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Finance

5 Reasons for the Popularity & Growth of Online Loan Apps

The covid-19 virus has led to a complete worldwide lockdown. Therefore, all of us have been forced to be at home to stay safe from the deadly virus. And, staying at home has also encouraged people to go digital in doctor appointments, shopping for groceries, and now even loans. 

Multiple requirements, like medical emergencies, vacation, paying credit card bills, home renovation, buying a new asset, unexpected expenses, educational purposes, financing your business, debt repayment, etc., can lead to a shortage of funds. So here comes the role of instant loan apps that can help you to pay these expenses.  

The growth of online loan apps like the Fullerton India Instaloan app has been on the rise with the growth in trust, safety, and convenience of these apps.

This article will know about the five reasons for the increasing popularity and growth of the online loan app.

5 Reasons For The Popularity & Growth Of Online Loan Apps

Personal loans online are getting popular because of the several benefits that they offer to customers. An instant loan app allows you to get instant personal loans by applying online. Following are the five reasons behind the growth and popularity of online loan apps:

  • Instant Loans 

An instant loan app helps you to get the required amount within a couple of days. The amount is disbursed within minutes of approval. Therefore, if you need the funds immediately, you don’t have to worry. 

  • Available 24/7

The personal loan apps are usually available for application 24/7. You can get the funds from any part of the country as long as you have an internet connection and a smartphone. You are free to apply anytime from the comfort of your home.

  • Avoid Lengthy Paperwork

There is no need for lengthy paperwork, as the documents required by the online loan app are minimal, which are the KYC documents, salary proofs, and address proofs. You have to upload the required documents to the loan app. 

  • Lower Interest Rates

After a bit of research, you might be able to observe that online loan apps provide lower interest rates when compared with traditional financial lenders. For example, the interest rates usually begin at only 2.75%!

  • Unsecured Loans

These instant personal loans are unsecured, which means that you don’t have to pledge any collateral or securities. Uploading your valid documents would do the work just right to get a loan.

What Are The Benefits Of The Fullerton App?

Fullerton is an instant loan app that provides personal loans up to Rs 25 lakhs for up to 60 months. The Fullerton app has been able to satisfy more than 3.6 million customers.

Here is the list of benefits offered by the Fullerton app:

  • The interest rates begin at 11.99%* per annum
  • Minimal processing fee of 0-6% of the loan amount
  • Flexible Loan tenure of 12 to 60 Months
  • End-to-end digital loan application and disbursement
  • Hassle-free documentation and processing
  • The amount is transferred directly to the account within 24 hours of approval of your application.

How To Apply For A Loan With The Fullerton App?

The process of applying for a loan with the Fullerton app is very easy and can be broken down into five steps.

  1. Download and install the Fullerton Instaloan app through the app store on your phone. It is available on both Android and Apple devices.
  2. Register with Google or Facebook or create a new account
  3. Fill in the application form
  4. Scan and upload the required documents
  5. Click on ‘submit’.

After this, your application is sent for verification, where all the details and the authenticity of the documents uploaded are checked. After your loan is approved, the amount will be transferred within 24 hours into your bank account directly.

Additional Read: Simplest Way To Log Out Of Facebook Messenger APP

Conclusion

Instant loan apps make your journey of borrowing funds totally easy and hassle-free. Therefore, you can get the necessary funds anytime and anywhere. However, salaried customers are seen to get instant loans more conveniently. 

Fullerton app is one of the best instant loan apps out there that offers several benefits to the user. Providing low-interest rates, unsecured loans, and all the facts mentioned in this article are the major reasons behind the growing popularity of online loan apps. 

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