Why Are Instant Loan Apps A Hit With Millennials?

1. Why Are Instant Loan Apps A Hit With Millennials? The yesteryears have witnessed a metamorphosis not just in how people save, spend or invest money but also in how they acquire their wealth. Now, while an entire nation is focusing on cashless transactions and digital money, it also asks - why carry loads of files to your bank to get a loan? The traditional way of acquiring a loan was a source of stress for many, especially in times of grave emergencies such as a medical emergency, or educational fees with tight deadlines. Some would say the stress of successfully securing a loan was often greater than the worry of overcoming that particular problem the loan was meant for. But times have changed and so have people. A great catalyst to this break away has been technological innovations. In this age of globalization and improved tech across industries, the conventional system of procuring loans sounds archaic and retrograde. It involves visiting the bank time and again with piles of paperwork apart, from paying huge rates of interest for acquiring a loan after a long delay. It’s fairly obvious that we’re dealing with a system that hasn’t kept up with the times. The millennial generation is often characterized by the need for easy living and a thirst for experiences and luxury. This is at least partially due to the impact the internet has had. From online shopping to planning a vacation, almost all of millennial life can be operated online, and we’re only headed further in this direction as more sectors and industries migrate entirely to the internet. One such mania at large is the instant loan apps that have shot to prominence in response to this increasing need for quick access to funds: Banks and other traditional financial institutions have by and large struggled to evolve to new market needs. Getting a loan sanctioned the traditional way is still time-consuming, laborious, and an overall painful experience to deal with. Fintech portals have come in to offer a solution to these issues - with improved credit access via websites or apps designed solely for this purpose. Millennials now find themselves on these portals because they are more convenient.

2. This generation doesn’t seem to have the patience to opt for conventional mode of loan access, and it rightfully so, when it can do this from its comfortable couches. Instant loan apps take care of everything - from the filling of forms to uploading scanned documents - all digitally. The funds can be instantly transferred to bank accounts. Moreover, the repayment for these loans can become customised. As against the earlier methods of repaying via cheques, instant loan apps allow you to pick an automatic debit and EMI option. This results in a clear payment system with minimal mess and confusion. The traditional banks take a long time to process loan applications. The high rates of interest make them even more undesirable. No surprises then, that instant loan apps are hit with millennials - they promise a secure, free-of- nuisance immediate cash loan in India within an hour. Online access to such services also allows for a quick comparison between the various loan apps, giving the average millenial more confidence in their choice, and the freedom to choose from a multitude of options. Services like Early Salary allows debtors to only pay interest on the amount they use, while no interest is levied on cash unused. These apps offer quick loans with no hidden cost, no requirement of a guarantor or a collateral. Put simply, a few, clear hallmarks of these apps are: - Online application - Instant approval - On spot disbursal - The freedom to decide the loan tenure and - Flexible mode of repayment. EarlySalary has revolutionized the way lending works in the country. Its app functions as an instant portals to cash loans, with interest rates that are reasonable and disbursal times that are blazingly fast. Check out the portal here.