What makes a quick cash loan app better than a traditional loan?

A personal loan app is a wonderful platform to meet short-term financial needs like a medical emergency, a dream wedding, an unplanned home renovation, or a long-awaited travel plan without having to touch your long-term savings.

Traditionally, personal loans were mainly provided by banks and private lenders with lengthy procedures that consumed a considerable amount of time. Thanks to technological advancements and the lessons learned from the Covid-19 pandemic, even the daily activities like shopping, paying bills, attending classes, booking tickets, etc. have shifted online, through relevant online platforms.

Comparing the traditional cycle of a loan application, nowadays applying and procuring loans have become an instant activity. Not only online, but you can also now apply for loans through smartphone apps and small cash loan websites like Herofincorp which makes borrowing instant cash a hassle-free process.

So, what makes a quick cash loan app better than a traditional loan? Let’s check out some of the advantages of procuring personal loans via quick cash loan apps:

 

1. Easy Access

   Going the traditional way takes time and effort. With quick cash loan apps, all you need to do is download the app on your phone, search for the type of personal loan that you wish to procure (marriage loan, medical loan, consumer durable goods loan, etc.), upload documents, and easily apply for a loan from the comforts of your home. If you have a smartphone, you have access to a cash loan app, it is as simple as that.
    

1. Convenient Process

   Smartphones have literally made every task a convenient process. Today, right from grocery shopping to paying bills, movie booking to travel booking, doctor appointments to medicine orders, everything happens online. Popular financial institutions and NBFCs in India to have an online presence where you can apply for a quick loan.
   
   With a cash loan app like Hero FinCorp, there is zero physical presence required and almost every process happens on the app itself. From searching for the type of loan to filling up the information, calculating EMIs, uploading documents, submitting the form, to the approval of loan and disbursal of finance (usually directly to the applicant’s bank account), everything happens through the loan app. This convenience of the instant loan was not prevalent during traditional times.
    

1. Minimal Requirements

   Unlike traditional sources of lending money, cash loan apps work with minimal documentation. Multiple photocopies are not required for loan approval. Aadhar card and PAN card form the basis of loan verification.
    
   Cash loan apps ask for limited documents, which usually involves just a photo identity proof as Aadhar card and PAN card along with a 6 months bank statement as income proof.
    

2. Instant Approval and Quick Disbursal

   Time is of utmost importance in our extremely busy schedules. The traditional method of loan application no longer fits the face-paced lifestyle. That’s where quick cash loan apps enable instant approval and quick disbursal with real-time documents verification.
    

3. Flexible Repayment Options

   A cash app loan as opposed to a traditional loan provides offers flexible repayment options. Depending on the loan amount, you can choose a repayment schedule as low as 6 months to as high as 24 months via an EMI calculator.
    

1. Low-Interest Rates

   Cash loan apps have the flexibility to provide loans at different interest rates, unlike traditional lenders who have more or less fixed interest rates for most of their loans. Because of this flexibility, one can choose a quick cash loan app for getting comparable interest rates.
    

1. Better CIBIL Score

   A CIBIL score is a score that decides a borrower’s creditworthiness. Every time you take a loan and repay the EMIs on time and close a loan, your credit score improves. An improved credit score makes you capable of procuring long-term loans like home loans or education loans or business loans much more easily.
   
   Thanks to this upgrade in the lending business from traditional to modern ways of loan borrowing, getting emergency money has now become easy with quick cash loan apps being prevalent in India.