The Next Big Thing in Personal Finance: Instant Loan Apps

The future is undeniably now, and technology has seeped into every aspect of our lives. Entertainment, food, socializing, and even finances are just a click away. If you’re like most people nowadays, you’ve spent some time browsing through the AppStore on your smartphone. You might have even seen that among the top downloaded apps are financing apps—online wallets, money-saving challenges, and the newest addition to the bunch: instant loans. Years ago, applying for a loan entails falling in line at the bank, talking to a banker, and waiting for your loan to be approved. While that might still be true for larger loans, money lending has become easier, especially if you only need a small amount.

At the start, people were dubious of instant loan apps. They sound too good to be true, and at most simply assume that it’s a scam. However, instant loan apps are becoming more and more transparent and reliable. While the amount of money you can borrow isn’t very large, the information they require from you to approve your loan isn’t scary or contrived. Especially if you’re the type to keep most of your information secure on your smartphone. Thanks to the advancement in both technology and privacy, making a microloan is now just a click away.

Why Microloans?

There are lots of reasons why someone would use a money-lending app over a traditional bank loan. We’re going to take a look at a few, and we’ll find out if this for you.

Home Upgrade

Perhaps you need shelves to organize your room better. Or you need a bigger monitor to improve your work efficiency. Maybe you want to change the feel of your living room. Using an instant loan app means you get to improve your house in your own terms—no need to take out another home loan. You can focus more on upgrading and less on worrying about how to process the financing.

Self-care

We are living in a time where self-care is crucial. We cannot afford to be mentally unavailable, and taking care of yourself is the best way to be always present. You can use small credits to make sure you don’t overwork yourself. A small reward here and there goes a long way, and if it helps you keep a clear mind, it can’t be that bad. So if you want that new toy but don’t want to touch your wallet, this kind of debenture might work for you. Just make sure you’re also in a position to pay off small amounts in a set amount of time.

paper bills

Emergency

One of the obvious ways an instant loan can be helpful is at a time of emergency. Whenever something unplanned comes up, and you’re not in a position to spend money, taking out a small loan might just save you. It’s particularly helpful to do this at the first sign of an emergency. This helps you avoid having to make a bigger financial move, like refinancing your mortgage or taking out a large loan from a bank. So, in a pinch, your thumbs can come to the rescue.

Ease-of-use

A money lending app offers something mighty convenient: you can readily view your information at any given time. Most, if not all, have an intuitive graphical interface for you to check the details of your loan. This helps you make sure you’re always up-to-date on your payments. And since all the transactions are done via the app, you don’t need to go anywhere or talk to personnel- the whole experience is generally faster than if you were to take out a bank loan. This is also a convenient way if you don’t have a credit card, or your finances are locked and can’t be accessed easily.

It’s Still a Responsibility

It’s easy to get carried away, especially with the instantaneous nature of money-lending apps. But like with most things, we need to temper our impulses. Before using something like this, it’s best to give it time before committing to the decision. Even if it’s just a small amount, it’s still debt. And small debts accrue and accumulate, which can still be a headache to deal with later on.

Even a microloan should be treated with the same gravitas as a large-scale loan. It’s responsible for financing to be careful of all money-related decisions, no matter how big or small. Regardless of your reason for using an instant loan app, remember that it’s simply a tool to help you and not a wall to rely on.

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