There are times when life throws unexpected challenges and surprises at us. And, most often, we are not prepared to handle them. Thankfully, loan apps in India have made crisis handling simpler.
A decade back, applying for a personal loan was a time-consuming affair. To apply for a loan, you had to visit the lender’s office, waste a lot of time, and come back, only to return. And after doing so much, there was still no guarantee that your loan application would get approved.
Fast forward to the age of instant loan apps, and you can zoom through the loan application process in five minutes, and wait for loan approval. And, lenders also offer you the facility to check the status of your loan application online.
Hence, you can now get the loan amount in your account whenever you need, if not from one lender, then from another lender. The online loan application checking facility offered by loan apps in India can be a life-saver when you are struggling with an urgent need. Here are the things you may do to check your loan application status online.
The Details You Need to Remember
When you apply for a personal loan online or offline, the lender provides you with an application reference number, or merely the application number. You may use the application number to inquire about your loan application online.
Additionally, you may have to provide your date of birth and mobile number. On entering your mobile number, the lender would send you a verification code. You need to enter the code in the appropriate box to continue the process of online loan application status inquiry.
How to Check the Loan Application Status?
There are three ways in which you can check your loan application status.
- Visit the financial institution and contact the customer relationship representative. Then provide them with the application number and wait until you get the details.
- Visit the lender’s website and click on the ‘Check your loan application status’. If your lender doesn’t offer that facility, you have to find out their customer support’s email address and mail them your application number.
- Download the lender’s instant loan app, log-in to your profile, and visit the ‘Loan Status’ section.
A loan app is the simplest way to check your loan application status. You can get all details about your loan application at your fingertips. It also eliminates the need to visit your lender in person.
What Happens After Loan Approval?
Generally, when you apply for a personal loan with an instant loan app, the lender takes five to six hours to go through the loan application. They check the documents that you uploaded online, your financial stability, credit score, and a few other factors. Once they find the application satisfactory, they approve the loan.
Loan apps in India like FullertonInstaloan App have shot to fame due to its fast processing of loans. Often, you may expect to receive the funds in your account on the same day you applied for the loan. Moreover, if you are an existing customer, you can get discounted interest rates.
Conclusion
An instant loan app offers you several benefits that you can seldom get from a brick-and-mortar lender. Starting from the convenient loan application process to fast loan approval, long loan term, convenient repayment options, and attractive interest rates, loan apps in India have made personal loans as easy as 1-2-3.
