A digital credit line and personal loan app provide customers with their virtual credit cards. It is an all-in-one lending application with a simple yet intelligent design-focused user interface. A primary objective of this app is to simplify users’ life by giving superior features like instant access to credit on UPI and Scan-now Pay-later option. Moreover, we can check pending dues, review payment history, track our spending, make quick merchant payments and send money to our relatives and friends with the app’s help.
Advantages Of Using An Instant Loan App:
- Instant Lending Facilities:
An instant loan app mainly disburses the loan amount directly into our bank account within a few minutes of approval. Furthermore, personal loans are entirely online, and no paperwork is required. Therefore, we can apply for loans anywhere to get funds instantly.
- Low-Interest Loans:
A cash loan app provides loans with minimum interest to fulfill all credit needs, including medical emergency expenses, consolidated debt, travel expenses, shopping, etc. In addition, users do not need to be concerned about the cost because they can repay it with manageable monthly installments and variable interest rates.
These platforms have collaborated with RBI-certified banks or NBFCs to provide virtual loans and ensure complete transparency. Some partnered banks and non-banking financial companies are IIFL Finance Ltd, AU Small Finance Bank Ltd, PayU Finance India Pvt Ltd, Poonawalla Fincorp Ltd, Western Capital Advisors Pvt Ltd, etc.
Different Types Of Loans They Offer:
- Online Credit Card:
We can apply for a credit-backed prepaid card with the help of personal loans online platform to get offers on seamless cash withdrawals or online bill payments with a specific credit limit.
- Instant Personal Loans:
A virtual lending platform is a one-stop solution if anyone needs to get cash urgently. It offers instant loans online within a specific range and a short reimbursement tenure of three months if borrowers need urgent funds. A PAN card and proof of address are necessary for online documentation and quick loan approval.
- Loans For Self-Employed People:
These online lending platforms offer business loans for self-employed individuals with flexible tenures of three to twelve months. So, borrowers can easily apply for loans using their PAN card, address, and income proof.
- Loans For Salaried Individuals:
Salaried people also get instant funds with flexible disbursement tenure ranging from three to fifteen months by providing their necessary documents for online verification and documentation.
- Purchase Loans:
An online credit application has partner platforms such as Flipkart, Amazon, Myntra, GoIbibo, MakeMyTrip, Nykaa, Ajio, Tata CLiQ, etc. Therefore, we can quickly get an e-commerce loan and repay the amount in easy EMIs at low-interest rates. We need to upload our documents online to secure a quick purchase loan.
A virtual lending platform aims to replace the traditional credit card experience with its quick and easy Buy Now Pay Later digital credit solution. We can call it a personal loan app that offers a fast cash loan, instant credit on UPI, rewards, etc. The borrower must be an Indian citizen with a specified monthly income to qualify for the loan.