Are Online Loans Better?

  • February 3, 2021
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With every passing day, more and more FinTech ventures are offering an online personal loan. Subject to your needs and requirements, either an offline loan or an online one is suitable for you.

Some borrowers prefer an in-person experience. For them, the conventional brick-and-mortar bank is ideal. However, if modern conveniences and fast funding are your preferences, and the online lender is right up your alley.

The rule of thumb is that you should go for the lender who gives the lowest interest rate. To ensure this, always take quotes from multiple personal loan givers before making an informed decision.

When It’s An Emergency

When you need money urgently, online quick loans are the best option. Online loan givers can process applications much faster than traditional banks.

In fact, many online lenders offer same-day loan disbursement or within 24 hours.

In addition to speed, online lenders offer a host of other benefits. By posting their rates online, they provide full transparency. It also aids their borrowers with their research.

According to industry experts, using online loan applications also assuage a lot of the anxiety that borrowers face. Despite having good credit, loan-takers often wonder if they will get the amount they are seeking.

The transparency practiced by most instant loan apps eliminate such apprehensions.

Any-Time Loan

One of the most amazing things about the internet is that it is open for business 24X7. You can apply for a loan anywhere, anytime.

Suddenly remember that your gym membership is due while catching a movie with friends? Apply for an instant online loan.

Traveling with family and need urgent cash? Apply for an instant personal loan online right now.

Out of cash while out on a lunch date with your girlfriend? Take an online personal loan right now.

Lots Of Options

Imagine a personal loan marketplace that offers you credit that is tailor-made to your unique needs and one-time requirements. Now imagine a marketplace that offers innumerable such offers.

That’s right! Availing an online personal loan enables you to assess multiple offers from the same company as well as myriad offers across competitors.

By comparing terms and interest rates across the board, you will be in a much better position to make the right decision.

When You Are Not Eligible For Traditional Lenders

Conventionally, brick-and-mortar banks do not lend to college students or young professionals. They are averse to borrowers who cannot put up collaterals or assets.

In some cases, youngsters are not employed. Borrowers who cannot furnish proof of employment cannot borrow a personal loan from conventional financial institutions.

In such scenarios, borrowers who are not eligible for a personal loan from traditional institutions have to turn to online personal loan apps that have a much simpler onboarding process.

Pre-Approval

Many online applications offer a personal loan that is pre-approved. Based on your credit history and income, an amount is calculated against which minimal documentation is required.

Since the borrower is now already eligible for the amount, there is a significant reduction in processing time and the personal loan is disbursed immediately.

Innovative Products

In order to better serve their customers with customized offerings, personal loan apps tailor-make their products to suit the unique needs of their consumer base. So, they create products such as bikes, travel, and wedding loans.

These products cater to a very niche but important section of the consumer base, thereby building brand loyalty and ensuring repeat business.

Unfortunately, online personal loan offerings and lenders are not a happy story all around. One of the biggest issues borrowers face with online lenders is credibility.

Imagine a large, financial conglomerate that is widely known all around the world. With offices in every city of your country, you will not be faced with any dilemma when availing a home loan, car loan, education loan, or business loan from them.

Compare that to an online lender whose only interaction with you is through an app downloaded on your smartphone.

In such a scenario, you are bound to ask questions pertaining to trust. Will I get the money on time? Will I get the money when I need it? Will this personal loan app respect my privacy?

Are all the confidential information that I share with the personal loan app safe?

With mPokket, you have no such thing to worry about. One of the best personal loan apps in India, we have a loyal customer base that runs into tens of lakhs of users.

One of the biggest reasons behind our success with our customers is the user-friendliness of our app. Simply download and install mPokket from Google Play Store, register with just a handful of documents, and get approved.

You can borrow from Rs.500 up to Rs.20,000. The money will be credited directly into your bank or Paytm account.

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