Use an Online Loan App for Collateral Free Personal Loan

admin | April 30, 2020

Personal loans are a helpful tool to solve several financial problems, irrespective of whether they are short term or long term. With technological advancements, we don’t need to go personally to the lenders for a personal loan. We can directly apply for an instant personal loan from our smartphones using simple loan apps.

First of all, an unsecured loan does not require you to pledge any collateral to get the loan approved.

Usually, these loans have a higher interest rate as compared to other loans as it demands no collateral.

Nevertheless, their interest rates are quite lower than credit card loans.

As a result, a personal loan is an excellent option for repaying high-interest rate credit card loans at a low interest rate.

The Factors One Needs To Check Before Using An App For The Loan Are:

The ease of use
Response time
Loan options and their flexibility
Rate of interest

How to apply for a collateral-free loan online?

Applying online for a loan is more convenient and less tiresome as compared to visiting the bank several times before it gets approved.

Also, there are a lot of loan apps in India. You can easily apply for a personal loan without any collateral by following some simple steps:

Gather all your details – personal and financial. The site/app will demand these details. Type them in.
You’ll have to select the amount that you wish to borrow. Along with that, you’ll also have to choose the tenure of the loan.
You’ll have to upload the required documents once you do that they will approve your loan application.
As soon as your documents are verified, you’ll have the money in your account within 72 hours.

There are a lot of benefits of applying online for a personal loan. Some of which as listed below:

Approval is fast: Unsecured loan applications can be approved in some minutes or hours when you apply via an online app.
Instant disbursal of the loan amount: The amount gets credited in your account within a day of approval.
The documents required are minimum: If you meet the eligibility criteria, all you need to do is submit the valid identity proofs and your financial documents along with the application.
You decide your tenure: The best part about repayment in such loans is that you get to decide the tenor of repayment, and it can be anything between twelve months to sixty months (1-5 years).
It is collateral-free: Yes! You need not provide collateral for these loans. You get it without any security.
There are no hidden charges: You can directly call them if you have any queries regarding the loan. They will explain to you the terms and conditions under which they’ll tell you about each and every expense that comes under the loan.