Will People Start To Use Mobile Apps To Apply Payday Loans?

money in wallet in payday

People often need payday loans for paying their bills or meeting any unexpected expense. This urgent requirement of cash can be solved only by seeking payday loans from reliable money lenders. Now, there are a few apps that can be downloaded on smartphones and then used to apply for payday loans. Therefore, common loan seekers do not need to rush to their nearest banks or financial organizations to submit their applications for payday loans.

Each of these mobile apps has distinct characteristics, benefits, and disadvantages, which should be judged carefully before using the app. The eligibility criteria and lender fee of each payday loan app should be checked minutely, along with the customer care features offered by that app. Generally, a loan seeker needs to have a bank account that is active for at least 3 months and he/she should get at least 2 payments from his/her current employer, for demonstrating his/her financial stability.

Advantages of applying for payday loans through apps

  • Immediate loan approval – The payday loan applications are processed and granted only within a day through the reputed mobile apps. If the loan seeker has a clean history of financial transactions, his/her loan application may be approved even within a few minutes. The money is usually disbursed the following day, to fulfill the need of the borrower. 
  • Easy and all-time access to the app – These mobile apps are accessible in all parts of the country and people can use these apps at any hour of the day and night. Thus, loan seekers can use these apps to apply for payday loans whenever they need some money immediately.
  • Link borrowers to lenders – A loan app acts as a marketplace where loan seekers can apply to multiple money lenders, to increase their chances of getting the loan applications approved. These mobile apps link up the borrowers with the reputed money lending organizations, which is profitable to both sides.
  • Simple loan application – The online application form of a loan app is very simple and needs only the basic personal and financial information about the loan seeker. Thus, any mobile user can download this app and submit an application for a payday loan, for which no extra knowledge or skill is required.
  • High credit score not needed – The credit score of the borrower is checked online to approve the payday loan application immediately. Generally, people holding different ranges of credit scores are granted loans through these payday loan apps. If a person has no credit history or a very low credit score, he/she can still expect the approval of his/her payday loan application.
  • Affordable loan fees – Usually, quite high fees are demanded on short-term loans, which impose a financial burden on common people. However, payday loan apps provide relief from such loads of high application fees, making these loans more beneficial for borrowers.
  • Offer financial profits – Some apps have additional features for rendering financial protection to loan seekers. Their bank accounts are protected against excess drawing out money while repaying the loan amounts. Very low interest rates are charged for payday loans through these apps, which can be further decreased by occasional discounts on the payday loan applications of some borrowers.

To test how these apps work, you may check for example lendup.com.

The use of certain mobile apps can be most helpful for payday loan seekers, through which they can apply for high loan amounts as well.

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