-to-use interface to apply, add your personal and financial details, attach key documents or use an online EMI calculator, it gives you all the data at your fingertips. In just a few taps, you can enter your details and send the application.

Simplified Eligibility Criteria

Most loan apps set minimal criteria for you to qualify for the loan, which assists in faster access to funds in times of need. In most cases, the criteria to qualify is simple to meet. You must be an Indian citizen and have a steady income and employment to apply. You may also have to meet the minimum monthly or annual income criterion, which varies from one lender to another.

Transparent Cost of Borrowing

Another benefit of applying through a lender’s mobile app is that you can check all the costs involved beforehand. This helps you make an informed decision about whether you can afford it or not.

Digital Paperwork

An instant loan app allows you to upload a document’s soft copy on the app itself. This helps save time, eliminating the need to take photocopies of your documents and submit them at a bank’s branch. This is also a more eco-friendly approach to proving your eligibility for a loan. Most loan apps also use encryptions to ensure your data remains safe and secure.

Quick Approval and Disbursal

When you need funds quickly for any emergency, a lender with the shortest disbursal time can be a lifesaver. Loan apps hasten the process using fast verification and underwriting processes backed by technological advancements. Furthermore, you can get a quick response as the automated system checks your eligibility and gives you a loan offer instantly.

Easy Loan Management

You can easily use the same app to not only apply for a loan but also to keep track of your approval status and EMIs. This allows you to monitor your outstanding balance and access details at any time and from anywhere. Loan apps also offer multiple channels using which you can pay your EMIs and even send you reminders on the due date. You can also foreclose the loan if you have surplus funds and become debt-free faster.

Round the Clock Customer Support

Most loan apps come with inbuilt AI-integrated customer service features. This way, you don’t have to wait on hold for hours on call with the customer care representative. Instead, you get a quick response through chatbots.

For example, if you want to change the loan terms, such as its tenure, or want a top-up, you can make a request right on the app. You can get immediate guidance on extensions and additional funds based on your current outstanding balance and eligibility.

Given these benefits, you can use a loan app if you are looking for a quick personal loan. However, the first step is to check your eligibility. This involves checking your latest credit score, as it is the first thing lenders assess.

To combine quick access to funds and an easy way to check your credit score for free, get the OneScore App. This lifetime-free mobile application gives you access to your CIBIL and Experian credit scores along with credit reports. If your score is insufficient to get instant approval, then its Score Planner feature will tell you how to boost it to your desired goal.

Moreover, you can check your complete credit history and report any spam or unauthorised credit accounts in your name. All you need to do is enter your basic details and get your score with a report on the dashboard.

Enjoy zero restriction on the number of free credit reports and complete control over your credit health. Once you have an ideal credit score, you become eligible for a personal loan of up to ₹5 lakh for tenures of up to 48 months through the OnePL facility. Download the app on your phone to get started now!

Author Profile

Adam Regan

Deputy Editor

Features and account management. 3 years media experience. Previously covered features for online and print editions.

Email Adam@MarkMeets.com