When you have been saving up for important things like having to buy a new phone, it could that quite some time to save enough for that which satisfies all your needs. What if during this time, you are overcome with having to pay for something else, like travel tickets to see your family urgently.

If only there was something you could do instead of having to borrow from kin. Well, guess what! There is another way – an instant personal loan app.

Yes, there are quite a few myths attached to getting loans in general. However, don’t be too surprised when you realize that they aren’t true. Keeping reading to see how many common myths about instant personal loan app are simply misconceptions.

1) That Instant Personal Loan Apps Look For Credit Score.

This is not true, the advantages of using an instant personal loan app is that they do not consider credit score of the borrower while providing loan which is a great relief for most of the people

2) Those Instant personal loan apps have huge rate of interests.

Instant personal loan app is used to ease the burden of borrowers. The rate of interest, if you compare with banks or NBFCs is less which is advantageous because lesser rate means the borrower has to pay a lesser amount as interest, allowing saving more money and eventually improving the economy.

3) That Loans take too long to get sanctioned

The main advantage of instant personal loan app as the name suggests is how quick the processing and sanction is. While banks take weeks to complete the entire loan process, instant personal loan app take 20 minutes for approval of loan and around 2 hours for disbursement of the loan amount.

4) That they have a difficult procedure

When approach banks for loans, you are asked to fill many forms, submit multiple documents to prove your credibility; also eventually the whole procedure becomes tiresome and time-consuming. Where, on instant personal loan app, the procedure is simple; you have to fill a form with your basic details and upload documents to complete the verification.

5) That you have to submit multiple documents

Among the major advantages of using app is the minimum documentation for sanction. After you fill the form, the next step is to submit the scanned copies of Aadhaar card, PAN Card and a selfie. Yes, it’s that simplified!

6) That apps apply for a minimum amount.

Instant personal loan apps have no condition attached to the amount or the reason you apply for the loan. It covers demands that range anywhere between Rs. 10,000 to up to Rs.20, 000. These could be expenses for your trip, dinner with a friend, buying a gadget or even paying your EMI.

7) That Instant personal loan apps are confusing

This is probably the biggest misconception about instant loan apps. After you download the instant loan app, the lender makes all the needed information open for the user’s access. This way, all the lender doesn’t keep the borrower in the dark making it a good loan experience.

Hope this article helps to clear the misconceptions surrounding instant personal loan app putting your doubts to rest.