3 Reasons Why You Need a Personal Finance App

When it comes to borrowing a personal loan today, our parents’ generation would have loved to be in our shoes, back when they were young, salaried professionals like us. Thanks to the internet, and advancements in technology, the entire process of how one avails a loan has undergone a complete transformation. Gone are they days of endless paperwork, long waiting hours, and never-ending queues. Today, we can avail loans with large ticket-sizes directly from our smartphones! Yes, that’s right. Not only have loan services been completely digitized – all major banks and lending institutions have a website today – there are loan companies who disburse loans through just a personal finance app on your smartphone! Such apps are slowly becoming the norm, and we’ve listed out three reasons why you need one:

1. It’s Super Convenient


This is the number on reason why people opt for personal finance apps as a means of securing loans when they need them. The sheer convenience factor is hard to miss – there’s no physical documentation required, and no manual intervention as well. You don’t have to go to a bank or talk to any officials about a loan. All you need is a smartphone and your KYC documents – just upload them through your phone, fill a few details about yourself, and provide reference contacts – that’s all you need to do! Once your profile is approved, you can even e-sign your Loan Agreement on your smartphone itself, after having decided what loan amount best suits your needs.

2. It Saves Time and Effort


Given how convenient it is to take loans on a personal finance app (as explained in the first point), it definitely saves time and effort also. Most apps require you to create a profile for yourself with all the required details. This will take you less than half an hour, and based on your profile, you will get to know the loan amount you’re eligible for. That itself will just take another day at most. Once your profile is approved, you can apply for the loan amount of your choice, and get the funds in our bank account almost instantly (or within the same day at most)!

3. It Helps You Save Money


While most personal finance apps provide you with personal loans, that is not all that they do. There are certain apps that also help you manage your personal finances and save money. All you need to do is enter the amount you can spend for the month, and the app does the rest. It records every spend you make in the entire month, and then compiles the data into a report that shows you where exactly you spend the most. You can see if it’s possible to reduce expenditure in a particular area and save more, based on your unique financial situation.

Wrap Up


Given the benefits of availing loans via personal finance apps, it is at least worth a try. However, do make sure to red up on the various terms and conditions before borrowing, and check up on customer reviews of the app before going ahead, as there are a number of such personal finance apps available today.

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