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Instant loans apps are a relatively new addition to the borrowing scene. In fact, many borrowers have only just made the move from real-world borrowing to app-based loans. Given their limited knowledge and lack of experience when it comes to these finance solutions, there is always a chance that these novice users will make mistakes when using such apps.
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Instant loans apps are a relatively new addition to the borrowing scene. In fact, many borrowers have only just made the move from real-world borrowing to app-based loans. Given their limited knowledge and lack of experience when it comes to these finance solutions, there is always a chance that these novice users will make mistakes when using such apps.These mistakes could prove to be quite costly in the long run. Keeping this in mind, the following article will highlight some of the common mistakes individuals make to ensure you stay well clear of committing the same blunders.
1. Not comparing the market. Many lenders simply go for the instant loan app provided by their trusted bank or non-banking finance company. Sure, this is one way of getting a loan from your trusted lender with an added touch of convenience it is not the ideal way to go about things. If you want that best experience with instant loan apps, you should compare all your options and choose one that provides the best loan amounts, affordable interest rates, lowest charges, longer repayment tenures, etc.
2. Paying any sort of upfront charges. There are numerous lenders that have popped-up in the last couple of months that ask borrowers to pay some sort of registration fee or an upfront fee just to use the app. They will promise unbelievable features and amazing interest rates and seeing this many borrowers pay the upfront cost. However, to their dismay, these apps just take their money and disappear. Therefore, if you are looking for instant loan apps, do not make this mistake. If any app requires you to provide any upfront fee, just delete it, no matter how good the features seem.
3. Not going through the terms and conditions. When you take a loan from a real-world lender, you read the terms & conditions thoroughly. This should also be done when using instant loan apps. Always check the terms & conditions, especially about charges, penalties and late payments. This will ensure you are not caught off-guard in the future.
4. Not considering prepayments. One should always consider prepaying the loan, especially if you are in a financial position to do so. However, many borrowers make the mistake of ignoring prepayments. They choose to pay EMI for the entire tenures worried it will affect their credit scores if the settle the loan before the given date or they might have to pay charges for doing so. However, many instant loan apps today have no prepayment charges and it should affect your credit score if you pay up the loan before time. It might also help you save on the total interest you have to pay.
5. Opting longest tenures. Longer tenures mean smaller EMIs, meaning easier repayments. However, the longer you pay instalments for, the more interest you pay. Therefore, if you can repay your loan with a shorter tenure, it makes sense to do. It will ensure you make the most of your instant loan app at the least possible cost.
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For more details: instant loan app RapidRupee Website: https://www.rapidrupee.in/ RapidRupee App: https://play.google.com/store/apps/details?id=co.afg.rupie
