February 24, 2024

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Benefits of Having a Loan App on Your Smartphone

Top 8 Benefits of Having a Mobile Loan App in Kenya

Smartphone is an important part of our lives. You can’t live without it. A smartphone is not just a phone but also a wearable device with apps that do things that only a few people have even thought of doing before. Smartphone loans are becoming increasingly common because of their convenience and flexibility. When you can apply for a bank loan instantaneously via a mobile app, why would you choose to entrust a lending business with your hard-earned money?

Here are some of the main benefits of having a loan app on your smartphone which include;

Convenience

The convenience of having a loan app on your smartphone is that you can access the amount and status of your loan anytime and anywhere. You can easily check your account balance without having to attend a meeting or visit a bank branch, and without any errors using our online platform. The app will tell you what’s happening with your loan immediately after you download it.

Speed

The speed at which personal loan app applications are processed has improved significantly in recent years, thanks to technological advancements in mobile banking and financial technology. With a loan application on your smartphone, you can check if it has been approved instantly without waiting for long periods or going through unnecessary paperwork.

Peace of Mind

A loan application takes less time and effort than going through the hassle of filling out paper forms and mailing them in, so you may prefer to complete it on the go with a phone or tablet device instead of going to a branch office, where you might be late getting there and miss out on other business while waiting.

Transparency

Having a smartphone app for loan applications offers a major benefit – a transparent application process. You can see all your loan details in real-time and compare them with other loan applications. Loan apps also offer you the option of paying online, making it easier to get approved for a loan faster. And if you need additional information about a particular loan, you can use the search bar to find it on the app.

Personalization

Having the ability to tailor your application form to your needs and specifications is another advantage of utilizing a personal loan app. You can also provide specific details like monthly income, interest rate, term, etc., which will help lenders understand more about you as an individual and provide better services for you in return.

It’s easy to track your progress

Tracking your progress with a loan app can be a huge help when calculating how much money you need for something or setting up an account for saving. The app will automatically update when funds are deposited and show how much money is available at any given time. If an unexpected expense comes up, knowing what funds are available and how much has already been spent can keep you from going over budget on that particular item.

There are no lock-in periods

Unlike traditional loans, where there are often lock-in periods where you cannot get a loan without having collateral backing it up, such as a house or other property, there are no such restrictions with this type of lending platform. In other words, if you suddenly need additional funds but don’t want to risk losing your home to do so, this is for you.

You can monitor your repayment schedule

The ability to monitor your repayment schedule is another great feature of having a loan app on your phone. Keeping this information readily available simplifies the process of monitoring monthly payments and their due dates. Many people find that seeing their payments in real time helps them understand how much money they need each month and why they should continue making payments on time.

Disbursements are made in your pocket

Knowing how much you owe, you can easily pay it off. The loan app will show your payment history and tell you when the next payment is due. This means that even if you have yet to receive the money, you can still make the payment and get it over with. Save time by paying your own debts instead of waiting for someone else to do it.

There are no application fees

One of the biggest benefits of having a loan app on your smartphone is that there are no application fees. If you were to apply for a loan through a traditional financial institution, you must pay a one-time fee and an annual percentage rate (APR). This could add up to hundreds of dollars over the life of the loan. However, an online personal loan has no application fees and no APR to worry about. You only need an internet connection to complete the process and get approved for a loan without incurring additional costs.

You can easily apply for loans from anywhere

You don’t need to physically go into a bank or an ATM to withdraw money, so you can submit applications for loans from anywhere. You must download the loan app on your smartphone and fill out an application online. You’ll then be sent a verification code via text message so that you can confirm your identity when applying for a loan.

Security

The security of having a loan app on your smartphone is that you always have it with you. You can log in to the app whenever you need to check your balance or make a payment, and then you can use it to find a place to park, a restaurant or bar where you can pay for your meal, or just about anything else that comes up during the day.

Conclusion

It’s easy to get so caught up in ensuring the rest of our lives are organized that we often don’t remember that money matters, too. Having an app on your smartphone with information on all your loans is a great way to ensure you’re getting all the payments and not getting hit with late fees. It’s also a great reminder about what your loans are for and how much each is. This can help you stay financially responsible throughout the year.