How to use Online Loan App in Emergency Situations?

2 Mins read

Apart from causing you worry, emergencies have the potential to harm your finances by putting undue stress on them. This is why financial advisors recommend setting aside a small percentage of your earnings in an emergency fund. However, it is possible that your emergency reserve is insufficient for certain needs. This is why you must know of a way to raise finance from an external source quickly. Typically, in such a situation, the easiest loan to obtain is a personal loan. This is because lenders have relaxed eligibility criteria and do not require you to pledge collateral in order to access the amount. In fact, lenders offer this as an instant personal loan through smartphone applications like Bajaj Finserv. The ability to use an online loan app to access funds is immensely beneficial in an emergency. 

Advantages of using Loan App:

  • You can navigate between loan offers easily
    When you’re tackling an emergency, it helps to have tailored options to pick from. This eliminates the need to scout for a suitable loan and saves you time. With a tailored loan at your disposal, you do not have to gauge criteria and other terms; you can apply right away. The Bajaj Finserv App facilitates this by displaying your pre-approved offer for a variety of loans. This means that you can easily get finance by following the steps on the app. As you can tell, this can be of great help in an emergency as it speeds up the loan acquisition process.
  • Expedites the application process

Since online loan apps are designed to make borrowing convenient, it is fairly easy to apply for a loan without too many procedures or documents. A top-tier lender like Bajaj Finserv lets you avail an instant personal loan in just a click, wherein you simply have to meet the pre-approved offer’s minimal criteria. As a result, the application process takes no time at all and you can focus your energy on other important matters. 

  • Allows for instant approval and quick disbursals

The instant approval feature is offered by a few lenders, and some couple this with equally quick disbursal. For example, when you apply for a Personal Loan through the Bajaj Finserv App, you get approval within a few minutes and receive the entire loan sanction in your account within 24 hours. 

  • Offers drawdown facilities at the touch of a button

There’s no pre-determining how much finance you will need to tackle an emergency, and you’re likely to need the amount in a short span of time too. This is why it is important to opt for a lender that lets you utilise a drawdown facility with relative ease. For example, with the Bajaj Finserv App you can access additional funding by simply navigating to the drawdown menu. Enter the amount you wish to receive, authenticate with an OTP and access funds. 

Instant loan apps are efficient in emergencies because they allow you to meet your needs in the shortest timespan possible. While it may seem difficult to decide on the best Online loan app as the market is crowded with many such offerings, be sure to use the above pointers as a checklist and identify one that caters to all your requirements to the T. An example that checks all the boxes is the Bajaj Finserv App as it is intelligently designed to meet any borrowing need. Additionally, it also lets you manage your loans and make payments on swiftly through its user-friendly interface. However, to enjoy maximum benefits, check your pre-approved offer through the app and access a loan in a fraction of the time that it would take you otherwise.