Among various personal loan applications available for android users, TrueBalance, mPokket, and FairMoney are the three great options that you can choose to overcome your emergency. All three loan apps are a great option if you want instant cash. Among them, some allow you to get a personal loan without credit checks.
So, below is the detailed knowledge about each of these applications, followed by a head-to-head comparison on various aspects.
TrueBalance provides pre-approved personal loans to people who are struggling with a bad credit score. TrueBalance is focused more towards no-online payment users and no-credit score users. With a disbursement time of just 30-minutes, this application is a game-changer for people looking for instant cash.
TrueBalance gives you instant loan starting from Rs. 5000 up to Rs. 50000. You can choose the repayment tenure of a minimum of 62 days to 116 days.
Products Offered by TrueBalance:
Interestingly, you can use TrueBalance for shopping, ticket booking, and buying digital gold.
With TrueBalance, you can get insurance for yourself, your family, or neighbors starting from Rs. 5 to Rs. 490. Furthermore, with an eCommerce platform, you can get up to Rs. 10,000 benefits. Additionally, with recharges, you can get up to Rs. 5000 cashback.
Traits of TrueBalance:
Zero Paperwork: The process of taking a personal loan from TrueBalance is simple and quick. You don't need to do physical documentation to get a loan.
No Bank Visit: The entire process is online, omitting the request to visit a bank.
Quick Approval: Based on True Credits, you get loan approval within minutes. It won't take more than 5 minutes.
Quick Disbursal: Once approved, your amount will be credited to your bank account with no delay.
If you continue paying the dues on time, your credit score will improve. All you need is your PAN and Aadhar card number to apply for the personal loan.
For salaried and students, mPokket is one of the best platforms to get instant loans.
Process to Get Instant Loan from mPokket:
Traits of mPokket Personal Loan:
Up to 30000 Instant Loan: mPokket provides you a personal loan starting from Rs. 500 up to Rs. 30,000. Once approved, your amount is directly disbursed in your bank account.
Completely Paperless Process: Entire process of getting a personal loan from mPokket is paperless. It means you don't require bank visits to apply for a loan.
No Collateral Required: mPokket provides you with a loan without any collateral. This means you get the loan without worry.
Loan for Under Salaries Person: People with salaries below Rs. 12,000 can also have the option to get a personal loan without any documentation. MPokket can get a personal loan starting at Rs for low salaried persons. 1000 to Rs. 30,000.
Loan for Students: There are situations when students get into a mess and look for emergency funds to clear their debts. mPokket gives instant loans to students of up to Rs. 20000 for up to 4 months.
Charges and Rates of Personal Loan:
Interest Rate: You can get a personal loan at an interest rate between 2% to 6% per month.
Processing Fees: You have to pay a processing fee between Rs 34 to Rs 203 + 18% GST. The actual processing fees will depend upon your loan amount.
So, if you are an 18+ salaried person, you can easily apply for an instant personal loan from mPokket.
FairMoney is another excellent mobile app offering instant loans from Rs. 500 up to Rs. 60000. The rate of interest is flexible and primarily depends upon your credit score.
Traits of FairMoney:
Charges & Rates of Personal Loans by FairMoney:
Rate of Interest: You can get a personal loan from FairMoney with an interest rate from 12% to 36%.
Loan Term: You get a personal loan for a limited tenure. You have to repay the loan within 61 days to 180 days.
Processing Fees: For personal loan approval, you have to pay processing fees that range from 3% up to 15%
Late Payment Fees: In case you skip paying on the due date, you will be charged with a 0.2% per day penalty for the late payment.
How to Apply for Personal Loan from FairMoney
With simple steps, you can apply for the personal loan and get the disbursed amount in your back within a few hours.
Now you have complete knowledge about these personal loan applications; it's time to compare them simultaneously on various aspects. Their head-to-head comparison will give you detailed knowledge about the right selection.
Loan Amount: FairMoney gives you a maximum of Rs. 60,000 personal loan, whereas TrueBalance gives you up to Rs. 50,000 loan. Interestingly, mPokket gives you a maximum of Rs. 30,000 loan amount. So, if you are looking for a larger amount, FairMoney is an excellent option to choose.
Interest Rate: mPokket gives you a personal loan at an interest of 2% to 6% per month, whereas FairMoney gives you a loan at 12% to 36% per annum interest rate. However, TrueBalance gives you a loan at APR ranging from 60% to 154.8%.
Charges & Fees: TrueBalance has a processing fee of 3%, FairMoney has a processing fee of 3% to 12%, and mPokket has a processing fee of 34 to Rs 203 + 18% GST. So, in terms of processing fees, mPokket is a better option.
User Ratings: When it comes to user rating, mPokket has a rating of 4.2 with more than 4 lakh reviews. TrueBalance has a rating of 4.3 with more than 7 lakh reviews. However, FairMoney has only a 3.9 rating with more than 3 lakh reviews. Here TrueBalance is a strong winner among the three.
Additional Features: When comparing these three personal loan applications, you will find that TrueBalance has many other features like recharge and payments, online shopping, ticket booking, and other features that aren't available in other apps.
So, with that said, you can now take the right decision for a personal loan and get the disbursed amount in your bank account soon. However, it's essential to research well before choosing any of these apps and applying for a personal loan.