Many companies are willing to fund the requirements of experienced borrowers, but what about those who’re too young to have any? Students and young salaried individuals rarely have a substantial credit history, which has historically made it difficult for them to avail of loans. It was rather unfair, but thanks to applications like mPokket, things are changing.
What is mPokket?
Founded in 2016 and based out of Kolkata, West Bengal, mPokket is a digital lending service that provides instant loans for various kinds of customers, including college students and young salaried professionals. It is a great tool to use when you’re stuck in an emergency or need to build a credit history. mPokket’s main aim is to build an easy system for Indian college students and young salaried professionals to avail of loans.
Best features of mPokket Instant Loan app
We reviewed the mPokket Instant Loan app extensively, and found these features more appealing than others:
- No need for collateral
Students and young salaried individuals can avail loans from mPokket without having to pledge any of their assets. This is a great feature as it provides peace of mind to youngsters, allowing them to focus on their studies and/or work.
- Flexible loan amount
mPokket allows you to avail yourself of the amount of your choice. You can get loans of as low as ₹500, up to a maximum of ₹20,000. The tenure will be 3 months, which is neither too long nor too short. You will also have the choice of receiving the money in your bank or PayTM account.
- Completely digital process
Being a fintech company, mPokket spends a lot of time and effort on technology. One of the byproducts of that is the completely digital lending and borrowing process. Users can avail of loans from the app without having to physically submit their documents for verification. Everything happens online and at a great pace.
- Quick disbursal
Once your loan application has been approved, the money is disbursed into your bank account within minutes. The approval process, meanwhile, is just as quick, taking just a few hours. This is especially useful for people stuck in an emergency.
- History of performance
We all know the time and a proven track record are great indicators of good companies. If an organization has been in business for years, it can be trusted. Since being founded in 2016, mPokket has increased its user base multifold. The app is currently used for over 5 million users, making it one of the most-used ones in the fintech space.
- Easy repayment options
When you take out a loan from a bank, you can’t repay them the amount before a certain duration. If you do it, you will be charged money. mPokket doesn’t have this feature; you can pay them the borrowed amount anytime, and you won’t be charged a single penny. They also have multiple repayment options.
Pros and Cons:
Let us go through the pros and cons of using mPokket:
- Flexible loan amount.
- Students can borrow using only their college ID and address proof.
- The money can be credited into your Paytm wallet as well.
- High interest rate.
- Short loan tenure might not work for all users.