Things you should do before you use a quick loan app

Things you should do before you use a quick loan app

With the introduction of the quick loan app, personal finance solutions have entered a whole new era. Everything that was once synonymous with personal loans, such as lengthy paperwork, stupendous documentation, tumultuous application processes and long waiting periods now seem like ancient history. Today, thanks to the internet, you can get a personal loan online – the application process is paperless and sanctions can be done in just 48 hours.

Though this might seem like a vast improvement from what personal loans were, a quick loan app makes things even easier. For instance, you can get a quick loan online from RapidRupee in just 2 hours! The application process is hassle-free and complete app-based.

Features like this have fuelled the rise of the quick loan app in India. More and more individuals are now opting to borrow from such applications, and if you ever your find yourself in a spot of bother, you should too! Just remember to keep these pointers in mind before sending in your application.

1. Check the eligibility criteria:

Every quick loan app in India will have its own set of eligibility criteria. You need to satisfy these requirements in order to be applicable for the loan. If you do not meet the eligibility criteria and still apply, your loan application could be rejected and any processing fee that you have paid could be lost. In some cases, lenders want to make sure that they are providing loans to worthy individuals and therefore, they imply very strict eligibility criteria. However, we understand the needs of borrowers and this makes RapidRupee unique – we make it easier for you to access quality finance solutions.

i) We do not require a credit score – For many lenders and quick loan apps, a credit score is an integral part of the eligibility criteria. Without a credit score, you are not eligible for the loan. Some even require that you have a credit score that is quite high, upwards of 700 sometimes. Maintaining such a credit score can be difficult and if your score is lower, you might not be provided with the loan you need.
However, with RapidRupee, your credit score is not a problem. This is because we do not require our borrowers to have a good credit rating. In fact, we do not require our borrowers to have a credit score at all. Amazing isn’t it? First time borrowers and those with poor credit ratings are free to apply and their applications will be accepted.

ii) We are raising the bar by lowering it – Right; so many lenders require that applicants have a certain monthly income. They do this to ensure that only loan-worthy applicants will enrol for their loan and the chance of them defaulting is very low. This means that the risk of not recovering their money is very low. They will provide loans only to those with a minimum income of Rs. 25,000 – give or take a few thousand rupees. This is quite demanding as there are thousands of applicants who do not have this sort of financial strength.

At RapidRupee, we understand this! That’s why we are probably the only online quick loan app that allows applicants to apply as long as they have a minimum monthly income of Rs. 10,000 or above from any authentic source. We hope this makes it easier for genuine applicants who are really in need of a loan to pick themselves out of whatever financial emergency they find themselves in.

iii) We do not discriminate between salaried & self-employed – Salaried individuals have a fixed monthly income. Self-employed individuals on the other hand do not have a steady source of funds and therefore have a higher risk of defaulting on a loan. This is why some lenders only provide loan to salaried individuals.

However, we understand how hard it then becomes for self-employed individuals to get a loan. That’s why we do not discriminate between salaried and self-employed individuals. We accept any individuals, as long as they a minimum monthly income (not salary) of Rs. 10,000 from any authentic source.

2. Remember to compare!

Many borrowers are in a hurry to get the money they need. They will just hit the app store, find a quick loan app and download it. They will not compare apps to find the best one. This is one of the biggest mistakes people make when taking a quick loan online! One should always look at things like the number of app downloads and active users of the app and read through the reviews.

You should also compare a quick loan app based on its interest rates, processing charges & other fees, turnaround time, ease of use, etc. Just go to your app store or your web browser and type ‘quick loan app India’ – you should be able to find a number of applications to choose from. Compare them and only proceed once you have found the best options amongst all the apps out there!

3. Use calculators before taking the loan.

Using calculators before you take the loan is extremely important. These tools help you plan things & better prepare for what lies ahead. For example, you can use a personal loan EMI calculator to check the instalments of your loan. This will allow you to efficiently budget your way through the repayment phase of the loan as the calculator will tell you every single instalment payable for your loan.

4. Check the documents required.

The next thing you want to do before you use a quick loan app is check the documents required. Documentation is one of the most important steps to take a personal loan. Now, the thing to note here is that each lender could have a different list of documents required. With RapidRupee, you just require two documents, they are:

-Your Aadhaar Card
-Your PAN Card.

These were 4 of the most important things to check before using a quick loan app in India. Keep these things in mind and you are sure to enjoy a smooth borrowing experience. To make things even better, you could opt to borrow from RapidRupee. Our main goal is to the best quick loan app in India.

features of the quick loan app

Amazing features of the RapidRupee app!

1. Easy eligibility.

-No credit score required.
-Minimum income require: Rs. 10,000
-Salaried & self-employed are both welcome.

3. Easy application process.

– Complete in-app process.
-Only Aadhaar & PAN card required
-Selfie for photograph!
We provide loans from Rs. 1,000 all the way up to Rs. 20,000. This is perfect for numerous financial needs. You can cover every day needs like the grocery bills, your utility bills, cost of medicines, repair cost of your vehicle, etc. You can also cover bigger needs such as impromptu travel plans and small home renovations as well! So, the next time you are in need of urgent funds, remember that the RapidRupee is all you need.

Need help?

If you have any doubts regarding our finance solutions, you can refer to the FAQ section on our website. We have answered a number of the commonly asked questions about our loans. You could also get on a call with us on 022-5002 3220. If you wish to chat with us online, you could reach out to us over Facebook, Twitter or Instagram. We hope this article has been helpful, good luck and all the best, happy borrowing!

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