Is the Quick Cash Loan app a better option for borrowing money?
Getting a loan has always been considered a complicated task for the average borrower. The traditional lending model has so many problems that it would not be wrong to say that it is not competitive and that it creates more problems than it can solve. However, advances in technology have brought a unique solution. The rise of personal mobile devices such as smartphones and high-speed data connectivity over 4G networks has given rise to several app-based financial services. You can now get a instant cash loan from a lender who runs the whole process digitally on a mobile phone app. Here are a few reasons why these lenders are willing to beat traditional financial institutions at their own game.
They are fast: The borrowing process with a cash loan app is very fast. A traditional lender will take days or even weeks from the time you fill out the first form to give you the money you need. There will be successive stages of verifications, phone calls, office/home verification visits and so on. On the other hand, an app-based loan performs the same process in minutes. Since there is little or no human intervention, the process is done with greater precision and too quickly.
They are flexible: Traditional lenders and financial service providers are bound by many restrictive regulations and are therefore very rigid. They are simply unable to keep up with the rapidly changing technology and pass on its benefits to their customers. Meanwhile, the app-based lending system offers many advantages, such as a high degree of flexibility in the duration and amount of loans. Additionally, these modern fintech companies work hard to make the borrowing process as easy as possible while ensuring legal compliance. Their goal is to reduce waste in the loan process and to be able to serve more and more people.
They are easily accessible: Unlike a traditional credit institution that requires you to have a considerable back-up in the formal financial system, the cash loan app is very accessible. Credit is made available even to new borrowers who have just entered the formal financial system. Using digital KYC systems such as OTP-based online and mobile Aadhaar authentication and already prevalent government identity systems such as PAN cards, an instant loan app enables anyone to borrow money from simple and fast way. No jumping through hoops or messy documentation work when you need instant funds.
24×7 loan services: Speaking of money when you need it, these apps are also not limited by time and work 24 hours a day, 365 days a year. A traditional loan company, with its offices and ranks of staff, tends to operate on a 9:00 a.m. to 5:00 p.m. model where loans are only made during office hours. What if you need money for a medical emergency in the middle of the night? This problem is solved by application-based lending models. The app does not require human staff for routine operation and hence you can borrow money at your convenience.
No physical interaction: The absence of physical interaction is another great advantage of modern fintech. If you want to borrow money from a traditional financial institution, you will need to go to their office, meet someone, fill out a file full of forms, and then someone will come to the addresses you mentioned to verify your contact details. Not only are all these steps time-consuming, but they also complicate the whole process. All these problems are eliminated by loan applications. You do the whole process without ever having to know where the office of the lending company is. For anything you might need, the office may not even be in the same condition as you and you will receive your money within minutes.
Small loans available: A big problem with traditional lenders is that they are so bloated with their own bureaucratic processes that they have to loan out quite a large amount of money before they can cover the high loan costs on their end. While this in itself is a situation people have learned to live with, it has created a big problem for small ticket borrowers. Not everyone needs thousands of rupees in loans; the segment of small borrowers is much larger than the traditional loan market. App-based lenders have become the best solution for these borrowers as they have minimal overhead.
No usage restrictions: Finally, while traditional borrowers tend to regulate the purposes for which they lend money, app lending is not restrictive in end use. Firmly believing in consumer choice and striving to make credit available to as many people as possible when they need it, fintech companies allow complete freedom to the borrower as to how, when and how. where he wants to use the borrowed amount. The money can be used for medical emergencies, home improvement plans, vacations, or even to buy new or used vehicles.
With the advancement of technology, more and more people are now able to access financial support based on their needs, at minimal cost, as and when they need it.