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What to Look at When Installing a Mobile Loan App

The number of loan applications is increasing. Many companies have been inspired by the success of companies like Lending Club and Proper that have made a fortune by offering personal loans. Some of these companies are good. However, as it always happens, some are not good companies. In this report, we will look at what you should look at when downloading and using an online loan app.

Check the Last Update

A good mobile application should be updated regularly. Updates help these apps improve their usage. They also help these apps to be more secure and remove bugs. Fortunately, Android and iOS platforms tell people when the app was installed last. As a user, you should always ensure that you check the last date of update. If the app was updated lastly more than a year ago, you should avoid it. An app that was lastly updated a long time ago could be a signal that the company is going through a challenging period.

User Comments

Another good thing about Google and Apple is that they allow users to leave a rating and a review. App users are usually motivated to leave a review depending on their experience. You should take time and read the reviews. There are a few things to consider. If it’s a new app, read the reviews to see whether the reviewers are doing it from the heart. This is because many new developers pay people to leave positive reviews. Second, look at the number of people who are reviewing the app and what they are writing. By checking these comments, you will be at a better place to know more about the company.

Terms and Conditions

All financial apps should have a detailed terms and conditions. These conditions are important because they tell you everything you need to know about the loan. They will tell you about the data they have access to and what they do with it. The terms and conditions will also tell you about the maximum durations of a loan. Also, they will tell you about interest rates. You should spend time to read the terms and conditions from a loan company like Tunaiku Androidand Tunaiku iOS.

User Interface

You want a mobile app that is easy to use and friendly to navigate. Therefore, when you download the app, you need to look at how it looks. This is because you want an app that tells you what you want to see. For example, you want an app that shows you the amount of money you can borrow, your loan balance, how to borrow, and how to pay.

Summary There are other things that you should look at when downloading a mobile loan application. For example, look at the permissions you are giving it. Some apps are known to have access to your mobile messages and contacts. This is risky, especially when the company is not trustworthy. Also, consider whether the company has an office or local presence in your country. This is because you want a company you can visit.