5 key characteristics that the Best Loan App must Possess

Financial emergencies may strike you anytime without giving intimation in advance. But if you are unprepared, then you may have to liquidate your savings to cover the needs. 

However, many people avail an instant loan these days right on their smartphone by using an online loan app. Yes, an online loan app can help you apply for an instant loan even in the dead of night and get quick approval and funds disbursed. 

But with so many online loan apps in India, it may be tough to decide on a loan app. Nothing to worry, you can go through this post and know about 5 key characteristics that your loan app must-have. Read on!

• It should help you apply for a loan super quick 

The loan app that you may want to download on your smartphone must come with an ‘easy to apply’ process so that you don’t have to provide too many details. An online loan app is to assist you in moving towards getting the desired amount quickly. Hence, the application should be hassle-free for a prospective applicant to begin. 

• It should let you access all previous and active relations 

Another vital characteristic of an online loan app that you want to use should be letting you view and manage your active investments and loans. It should also let you access all details pertaining to your closed loans and future payment via the app itself. 

• It should enable you to make instant payment 

Availing an instant loan via any of the loan apps in India should not mean you are making payments offline and wasting your time and efforts. It should let you pay the loan EMIs on the go without having the need to visiting your lender in person. 

• It should send you all crucial notifications from time to time 

Your prospective loan app should send you notifications related to any pre-approved loan offers, payable EMI due dates and more via messages or pop-up notifications. It should not be the case that you need to open the app, sign in and then only be able to know the next due date or a pre-approved offer available for you. This way, you may know about your payments, start with statement downloads and get other notifications without opening the loan app. 

• It should let you raise a request 

While applying for a loan, or during your loan application to disbursement and repayment journey, you may come across many doubts and may wish to be answered. But most of the leading loan apps in India such as Bajaj Finserv App can help you raise a request for many aspects of your instant loan and much more. You will be able to raise a request, check the status of earlier logged requests and get an extensive view of earlier requests that are closed. 

What are the other aspects to consider while downloading a loan app?

Other than these five major aspects that your online loan app must provide, you should ensure that it offers the following elements, such as: 

• It should be a free download from iOS or the Google Play Store 
• It must provide you with a clean, simple and clutter-free user interface 
• It should let you enjoy an enriching user experience with hassle-free navigation 

You are now aware of the essential traits that your online loan app must provide to tackle the issue of getting an instant loan without anyone’s interference!