How Loan Giving Apps works?

You must have heard about the money loan apps in the market which are gaining popularity due to its convenient application process. One can take a personal loan from such loan giving apps at any given point as the entire process is carried online. These apps are also called are cash or personal loan apps. Such an app offers various benefits such as instant cash loan, short-term tenure and competitive interest rates. These loans are unsecured loans hence; you don’t have to submit any asset ownership documents. Money loan apps are available on google play store and apple app store. The process of getting a personal loan is completely private. You don’t have to involve any third person.
 
People apply for a cash loan on loan giving apps for various reasons like a medical emergency, travel expenses, to buy a large asset, debt consolidation, balance transfer, to renovate home and many such personal reasons.
 
Millennials prefer money loan because of its quick response time and user-friendly interface. Some of the personal loan apps available in the market are:
 
EarlySalary: This is one of the first online apps to provide a cash loan to its users. It allows salaried employees to get a quick loan with minimum documentation. It caters to working professionals across 15 cities.
 
Kissht: this money loan app provides instant credit to consumers who can’t get credit from the traditional lenders. They also offer EMI cards for all the financial needs.
 
CASHe: This is another Bangalore based cash loan app. You can take a personal loan from CASHe ranging from INR 10,000 to INR 1 to 2 lakhs. The duration can be 15, 30, 90 & 180 days. This app takes a couple of minutes to review your request and once the loan is approved it is disbursed in your personal savings account. This is one of the most preferred money loan apps in the market.
 
Shubh loans: This is one of the loan giving apps available in the market. One can get a loan ranging from INR 5 lakhs for up to 4 years.
 
All these apps are very user-friendly and it is very easy to follow the steps and get a personal loan. Once you download the cash loan app on your phone, register yourself by adding your basic details. The next step is to submit required documents like identity proof, address proof, bank details, and your photograph. Apart from the basic documents, your 3 to 6 months’ salary slips will be required along with your bank statement. Usually, the money loan apps take some time to review your details. Once they are approved, you can proceed and apply for a personal loan as per your requirement. One can get a cash loan on the same day of application. The amount is instantly disbursed into your savings bank account. It is very convenient to re-pay these apps. You can re-pay via bank transfer or by depositing a cheque.