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Types of Loan Apps 1. Personal Loan Apps – For urgent personal needs like medical bills, education, travel, etc. 2. Business Loan Apps – Provide capital to small and medium businesses. 3. Payday Loan Apps – Offer small, short-term loans that are repaid on the next payday. 4. Peer-to-Peer Lending Apps – Connect borrowers with individual investors. --- Top Features of Loan Apps Instant loan approvals (some within minutes) Minimal documentation (KYC like Aadhaar, PAN, salary slips, etc.) Digital verification and disbursal EMI calculators and credit score check Real-time application tracking --- Popular Loan Apps in India (As of recent data) 1. KreditBee 2. MoneyTap 3. PaySense 4. Navi 5. mPokket 6. BharatPe (for merchants) --- Eligibility Criteria (Common) Age: 18–60 years Indian citizen Stable income source Valid KYC documents Active bank account --- Documents Required Aadhaar Card PAN Card Selfie Salary Slip or Bank Statement (if salaried) Business proof (if self-employed) --- Pros Fast and convenient 100% online process Suitable for urgent cash needs No collateral needed Credit-building opportunity --- Cons High interest rates (sometimes up to 36% p.a.) Short repayment tenure Hidden charges or processing fees Risk of data misuse (especially with unregulated apps) Aggressive collection practices in some cases