When we are stuck in a time of financial distress and require immediate funds, we often waste our time in deciding where to seek this financial aid from. And especially if it is an emergency, like the accident of a loved one or other unforeseen medical emergencies, we cannot afford to waste time. To take a personal loan in such a crisis would sound like a viable option, but many factors can affect your process of availing a loan– the biggest factor being, should you apply for a loan through banks or a loan app? Read further as we discuss the few factors that will help you choose between the two.
Factors that can Affect the Source of your Loan
It is perhaps the most important factor, to understand if your financial requirements need to be immediately addressed. If you require instant funds, you should opt for an instant loan from a digital lender. Banks are infamous because of their exhausting application processes and will take more time for sanctioning than you could afford.
Personal loans are unsecured, which means that you do not have to provide collateral against the loan amount. As a result, rates of interest on a personal loan are higher than any other form of loan like a gold loan or loan against property. Nonetheless, banks provide a relatively lesser interest rate on personal loans as compared to a loan app.
There are many financial institutions where you can apply for a personal loan online, and one of the most convenient of all platforms is True Balance. Their paperless loans are prompt, easy, and you wouldn’t have to worry about visiting your bank’s branch to repay the loan. Instant loan apps provide you with loans at the click of a button.
Your financial needs play a huge role in finalizing the source of your loan application. Many digital lenders provide loans for up to 10x your salary, but if you are looking for a larger sum than accredited by the app, then it is recommended that you apply via a bank.
True Balance: The Instant Loan App
When you take into consideration the multiple factors as suggested in this article, availing of a loan from loan apps will look like a wiser choice for you. Banks not only have long application and verification procedures but also take a tiring amount of time to disburse the loan amount. Fortunately, apps like True Balance provide loans with minimal documentation (like proofs of identity and income) and credit the amount straight to your bank account within hours. Personal loans improve your CIBIL score too, and you can use them for various purposes like funding education, meeting medical emergencies, consolidating debts, or you can even use them for a vacation. What’s more? You can also choose your repayment tenure from 62 to 180 days. Visit the True Balance app today!