Life is all about being confident in attaining your life goals. However, draining out your savings every time you plan a vacation or purchase a premium gadget is not a prudent move. This is where loan apps, which have revolutionized the financial landscape, come into play. You no longer need to visit a bank to get your loan approved. Instead, you can use a smartphone to avail of the lending facility for your needs.
All you have to do is download the loan app from the App Store or Google Play. The online app does more than provide loans; it also helps you keep track of your borrowings in multiple ways. Continue reading if you are unaware of the benefit.
5 Ways a Loan App Can Assist You in Keeping Track of Your Loans
- Single Destination for All Your Loans
A lending app serves as a one-stop-shop for all of your personal financial needs. The entire procedure is digital, document processing takes less time, and low-interest loans are granted on time. Moreover, from loan application to fund sanction, the whole process is transparent and can be tracked digitally. A borrower can apply for loans in multiple categories, including:
- Self-Employed Professional Loan
- Easy Buy EMI Card
- Two-Wheeler loan
- Home Loan
- Loan for Business
- Loan against Property
- Pre-Owned Car Loan
Since borrowers can access funds for different needs from a single app, keeping track of loan proceeds becomes simple.
- Keep Track of Your EMIs
Another feature of the lending app is that it makes it simple to keep track of your EMI using the loan account number or LAN. Before applying for a loan, an applicant can utilize an EMI calculator, which is available online, to determine the loan amount and repayment tenure that is most convenient for them.
A borrower can view all financial records on the loan app, including previous payments, the next due date, balance amount and so on. As a borrower, you will receive regular monthly reminders for your next payment due, and the day it is payable. The service ensures that you do not miss any EMI instalments. Second, a borrower can enable auto-payment mode service, which assists in automatically deducting your EMI from your bank account.
- Check Personal Loan Account Status
The loan account status is quite beneficial for financial planning. It provides you with comprehensive financial information regarding your loan account. This includes the loan amount sanctioned, the repayment duration, and the loan amount you are eligible for. In addition, this service allows you to view and download statements that can assist you in making EMI payments, including foreclosures. This will enable you to plan your budget more effectively.
- View Latest Loan Offer
Another advantage of the loan app is that you will constantly update the different financial products available to customers. This covers the most recent loan offer and the terms and conditions for securing it. Furthermore, you can apply for loans online and use the app to track the status of your application.
- Convenient to Use
A loan app is simple to use and delivers all relevant financial information under one roof. If you have any doubts, you can submit a service request online. You receive immediate responses to your inquiries, providing much-needed peace of mind.
Loan apps leverage digital media to reach out to new customers. The loans issued are often for a short period, ranging from 12 to 60 months, and are intended to cover unexpected expenses. You can also use your smartphone to download the app and efficiently apply for low-interest loans.