Online loan apps for personal use have revolutionized the loan application scenario. These omni channel platforms have made borrowing personal loans quick, easy, reliable, and safe. If you want to apply for a personal loan via these personal loan apps, read these frequently asked questions for more information.
Listed Top 4 FAQs for Instant Loan App:
Question 1. What are these instant loan apps?
These are loan applications just like any other app. They help a lender to borrow money for different needs without any collateral. These online loan apps analyze the borrower's credit score and other information, to provide loans to an individual. The amount ranges from INR 1000 to more depending on the lender’s CIBIL or credit score.
Question 2. Who is eligible to borrow a loan through these personal loan apps?
The eligibility criterion differs from lender to lender. Some lenders like Fullerton India offer personal loans to salaried employees.
Question 3. Are these online apps safe to borrow a loan?
Yes. Loan apps like Fullerton India’s InstaLoan app are secure platforms supported by high-end technology, ensuring 100 percent safety and privacy for user data.
Question 4. How do you use these apps to apply for a personal loan?
- Users have to follow these steps for application
- Download the app
- Fill out the application form
- Upload documents
- Check and verify credit eligibility
- Pay processing charges