Guide to Personal Loan Apps
Share this article:
Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is a Personal Loan App?
How Does a Personal Loan App Work?
Are Personal Loan Apps Safe to Use?
Finding the Right Personal Loan App
Things to Consider
Pros and Cons of Personal Loan Apps
Personal Loan App Pros
Personal loan apps can be a convenient way to apply for a personal loan right from your phone. There’s no need to go to a bank and no reams of paperwork to sign. Filling out a loan application through a mobile app may be faster than applying in person at a bank or credit union. That means you can potentially receive your funds sooner. You can use the app to make payments and keep track of what you owe. There’s no need to turn on your computer or mail a payment.
Personal Loan App Cons
Not all personal loan apps allow you to complete the loan application process and manage the loan from your phone. You may be required to do some of these things online from your computer. Using a personal loan app doesn’t guarantee you’ll get the best interest rates. Be sure to search for rates and terms from other lenders as well and compare them. Finally, there are personal loan scams out there. Make sure that the app you’re using, and the loan you’re applying for, are legitimate.
Alternative Ways to Apply for Loans
The Takeaway
Frequently Asked Questions
About the Author
Share this article: