Do’s & Don’ts while Applying for an Instant Loan

Instant loan apps are the result of digital transformation and upgraded technology. Where many people don’t trust loan apps, there are many who have benefitted from instant loan applications online. Where there is a shortage of funds, great opportunity to travel, or some emergency strikes, instant loan apps offer small cash loans starting as low as 10K. However, the minimum and maximum loan amount offered per app is fixed as per the lenders.
No doubt instant loan apps are reliable, hassle-free, and quick, there is a list of Do’s and Don’ts that borrowers should follow for loan sanction
 

Do’s while applying for an instant loan

 

• Start with checking the eligibility criteria using the personal loan eligibility calculator available within the app. This will give clarity on your loan eligibility status and eliminate the chances of rejection.

 

• Have clarity on the loan amount you want to borrow. Extra borrowing more than the need can be heavy sometimes.

 

• Use the EMI calculator to set an affordable EMI. Variable likes loan amount and tenure can be flexibly edited to suit the borrower’s repayment ability.

 

• Complete the mandatory details required during a loan application

 

• Keep handy KYC details – Aadhar card and PAN card or smart card driving license

 

• Give correct registered bank account details to receive the disbursed loan amount.

Don’ts while applying for an instant loan

 

• Do not submit multiple loan requests at a time. It reflects a credit-hungry behaviour and affects the credit score.

 

• Do not enter fake details while applying for a  personal loan application online. It can lead to loan rejection when checked during the real-time verification phase.

 

• Do not set an EMI that will be difficult to pay at a later stage. Many borrowers set an EMI for 6 months but often fail to be consistent in repayment. Instead, set a longer tenure and repay in affordable instalments.

 

• Do not enter incorrect bank details as the disbursal amount will deviate from the actual borrower.

 

• Do not miss EMI dates as it can affect your credit score, decreasing chances for future loan approval.

 

• Do not apply for loans with unlicensed lenders, it can lead to a fraudulent activity. Instead, trust an instant loan app of a credible financial institution.

 
Instant loan apps are indeed very handy and a great financial support just in time. However, remember the dos and don’ts for a safe experience of the loan application online. Better read about the loan app, customer reviews, check the app rating, its official address, and corporate website before initiating the loan application. All these points will give you an overview of the authenticity of the loan app.

Hero FinCorp is a trustworthy personal loan app, helping with instant loans between Rs.50,000 to 1.5 lakhs. Download the Hero FinCorp personal loan app from Google Play Store and read through the features to initiate your loan application for a seamless borrowing experience online. Minimal documents, collateral-free loan, and paperless verification enables quick processing and instant approval.

Whichever loan app you choose online, ensure the user journey is easy leading to the end phase of disbursal without any hassles.