Here are 5 signs of a sub-standard instant loan app

1. Here are 5 signs of a sub-standard instant loan app

2. Instant loan apps seem to be the new way to borrow money. They help you skip the archaic process of visiting a branch, standing in line, filling forms and submitting tons of documents to get a loan. Instead, most of these apps will have an application process that’s paperless and easy. Some will even allow you to go from installation to sanction in less than 30 minutes or so. As far as documentation is concerned, the better instant loan apps will require only your Aadhaar Card & PAN card. Yes, you read that right, no credit score and no bank statements. It’s no wonder that borrowers are rushing to the application to get financial help when they needs it. Unfortunately, some malicious players have also entered the market looking to prey on these borrowers, most of whom are trying thee apps for the first time. Keeping this in mind, the following article talk about some warning signs to look out for that indicate a sub-standard instant loan app.

3. 1. Bad reviews:This is the first signs of a bad instant loan app. If previous users have used app and have been dissatisfied, chances are, you will too! So go through the reviews on the app/play store – see what people are saying about the app and its services.

4. 2. Few reviews:An app with few reviews is also not such a good idea. This is because very few people have put their trust in the app, or even used it. In such a case, it’s like venturing into uncharted waters, not knowing what to expect. It’s best you avoid this and use an app that many people have used before.’

5. 3. Poor ratings.Another sign that should set alarm bells ringing is if the app has very few ratings. This is in line with the app having little or no review. It’s best you steer clear of the unknown and put your trust in app that has been around for a while and proven its worth.

6. 4. Upfront costs.This is a huge no-no when it comes to instant loan apps. You should never use an app that demands you to pay money to register or create a profile. None of the good apps will ever ask you to pay any registration fees. The only amount you will have to pay if the processing fee and that’s when you submit an application for a loan.

7. 5. High processing fee.Considering that the processing fee is no guarantee of an approved loan, many lenders charge high processing fees and then leave the customer high and dry. This is why you should look for a lender that has lower processing fee. Some will charge as little as Rs. 349 as a processing for your loan application.

8. We hope that these pointers help you stay away from sub-standard apps and help you get trustworthy finance solutions. Good luck and all the best, happy borrowing!

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10. For more details: instant loan apps RapidRupee Website: https://www.rapidrupee.in/ RapidRupee App: https://play.google.com/store/apps/details?id=co.afg.rupie

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