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Instant Personal Loan Comparison Apps – How Do They Work?

Instant Personal Loans by YeLo

When you are facing some financial stress or struggle, personal loans act as an actual friend. They are also very helpful when you want to save your funds or need to clear immediate debts. When you find yourself in an exigency situation that requires immediate cash, you can easily go personal loans. And in this digital era, banks and NBFCs have made instant loans more easy and accessible. All these lenders have launched an instant online loan management app, which further makes the entire process convenient for the user or borrower. But many people don’t know and understand how these loan apps actually work, which makes them reluctant to use it. Let’s find out how they work,

Instant Personal Loan Comparison Apps

Traditional banking requires the physical presence of the applicant in banks to verify and assess the individual information and credibility, and then multiple visits until the loan is approved & disbursed. This entire process in traditional banking is stressful, time-consuming, and for many disturbing too. 

But with the launch of online platforms and instant personal loan comparison apps, all this hassle has been resolved. Now you can conveniently apply for a personal loan from the comfort of your home or office or from anywhere at any time. These apps provide all relevant information about loan terms & conditions at a single place. You can easily compare multiple lenders, choose the best offer, apply, upload documents, and track your application. The entire loan process is transparent. Once your loan is approved, you’ll automatically get notified through SMS and email. You can access the details of the loan as well, which includes

  • Principal amount
  • Total no. of EMIs and its value
  • Approved interest Rate 
  • Tenure of the loan
  • Outstanding principal amount
  • No. of outstanding EMIs 
  • Prepayment option, the associated fee, and the amount that you will be expected to pay

Depending on the type of loan and lender, additional details can be there.

Instant Personal Loans by YeLo

If you are also looking for an instant personal loan, then you must check the YeLo app, a one-stop solution for instant loans. There are many instant loan apps, which claim to provide instant loans but many of them are not providing instant loans. While these apps may provide the loan comparison, details of the lenders, and loan features but follow a slow approval process. But with YeLo, you don’t have to worry as when we say Instant it means Instant. YeLo app is flexible for all, whether you need a loan amount of just 5k or Rs. 5 Lakh, it will be processed asap. So download the app and apply for hassle-free instant personal loans to clear your financial obligations.

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