In this era, the existence of paper work is slowly receding and people are overwhelmingly embracing the benefits of the improved technology. It is not a surprise that most people choose to opt for mobile loan apps during an emergency to reduce the intensely tiresome alternative i.e. banking. The loan apps have made it a lot easier for someone to get a loan in less than 10 minutes especially with a good CRB record. Here is some few tips on how you can be able to choose a favorable loan app:
- Check out the online reviews from the apps store.
The good thing about app this days is being able to check out the reviews right before downloading and installing them. The online reviews will enable you to know how legit the app is and save you the trouble of being scammed. In most cases the app ratings will tell you how good or bad the app is and from there you can easily tell which app is good for you.
- Make sure you find an app then gives you the best deal.
Depending on the amount of money you’d like to borrow, it’s necessary to get a loan app then will give you enough money and still be able to give you a favorable interest. This means that the app should not charge you more than you are comfortable with. For instance two apps, say A and B. If you borrow ksh.1000/= app A will charge you an interest of 75/= while B will be 150/=. Exploring your options will give you chances of getting a better deal
- Make sure you read the fine print carefully.
Before choosing the right app for you, check out the difference in the terms offered by the different loaning apps. Check whether the monthly payment plan works for you. Check if the penalties for late payments works for you too. This enables you to plan effectively on how and when you’ll make the payment of your loan.
- Ensure that your credit score is accurate.
Making sure that your credit score is accurate will not only boost your chances of getting a loan, but will also make you continue to be responsible in your use of credit. You can easily check your CRB records by dialing *433# then entering your pin and you’ll get the listing through an SMS or you can use the Metropol Cristobel app or website and view your listing.
- Check your debt.-to-oncome ratio.
When talking an app loan always ensure that you check the debt to income ratio. This way whichever app you’ll use you can easily pay it off according to your income in order to avoid cases where you borrow more than you can pay which is usually the case especially with apps that offer fixed rates.