Is It Easy and Safe to Take a Loans From Online Lending Apps Like MoneyTap?
Read this article to know how safe is taking loans from Online lending apps. What are the precautions you need to take, what all features these loans come with and when you should go for such loans.
Thanks to fintech companies, it is both easy and safe to take a loan from online lending apps.
Online money lending apps are made to offer a convenient way to apply for loans quickly. About a few years ago, getting a loan from a traditional bank was a cumbersome task. Putting together an exhaustive list of documents was not only burdensome but also a complex process, involving a lot of paperwork. In today's times, if you need a loan, you have plenty of good online lending apps to choose from and they definitely have changed the way you borrow.
How is an online lender app any different from the bank you've been dealing with for years? The newest generation of online money lenders/lending platforms is focused on making it easy for you to borrow.Benefits of Taking a Loan From Online Lending Apps
1. 24/7 availability
The online lending app is available on Google play store and apple app store 24/7. You can download it anytime and access it anytime you want.2. Convenience
You can apply for a loan while sitting at home. The digital application process helps save time and reduce a good deal of effort. You just need to fill the online application form, upload KYC documents, and get the approval status almost immediately. 3. Quick approval
Online lending apps let you know the status of your loan application more or less instantly. You also get to know how much you can borrow and what your monthly payments would look like.
Traditional banks are different. They may allow you to apply online, but it may take a while for them to respond to your loan application as it may go through a person who has to review your application for which you may even have to go to the branch. 4. Minimal documentation
Since the entire application process is done online, you just need to upload the minimum documents required to process the loan. It saves your time and paper as well.5. Easier approval
Traditional banks are very strict with their eligibility criteria. If you've a great credit, it's easy to get a loan from them. But if you are still building your credit or are going through a rough patch with your finances, your loan application is more likely to get rejected. Online money lenders have easy to meet eligibility criteria, and do not base their decision solely on credit scores; they look at "alternative" information to evaluate your creditworthiness. 6. Easy to compare loan offers to get the best deal
The online lending marketplace is flooded with online lending apps. In order to find the best loan offer, you have the privilege of comparing different loan offers from different online lenders/lending platforms and choose the one that's best suited to your requirements. 7. Better interest rates
Online money lending apps often charge competitive interest rates and much lower service fees. That could be because they do not have the same overhead costs as most of the traditional banks do. The benefit of which is translated into lower interest rate for consumers. 8. Faster EMI calculation
When you apply for a loan from a traditional bank, the bank officer will carry out some calculation to determine your EMIs. Now, if you are a person who is 'not-so-good' at math, you wouldn't understand how the officer derived that figure.
However, when you apply for a loan online, you get access to an online EMI calculator that does the math for you in a jiffy to derive at the EMI amount that's comfortable for you. The results are transparent, accurate and error-free.9. Easy repayment options
Fintech companies feature a customized payment system through which you can choose the EMI amount and the loan tenure according to your financial capability. 10. Ensures safety and privacy
Online lending platforms use your personal information only for the purpose of loan assessment. They don't share it with anyone. Also, they use bank-level security to keep all your data safe.
Things to Keep in Mind While Taking a Loan From Online Lending Apps
MoneyTap is India's first app-based credit line that makes getting a loan a much easier and a quicker process. How to Apply for MoneyTap's Personal Line of Credit?
Follow these 3 simple steps to apply with MoneyTap:
Step 1: Download the MoneyTap app. Register with basic details to check your loan eligibility in real-time.
Step 2: If you are eligible for the loan, MoneyTap will send an executive to collect the KYC documents for final approval.
Step 3: Once you get the final approval, the approved credit line is available to you on the app. You can access it to use anytime, anywhere and for anything. How Does MoneyTap Ensure The Security of Your Data?
The details you enter and the documents you upload on MoneyTap are transferred in an encrypted format to its database where data is also stored in its encrypted form.
MoneyTap does not share your data with anybody. Additionally, MoneyTap's backend APIs are in compliance with the mandated security standards. Its robust security protocols are tested and certified by its partner bank's IT team. MoneyTap is password protected and this safeguards your account from theft or accidental loss.
Features and Benefits of Taking a Loan From MoneyTap1. Customized loan amount
You can get a loan of an amount as low as ₹3,000 and up to ₹5 Lakh. You can use this amount for any purpose you deem fit.
2. Flexible withdrawal
MoneyTap gives you the flexibility to withdraw an amount as low as ₹3,000 and as high as your credit limit.
3. Pay interest only on the amount borrowed
You are charged interest only on the amount you withdraw and not on the whole credit line. This means no withdrawal, no interest payable.
4. Flexible repayment tenure
You have the flexibility to choose the repayment tenure that ranges from 2 months to 36 months.
5. Credit limit available for a lifetime
Once you are approved of MoneyTap's personal line of credit, you can use it for life as long as you keep paying your EMIs.
6. No collateral required
MoneyTap offers the unsecured loan. That means it lets you access money when you need it without pledging collateral. Download Moneytap App from here:
Google Play - https://play.google.com/store/apps/details?id=com.mycash.moneytap.app&hl=en_IN
Apple Store - https://apps.apple.com/in/app/id1374771286?mt=8Author Bio
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India's first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life's mission to help and educate people on various financial topics, so email him your questions at shiv@moneytap.com.
