It has been a journey. From applying to get loans from individual money lenders, then, to banks and now being able to get loans from online money lending apps.
The benefits of online lending platforms offer are numerous. Whether for personal, or business use, quick cash loans can save the day.
Below are some benefits you can derive from Money Lending Apps
It is no secret how tedious the process of getting a loan from a bank can be. For someone with a great credit history, it could be easier.
For a business that is building a credit history, however, obtaining loans may be near impossible.
Other than a great credit history, mobile lenders are more likely to use alternative details to determine whatever not, to grant you loans.
The end result is that money lending apps ensure that you get quick approvals. This is typical of how the online platforms, automatically, tell you, if your loan application gets approved, or not.
You also get instant information on your loan range and how repayments will get structured.
This is totally different from the modus operandi of traditional banks, where getting an immediate response is almost impossible.
Your credit history or collateral will also get retired by the traditional banks.
Money lending apps offer various options for people that want to borrow money.
For personal use, to getting money to pay workers, money lending apps, offer loans of different kinds to end-users.
Regardless of the need of a person, or business, mobile lending apps fill that gap.
With lending apps, users are assured of automated transaction records. Transaction records are an important part of the banking process.
These automated records can be easily accessed, within the app. Users can be allowed to make payments, with their timely notifications.
Lending apps require minimal and basic documents. Most times, the documentation include identity proof, address proof and income proof.
Regardless of the real reason for applying for a loan, through a lending app, you can keep private information confidential.
Not every application for a loan gets geared, towards purchasing a house, or a new car. With an online loan application, you get unprecedented privacy and confidentiality.
No Physical Submission Required
It is unnecessary to visit any bank, or branch, when dealing with online loan platforms.
Required documents can get submitted, by uploading to loan apps, from a smartphone, or computer. This denotes a faster process for users.
All things being equal, getting a cash loan is, even, possible on the same day of application.
With traditional banks, you are required to have collateral, before your application gets approved.
With online lending apps, however, you are not required to pledge any collateral, before approval.
Low Interest Rates
Since online lending platforms offer unsecured short-term loans, the interest rates are usually low, compared to loans gotten from banks.
The interest rate on a loan app can be as low as 2.5%.
Money lending apps offer a plethora of options for users. Whether for personal, business, or emergency needs, the process is far easier and seamless, compared with the long process required by traditional banks.
You can find different lending apps, by searching on the internet. You can also make your choice, based on the requirements, or payment guidelines that suit your needs.
Featured Image: kashy.co.ke
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