By Rupeezo | 3rd, Mar, 2023
Whether it’s the fees of a top-rated university, the additional cost of studying abroad, or the tuition or accommodation expenses — it’s common for students to experience financial difficulties.
But with the availability of student loan apps, it has become easier to get quick funds to attain the dream of quality education.
Also, the facility of excess of options makes finding the best one even more confusing.
Moreover, there are many fake apps out there charging for high-interest and misusing the data of customers.
As a student, it is crucial to find the best loan apps for a student that offer quick funds along with other benefits.
To help you out of the confusion, we have listed the best education loan app, so that you can compare and find the best one for your needs.
To assist you with the same, here are some tips to pick the right education loan app.
Different loan apps have different loan requirements. So, before you select any student loan app, it is important that you get accustomed with the terms and conditions of the various loan apps. When it comes to the credit score, income requirements, age, or all other loan eligibility requirements, different lenders have different eligibility criteria. This will ensure that you do not waste time and effort in dealing with varied financing sources, and only associate with the lender that conforms to your student loan needs. Also, it will help in filtering out lenders that are nowhere near your student loan requirements.
Check your eligibility for a student loan on our quick loan app.
When choosing an online student loan app, it is crucial to pay heed to the interest rates and other charges included in the loan. Filter lenders based on interest rates, as some lenders, charge extremely high interest, and upon comparison, you may find a lender that offers lower interest charges.
Also, some lenders may apply hidden charges that can majorly impact the overall borrowing cost. Before choosing a loan app, carefully read through the terms and conditions and inspect the different charges or interest rates charged by the lender.
An instant loan app or platform is considered credible only if it’s registered with RBI. The loan app should be associated with an NBFC (Non-Banking Financial Institution) that is approved and recognized by RBI. You can check the official list of the banks or NBFCs approved by RBI on its website to find out if the lender is legitimate.
Borrowing from a student online loan app without verifying its authenticity can put you at risk. Therefore, it is advisable to borrow from authorized lenders and apps to ensure a transparent process.
Another important factor to keep in mind while selecting a student loan app is the repayment terms. Choose your borrowing amount carefully as this impacts the repayment terms. Some loan apps may provide a lower loan amount, but offer longer repayment terms. On the other hand, some offer high borrowing amounts but have a complex repayment plan or a shorter tenure.
Before you get a loan from a cash app, decide the amount you need and do not get lured by the attractive offers, so you can avoid borrowing more than your requirements. Also, prepare a repayment plan in advance and then, pick the loan amount that would make your loan repayment journey easier.
The loan approval time is also a thing to be considered to pick the best loan app for students, especially when you have an urgent loan requirement. Research and choose the loan app that provides quick loan approval times. Ask the lenders about the processing time and the loan disbursal time. Some loan apps may take longer to approve loans than others, so make sure you choose a lender that can meet your needs.
Also, some loan apps provide for a quick disbursal of funds, while others may take several days. Consider your financial needs and urgency when choosing a loan app.
The easiest way to know the quality of the services of a digital lender is to check out their ratings.
To find out the ratings, you can go to the play store and search for the respective online student loan app and read the reviews. Check online reviews to see what other users have to say about the app's customer service, loan processing time, and overall experience. This information can help you make an informed decision and will help you find the app that fits your educational needs.
Avoid apps that are not updated for a long-time or have a low number of downloads. Also, see if the reviews are genuine or not since fake reviews have become a common practice to attract more customers.
Security is another vital factor to consider before you apply for a loan through a student personal loan app. Ensure that you choose an app that takes the privacy and security of the customer information seriously. Since you are going to be offering your personal information and documents to the app, your data must be protected by the site.
The website of the loan app or the lender should be SSL encrypted and should have strict privacy policies. Also, make sure that the website complies with the essential cyber safety practices for the lenders.
To attract customers, most lenders give lucrative offers and promise a service that can lure any customer into taking the loan. However, the scenario changes when the actual process of loan application and disbursal begins.
Therefore, take enough time to research the lender to find out the authenticity or reliability of the services promised. Check whether the online student loan app platform or the lender is licensed and regulated by law. Try to find more information about the lender's history and reputation, before you trust them and apply for a loan.
Repaying a loan is a long-drawn process, especially for students. Associating with the right lender is crucial to make the process easy and quick. Assessing the various student loan apps and you can determine how credible a certain online lending platform is. This is important as you are going to give the lender your personal details and going to form a long-term association with them.
Go for a student online loan app that offers excellent customer service. Especially for online lenders, providing great customer service is essential since the customers have a lot of questions related to the services. Also, there should be 24*7 assistance so you can get a quick solution to your concerns regarding the loan service.
A strong grievance redressal mechanism is a must before you choose your loan app or lender for availing of a student loan. This will ensure that you reach the lender easily if you need help or have any concerns regarding the services or the loan app.
Get the best offers for a student loan from our quick loan app.
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