Top Features to Look for in a Reliable Small Loan App

Small loan apps make it easy and convenient for users to access immediate funds, which is making them quite popular. However, it is important to understand that not all such apps available in the market are reliable. 

After great success of these small loan apps, various fraud or scam apps are being developed as well. Hence, users need to steer away from such apps. However, the only problem is identifying which apps are safe and which ones are not. 

Don’t worry, here in this blog, we are going to help you ensure that the instant small loan app that you are using is reliable and safe. Below in this blog, we are going to enlist some of the top features that one can look for in order to ensure the safety and reliability of these small loan apps. 

Key Features for Reliable Small Loan App

Moving forward with our discussion, here we are going to enlist some of the top features that can help you identify a reliable small credit loan app while you are browsing for options in the market to find the most suitable app for your use. 

• User-friendly 

The first and foremost feature that you can look for is the user-friendly interface of the app that you have downloaded. Any reliable and top-rated small credit loan app will have a user-friendly interface to ensure the users don’t face any issues while using the app and avail their small credit loan. 

• Instant Approval and Disbursement 

Another feature is that it should help you with instant loan approval and disbursement. With apps like FatakPay, you can get your small credit loan approved within 7 minutes and an instant disbursement which allows you to get access to these funds instantly for your use. 

• Loan Flexibility

Another important feature is loan flexibility in terms of loan amount, loan tenure, loan interest rates, and repayment plan as well. With all top-rated apps, this is one of the most common features to ensure their customers get enhanced user experience and ensure the best offers for them. 

• Transparency

With any reliable app, you will find utmost transparency regarding all the features, charges, and fees. There will be no surprises in the end for the users and this comes as one of the most important features that can help you spot reliable and trustworthy small credit loan apps while you are exploring all the available options. 

 

• Secure Transactions

Another feature is that the transactions that you make with this app are going to be safe and there will be no issues in the processing. This helps you spot a reliable app for your use. 

FatakPay is backed by RBI-registered NBFCs which makes all the transactions with the platform completely safe and secure for the users. 

• Data Privacy

While availing the loan, you offer your personal information, which is secure with any reliable and trustworthy platform such as FatakPay. Here, you won’t have to worry about any data leaks or data privacy concerns, as the platform is completely safe and secure to use. 

• Repayment Plan Flexibility

Now that you have availed the loan, another important feature to look for is repayment flexibility as an important measure to ensure the reliability of the platform. Reliable platforms will offer you a flexible mode of repayment such as with FatakPay you can repay the loans in either full payment at once (for small loan amounts) or go with an EMI structure (only available for large amounts of loans). 

This tells you a lot about the platform and how they are prioritizing the customer experience and convenience to offer them the best solutions. 

• Customer Support

Another important feature that can help you identify a reliable instant small credit loan app is the availability of customer support round-the-clock to ensure there are no grievances on the customer side and also to resolve any queries or issues the customer might be facing. 

• Positive Feedback and Ratings 

Lastly there should be positive feedback and ratings of the app and platform that you are using. This positive feedback might come from the previous users who have left these remarks based on their experience. 

Any app having high quality and positive feedback is safe to be used as these remarks are coming from the previous users offering you a sense of confidence in the platform. 

Conclusion

Based on the points mentioned in the text above you can now easily identify the app which is safe and reliable to be used for any small credit loan application in case of any emergencies. You can also download FatakPay and enjoy such offers for small credit loans. 

FAQs:

1. What happens if I miss a payment for my loan through a small loan app?

If you miss a payment for your loan through a small loan app then you might get a penalty which can be included in your upcoming payment to ensure there are no such incidents in the future. Also, this will impact your credit score. 

2. Can I use a small loan app if I have bad credit?

Yes, you can use a small loan app if you have a bad credit score, however, the loan amount and other features such as interest rate and loan tenure might not be in your favour due to your low credit score. 

3. What are the eligibility requirements for using a small loan app?

The eligibility requirements include a good credit score, a stable financial situation, the ability to return the given amount of loan, and to produce a government issues identification.