A personal loan app is a bank in your pocket. It uses technology to offer an excellent opportunity to borrow money online making your life simple. A good one will track your engagement and use the data to offer custom recommendations. It reduces the cumbersome process of visiting banks every time you need money.
Plenty of reasons make it a useful and reliable tool in today’s face-paced digital world:
- Helps save your time and effort.
- Safe and secured way to borrow money.
- Extremely helpful in times of quick cash requirement
- Keeps a track of your online borrowings
- 24×7 accessibility of money and information
No need to look beyond your mobile phone in case you require an easy loan today. However, you must tick off certain factors to enjoy the above-mentioned benefits. Or else, you might end up with no proper backup option in times of dire financial crisis.
Ø Advanced Encryption
This is the process of encoding all the user data. This helps protect all private and sensitive information, both financial and personal. It is a way to ensure high-end security of communication between the server and client apps. So even a bank authorized official is unable to read the car loan data that you do not wish to share. No app is hack-proof. Yet look for the one that has open-sourced their code and have bug bounty programs. These can increase the chances of a safe transaction.
Ø Top-Tier Features
You must be able to access several servicing requirements. For example, you should be able to check your loan account status, track your loan application, calculate your EMI, easy buy EMI card details, set your loan for auto-payment, download statements and apply for personal or vehicle loans online. In short, it must be your one-stop solution for all your banking requirements, especially car loan-related, in a hassle-free way.
Ø Speed and Flexibility
Fast-loading pages are essential when opting for a loan. Otherwise, the process becomes frustrating and time-consuming. The purpose of using an ‘online tool’ is lost here. You might find yourself accessing the bank page from the web. So read reviews and make sure you do not have to wait more than the standard 2 seconds for the app to load its graphics and data.
The app must be available on both Android and iOS. This flexibility helps you access the features and benefits without having to worry about the operating system.
Ø Push Notifications
The app must not be limited to in-app notifications only. It must have push notifications that are quick communication channels. It helps your bank send relevant content in the form of messages, offers, schemes, deals and necessary information to customers. Make sure it pops up on your mobile device lock screen to help you see them anytime. You should not have to login to the app for this. Make sure the notification option is turned on.
Be it a car finance loan or instant personal loan, tick off these factors before downloading from the App Store or Google Play Store. Keep updating the app from time to time for maximum results.