6/30/2021 0 Comments 5 Ways To Use The Best Loan AppLoan apps have emerged as the go-to option for raising funds in a hurry. You may have the app on your smartphone – but do you know the best uses for it? We tell you.
1) Get a marriage loan. A quick loan app is certainly quicker in approving personal loans – the loan can be used for any purpose and repaid easily using the same app. Do you want to get married any time soon, but are hampered by a lack of finances? Let the app get you the money you need. Apply for the instant personal loan and get approval in just a few hours (if your credit score and documents check out). Once the money is disbursed to your account, you can use it to plan for a small wedding. 2) Get a travel loan. With travel restrictions and lockdowns lifted in most parts of the country, and several nations opening their borders to Indian travellers, it is time you planned your next holiday. If you’re facing a bit of a fund crunch, use your quick loan app to get you the money you need. The money can be used to book flights, or get forex, or even make hotel reservations. 3) Go shopping with a credit line. Leading loan apps in India also offer credit line loans. These offer you the flexibility to get incremental sums of money against your approved credit limit. So if you wish to shop every two months, or get a small sum of money for a minor operation, or even buy essential groceries, you can use the credit line loan from the loan app. You are charged interest only on the amounts you borrow and not on the entire credit limit. Keep repaying the money from your salary and you can have a steady line of credit at your disposal whenever you want. 4) Transfer money to your friends’ accounts. Leading quick loan apps have increased the ambit of their product offerings to include money transfers between app users. Similar to transferring money using UPI apps where you can instantly send money across to a contact on your phone, you can transfer money to your friends that use the same loan app as you. The money is sent to their bank accounts linked with their phone numbers. 5) Repay the loan quickly to increase credit score. Another great use of the loan app is to increase your credit score. Most people don’t know that repaying your borrowings much before term is a plus in their record, and increases their credit score. So whether you have borrowed a personal loan or a credit line loan, be sure to repay it as soon as you can to have improved creditworthiness. Conclusion A loan app offers instant personal loans, credit line loans and money transfers – these features help you secure funds at short notice to fulfil both urgent and non-urgent needs.
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September 2021
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