Many people, especially young adults in urban Indian cities, are increasingly shifting to digital platforms for everything-- whether it is buying groceries, booking a flight, or using banking services like money transfer and availing loans. The convenience of applying for a loan online has encouraged individuals to avail financial aid from financial institutions today. So instead of worrying about borrowing from friends and family or encashing all their savings for an unplanned expense, one can now easily apply for online personal loans at the click of a button.

As salaried professionals or businesspersons, one can often miscalculate their finances and their expenditure can exceed their spending capacity. Read further to learn the 10 advantages of a personal loan online.

Advantages of Online Personal Loans

Personal loans are an exciting way to acquire loans because they are unsecured against any collateral, have lower personal loan interest rates and when you use a digital lender, they are also paperless and quick! Here are a few advantages of availing a personal loan online:

Available Anytime

Online personal loans are available 24/7, so you can apply for a loan even at 2 am at night-- just download the app and apply conveniently. You don’t have to make a physical submission of the instant loan application either. Easy Access: With an online app, you have the ease of applying for a loan at the comfort of your house. So you don’t have to worry about long waiting hours at the bank.

Minimal Documentation

With an online personal loan from True Balance, you are not buried under hefty paperwork. Just submit scanned copies of your identity proof, address proof and proof of income, along with your photograph, and your documentation is complete.

Small Personal Loans

You can avail small personal loans ranging from Rs 5000 to 50,000 at a nominal processing fee. Depending on your eligibility and need, you may avail these small cash loans.

Personal Loan Interest Rates

While unsecured personal loans have a higher interest rate relative to other forms of loans, an online personal loan still has low interest rates as compared to traditional banks.

Quick Disbursal

Another benefit of online loans is that your loan application is promptly approved and money is then disbursed to your savings account. You can avail the loan on the same day of application, and the loan money can be disbursed within 60 seconds of approval!

Convenient Loan Repayment

The borrower has the freedom to fix their tenure according to their repayment capacity. Your loan can be fixed in easy monthly installments in a period of 62 to 180 days. Flexible Reasons of Acquiring Online Loans: Lastly, unlike a home loan or a car loan that have precise agendas behind them, you can use personal loans for any legal purposes. You can use the loan amount to finance a wedding, support your child’s education, or even buy the latest model of your dream car-- no questions asked!

Online personal loan apps can promptly help you finance your expenses, so you can spend without worry during those last days of your financial crunch. The True Balance app is a digital lender that takes care of your financial needs and instantly approves your personal loan apply. Download the app today