The emergence of fintech companies proved that fintech has wonders when it comes to providing loans and other financial services. Digital lenders have reduced the burden of getting loans by modifying eligibility criteria and getting the same day loan within minutes. Customers don’t have to stand in queues before the bank and fill out applications to get a loan. If they have any emergencies, they can easily download the app or visit the specific fintech company’s website and apply for a loan. Even document verifications can also be done digitally with paperless work. With all these benefits, how can you choose the right personal loan with the right digital lender? Let us see how you can choose one.

Select the right loan by knowing the purpose.

Identify the purpose, and then buy a loan. While taking a fast personal loan, you should be aware of the interest rates, the paying terms, and any additional charges included. Based on that, you can decide which loan you want and how much tenure that you can take. Calculate your expenses based on your income, and think about whether you can spare the EMI amount by deducting the expenses, and then you can go for the loan.

The EMI calculator will help you decide how much EMI you will be paying for the particular tenure. It also gives you how much loan that you are eligible for. Based on that, you can easily get an idea of how much you are going to pay as EMI.

Documents that are to be uploaded

You have to fill out the application provided in the quick loan app. Apart from the application, you need to provide certain documents for the KYC process. Those documents include:

• Income proof
• Bank statement proof
• Age proof
• Address proof, etc

You don’t have to visit any bank or courier the documents as hard copies. All you need is the documents that are to be uploaded to the application itself. The company needs these documents to know the customer better and provide better customer service.

Loan Approval:

Loan approval is an important one that people are going for loan apps like Branch & Kopa Pesa. In traditional banking, you have to wait for days to get the loan approval. But here in loan apps, you will get a call from the executives as soon as you register into the app. Once your documents are all uploaded, they will be sent immediately for verification. And once it’s approved, the loan will be disbursed within 72 hours.  

Things to be aware of:

• Avoid sending loan applications to multiple lenders. It may affect your credit score.
• Check the interest rate before applying for any loan.
• Read the terms and conditions carefully
• Check for additional charges

Always compare the fee and tenure with other lenders and go for the final one.Getting a loan from fintech companies has become an easy job to do. Easy loan app have made life easier for many. We don’t have to stand in queues and wait for months to get the approval. Once we meet the eligibility criteria as mentioned in the lender’s agreement, we can easily avail the loan.