We all are living in a world where technology is governing and driving everything. This includes our banking and finance sectors as well. With the help of these advanced and developed technologies, the finance sector has developed certain platforms to aid in the traditional process of loan applications.
However, with so many platforms and apps being available in the market it is quite difficult for the users to identify which are the best loan app in India and which ones are frauds. Additionally, it is important to identify the right apps as using any other apps can lead to any fraudulent activity.
Moving forward with this blog, we are going to discuss some of the key pointers that can help you understand and identify the best loan app in India to be used and which ones to be avoided.
Picking out the Suitable App
As we said, there are numerous loan apps available in the market to be explored. But not all apps can meet your needs, some might be good for you, but the same app might not be suitable for your friend or family.
The process of identifying the best loan app in India that you can use for your own purpose requires a simple process. Once you are done with the process you will have the final answer as to which app is most suitable for you.
- Asking the Right Question
Sometimes asking questions or asking the right questions can help you understand and identify which apps are safe to use and which ones are to be avoided. Here are some of the most common questions that you can ask in the process of picking out the best loan app in India for your needs.
- How much funds/money do you need?
- What is your goal with the funds?
- For how much time period do you need these funds?
- What is your monthly income?
- Can you repay the amount on time?
Based on all these questions you can start shortlisting some of the names or apps that are available on the market.
- Exploration
Next step is to explore the market for all the shortlisted options. Here you can do a good verification or background check for all the apps. In this process you can even discover some new apps that are reliable but not yet trending in the market.
During the process of exploration, you can further shortlist a few apps that you can analyze in the coming steps/
- Evaluation/ Comparision
From your exploration of the apps that you have shortlisted, now you can evaluate all the apps based on their loan amount, eligibility criteria, loan tenure, offers, interest rates and other concerning factors.
This process can further help you to shortlist some names that you are more likely to invest in. Furthermore, it will help you choose the most suitable for your use based on their offerings.
- Testimonials/Reviews
Next point is to look for the testimonials or customer reviews of these apps that are availble. These testimonials and customer reviews can help you understand the usability, functioning, and issues of the app. Based on all these factors you can decide if you wish to use the said app or not.
- Regulatory Compliance
Lastly, an important aspect to be considered is to check the regulatory compliance of the app. All such apps are required to comply with the regulations of RBI as RBI is the governing body for all such platforms.
To ensure the safety and security of these apps, this regulatory compliance is another significant factor that can help you make your decision.
The above-listed points can be used to identify which apps are suitable for your use and which ones should be avoided. Along with this, it can also help you pick the best available loan offers in the market that you can avail yourself based on your credit history and other eligibility criteria.
FatakPay: Best Loan App in India
Among all the available names on the market for the best loan app in India, one of the reliable and trustworthy name is FatakPay. FatakPay is backed by RBI registered NBFCs that can offer you easy, online instant personal loan with minimum fee, with an easy repayment plan and flexible loan amounts.
With all these features and offers available it is one of the best loan app in India at present that one can use for availing loan features. Additionally, the app is designed with a user-friendly UI, enabling seamless and easy use.
Furthermore, FatakPay offers you various loan options based on your credit history and requires minimum documentation, making the overall process of loan application simple, easy and effective for the users.
All these features combined along with the ease of usability, and high customer reviews, FatakPay is one of the best loan apps in India that one can use in today’s time. Its reliability further adds to the benefits one can avail yourself of this app.
Concluding Points
Leveraging the above mentioned, points one can easily identify the best loan app in India for their use and apply for their online instant loan. Additionally, with advanced technologies, these apps are designed to reduce the hassle of traditional methods of loan application which require the users to stand in long queues and wait for long period of time for the loan approvals.
Get in touch with FatakPay today and get your online instant loan approved today.
FAQs:
1. Which loan app is safe?
FatakPay is one of the safest loan apps that is available on the market for online loan applications.
2. Which loan app is banned by the RBI?
Loan apps such as RupeeGo, Grand Loan, Mobipocket, Cash Ray and others are banned by RBI.
3. How to get 20,000 rupees urgently?
For this you can apply for an instant online personal loan with FatakPay and get easy access to the amount required with minimum documentation.
4. What are fake loan apps?
Fake loan apps are the ones that are involved in illegal activities, don’t offer the customers a loan agreement and are not functioning legally.
