Loan Assist Mobile App: How Do They Benefit Customers & Lenders?

Mobile technology use in India is still in its infancy but given its fast adoption, it seems to be a good inclusion. Many non-banking institutions are using borrower engagement apps to improve their customer service.

In the past, loan application used to be a very tedious process but with the advent of loan assist apps for customers like Credility, it is now much easier to get a loan without lengthy processes.

WHAT IS A LOAN ASSIST APP?

A loan assist app is an app that allows you to borrow money from any bank in the country but the caveat is that the interest rate will be set by them.  You can compare interest rates from different banks and choose which bank will suit you the most

All loan apps differ in terms of the type of loans that they are willing to offer.  Every person’s need is different and so is the loan capacity of each app.  Before you take a loan from any app, they will first look at your financial situation.

Some types of loans available on these types of apps are;

- Student loan

- Personal loan

- Startup/small business loan

- Home loans

- Car loans

Benefits of Loan lending apps for lenders

LOW OPERATIONAL COSTS: Using a loan lending app, lenders can cut down on operational costs since there is no need for a physical office.  It is possible for them to work from even the tiniest office space available.

QUICK KYC PROCEDURES:  Since everything takes place online, there is no need for borrowers to visit the office to submit their documents.  Those who want to apply for a loan have to only upload their scanned documents which can be later downloaded by the lending institution

IT IS POSSIBLE TO DEAL WITH MULTIPLE CUSTOMERS: Lenders can deal with many customers at one time.  There is no need to have a meeting with customers one on one.

GOOD REACH: With a loan lending app, you can borrow money from anywhere in the country.  This is a significant advantage these apps have over physical banks

EASY BROWSING: Because of digitization, lenders can easily browse through all the data and know how many people have applied for loans and how many people have taken loans.

NPL’S CAN BE DETECTED EARLY: Lenders try to avoid a situation where the chances of entering a non-performing loan are high because a high rate of NPLs can lower the lending company’s profit and raise their funding costs.  credility’s goAssist is a loan assist app for customers which offer solutions to detecting such delinquency situations early which leads to better recovery of debts and minimal NPLs.

LOAN LENDING APP BENEFITS FOR CUSTOMERS:

- SIMPLE PROCEDURES: It is easy to get a loan. You just need to fill out a simple form and submit it online.  The lenders will then check it and get back to you instantly.

- A PLETHORA OF OPTIONS: Borrowers can sift through the various lending apps on the play store and install the app which they prefer.

- SECURITY: Lending apps are very safe to use as all transactions done are encrypted.  Users can keep a password of their choice which ensures that no outsiders get access to their information

- IN-APP MESSAGING: Through the in-app messaging service available in credility’s loan assist app goAssist, the borrowers and lenders can easily communicate with each other regarding the loan process

- LOAN TRACKING: With credility’s loan account details app,  you can track the status of your loan in real-time.