3 Solid Reasons to Switch to an Online Loan Service

3 Solid Reasons to Switch to an Online Loan Service

Personal Loan Financial Advice & Tips
Table of Contents

Thanks to advancements in technology along with the internet, we have seen massive strides in the BFSI sector over the last two decades. Today, taking a loan has never been easier. It is a far cry from those days when our parents had to dedicate an entire day (or sometimes more) in case they wanted to take out a loan. Back then, taking a loan was quite the process. There was a lot of inconvenience involved – right from waiting in queues, having long-drawn negotiations (which sometimes ended up as nothing short of begging) with a loan officer, ad just waiting. Endless amounts of just waiting to see if your loan application was approved and the amount you were eligible for. Today, thanks to online loan providers, you and I needn’t go through any of these things. Here are three reasons why you need to try online loans, if you haven’t already. Read on:

1. No More Queues

What more do you need? With an online provider, all you need to do is fill a form, and even this one is paperless! The very meaning of an online loan is to avail the funds online, without visiting a brick-and-mortar bank branch. This obviously means that you (and nobody else) don’t have to suffer standing in long queues, where you can’t do anything but wait and watch hopelessly as hours of precious time trickle by. As long as you have access to the internet, you can sign up with your preferred loan provider, go to their website, and apply for an easy loan online. You’d also find all the necessary information that you’d need to know over there, so that you’re thorough.

2. Almost No Paperwork

As stated in the previous point, what makes an easy online loan easy is the fact that it’s hassle-free and super-convenient. This is aided by the fact that you don’t need to fill a lot of paperwork and arrange for a lot of documents (most of which are terribly difficult to find, just ask your parents). Just filling in a preliminary, basic application for will do. All you need to do is enter a few personal details, some required information like your salary amount, PAN, employment status and the like. Once done, you just need to upload your ID proof, address proof and a picture, and you’re set!

3. You Know Your Credit Limit Instantly

The best thing about online loans is that you get to know whether you’re eligible for a loan, and how much you’re eligible for very quickly. It hardly takes 24 hours to get this information from your lender, and sometimes, you can get to know this within just 3-4 hours! Of course, the time taken will vary depending upon your loan provider, but you must admit that it’s very convenient and saves a lot of time. Our parents’ generation had to wait for at least three-four full working days just to know their loan application status. Well, thanks to online loans, that’s not the case anymore.

Check Your Credit Limit

Wrap Up

The above points are enough to illustrate why switching to an online service provider is a good idea. Of course, the lender that you ultimately choose would depend upon your requirements. If you want to switch to an online loan provider yourself, KreditBee is an option you can consider. KreditBee’s entire loan application process, from profile creation to disbursal does not take more than 10 minutes, and it is completely online on the KreditBee mobile app. You just need to download the app from the Google Play Store, complete your profile, and relax. If you wish to learn more about our salary advance loans, please write to us at [email protected] or simply call +080 44 292 200.


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