A fintech personal loan is fast, affordable and unsecured. It delivers one-time payment cash to borrowers with minimal documentation and simple eligibility. You may repay the amount according to a suitable EMI plan at a future date. The fund can be used for legitimate needs like travel, education, marriage and home renovation. Over 80% of all millennials plan to apply for a loan in near future. A 2020 report by credit bureau CRIF High Mark, millennials and young adults in the age group of 18-30 years mainly drive the personal loan growth.
LazyPay personal loan, better known as – Xpress Cash offers up to ₹5 lacs with just a few clicks. Use the EMI calculator to arrive at the total monthly payment. This is helpful to choose an appropriate loan amount and tenure. Users are also allowed to increase the limit by ₹1 lac. You no longer have to opt for another loan which speeds up the process. Try to ensure a minimum CIBIL score of 700 to come across as a credible borrower. This way you may be able to command a better interest and favourable terms and conditions.
The good news is that all of these can be done on the personal loan app to further ensure a seamless experience. But before that, it is necessary to know how it works. Read on.
Personal Loan App – Features
Download the app on your Android or iOS smart device. Make sure it has a 4.5+ rating which means it contains zero objectionable materials. Read the customer testimonials to further make sure the app is a popular and trusted one.
Look for these features too:
- High-end data safety. This means no information is shared with third parties.
- Comes with plenty of useful offers and cashbacks.
- Let’s you make EMI payments in the app for a structured experience.
- You may track spending limits, dues and application status.
- Offers instant query resolve solutions on the go.
- Provision to raise queries to clear doubts and confusion.
- 100% paperless and zero human interaction which is ideal for millennials.
All you have to do is submit your KYC details to activate the limit. The same is applicable when you are increasing your upper limit. Now, you may start using the funds right away without waiting for any other procedure or approval.
Personal Loan App: How Does it Work?
Users can borrow personal loans from the app via three simple steps:
Step 1: Check your eligibility. You must be between 22-55 years old, a salaried resident of India and belong to major tier I or tier II cities.
Step 2: Choose the required amount and the EMI option as per your financial capabilities to make sure you do not default.
Step 3: The money will be sent to your account directly. Make sure to do a one-click KYC and link your bank account.
The app will require a PAN number, bank account number and IFSC. You may also have to upload net banking details for the auto-repayment procedure.
The best app believes in total transparency and security. All information is encrypted in transit to avoid any kind of data leaks. This reduces the risks of cyber-attacks, threats and similar malicious practices. It is a quick and no-mess process so you may share your sensitive financial information without worry.
The What’s New Section
Keep an eye on this segment of a loan app. Further, make sure to upgrade the app from time to time. This can help overcome minor issues and let you enjoy the latest perks and benefits as well. For instance, the LazyPay app offers exciting merchant offers.
How to Pick the Right Personal Loan App?
The app must have a simple interface so that it is easy to handle. Query responses must be prompt. Clear privacy policies and compatibility with iPhone, iPod touch and MAC and Android devices should be in place. You must be able to sign up with your mobile number which is one of the fastest ways to get credit online and meet your financial obligations. All the processes of verification must be super-fast to save time. Else, the whole purpose of the app being quick and convenient is defeated.
You can see the changes and upgrades the app has gone through over the years along with bug fixes and enhancements. While these are not what concerns a user, what matters is that the app does not hang, does not eat up too much space on your phone or bombard you with excessive push notifications that could be mighty irritating.
A good personal loan app must be designed for one and all. No prerequisites must be required and a helpline should be available to make sure your borrowing journey is hassle-free. Read the terms and conditions well signing. Being careful with thorough knowledge of the app inside-out is helpful to reduce the chances of errors.