Bengaluru, Karnataka May 22, 2018 (Issuewire.com) - Online loans are fundamentally personal loans, but with an exciting flavor – they sport a much more refined application process. As a form of unsecured loans, the online loan has gained enormous popularity in the current day, mostly owing to its easy eligibility, and most essentially, the convenience and seamlessness involved in the application process.
In this article, we lay emphasis on certain key features that have made quick online loans see a significant upsurge in popularity while also exploring the world of how they work and how individuals can apply for them. So, if you’re somebody who is looking to expand your horizon of awareness on loans or you’re looking to apply for personal loans online, this can be quite an informative read for you!
How do instant online loans work?
Quick online loans, as the name suggests, are technically personal loans that you can apply for online. More so, you can fill out your details (personal and professional) and complete the entire loan application process online. Online loans have revolutionized the way users and potential consumers can are accessing personal loans.
What has made online loans so popular?
If we take a stride up the rungs of technology, we’d notice that almost everything we do nowadays, we do differently. Quite clear is the fact that borrowing hasn’t been left out in this roadmap to technological advancement. People nowadays are so used to planning and carrying out almost every task on their mobile phones. Applying for online loans is no different – individuals can seamlessly apply for a personal loan online through their mobile (or computer) sitting anywhere, and at any time that they find convenient.
Coming to the attributes that have made loans popular in the current day, the ease in applying and the simple eligibility parameters have made pushed these loans up the popularity charts. As mentioned already, these loans do not necessarily require manual intervention to carry out and complete the loan application. Making these loans available completely online has tremendously raised the convenience quotient for potential customers looking to obtain instant loans online.
Fintechs and their role in transforming the online loan space
Fintech companies have played a major role in promoting and developing the instant loan online space through innovative technological systems and processes. As a matter of fact, it is predominantly because of the advent of Fintech companies that online personal loans and instant loans have gained traction in the Indian lending market.
Some features that have made Fintech companies the most preferred lenders for online loans
If you’re looking to apply for online loans, it is highly likely that you’ll end up choosing a Fintech lender as against a traditional financial institution (a top private bank for instance). This is primarily because of certain characteristics that are part of the Fintech culture. Here goes:
Quick loan processing
When you apply for a loan with a Fintech lender, you can expect your application to be processed speedily – much faster than the amount of time traditional banking institutions take to process your application. Online loans have a turnaround time of fewer than 48 hours.
Paperless Process
The process that Fintechs have incorporated in their online loan offering is completely paperless, not requiring any physical documents to be submitted. This is a rather interesting feature as many top private banks are also taking the paperless route to reduce turnaround times and enable digital storage and processing of data.
Same-day disbursals
After you’ve submitted your supporting documents for the online loan, you can expect to receive the loan amount the very same day. This is perhaps the most dominant reason why online loans offered by Fintech companies have become so popular. Same-day loan disbursals help individuals to tackle financial emergencies that can sometimes be intense and arduous.
Customer Service and Support
A very interesting feature that has made Fintechs a force to reckon with is the enhanced customer service and support. It is quite evident today that Fintechs have installed an improved customer support framework that has even exceeded in quality and responsiveness, the support offered by most banks.
Online loans for low-income individuals
While most private banks that have been long-time players in the personal loan lending space only entertain individuals within the medium-to-high income belt, Fintechs allow individuals even in the low-to-medium income belt to apply for loans, making Fintechs the more preferred choice among individuals with low-income levels seeking personal loans.
Loans for individuals with low credit scores
Qbera, a popular Fintech player that has an established presence in the personal loan market in India, offers online loans to individuals with a minimum credit score of 625. Traditional lenders require individuals to have a minimum credit score of 750 to qualify for personal loans.
These attributes have enabled personal loans to dramatically change the way people borrow. What’s more exciting is that the benefits that these advancements - in the world of finance and borrowing -are bringing forth only seem to be growing, as we brace ourselves for more interesting times in a world increasingly influenced by technological brilliance.
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Media Contact
Anirudha Kurulkar anirudha@qbera.com 18004198121 1st Floor, Wolfpack Workspaces, #39, 8th Main Road, https://www.qbera.com
