We can have immediate access to finances with rapid lending applications and personal credit lines. Apps offering instant loans simply request the rights necessary to access a limited set of user information. Only once you grant the necessary rights can someone access such information. This information is solely accessible to enable the instant completion of the loan application forms and the disbursement of an immediate personal loan. To proceed with your loan application and the approval of a quick personal loan, apps like Privo require particular and constrained permissions.
Instant loans enable you swiftly borrow a loan and withdraw money to satisfy your spending requirements as and when necessary since they are released in minutes using your mobile device. To activate an immediate line of credit, you must still satisfy strict KYC procedures and eligibility standards set by the lending firm. This is the fundamental justification for granting the Privo fast lending app access to particular cellphone data.
First off, let’s address why do lending apps ask for permissions
The process of checking your KYC and eligibility to meet the loan criteria happens over your mobile phone. It enables the loan to be processed instantly. To facilitate this, you need to provide permissions to the instant loan app to access specific stored data on your mobile phone.
1. Create a seamless experience for the customer.
You must understand that rapid lending applications gather data to allow for the quick processing of loans. Apps gather pertinent information to assess a user’s creditworthiness throughout the underwriting process. It assists the user in avoiding completing several fields and various forms. As a consequence, users are spared from having to fill out several fields throughout the application process since the applications instantaneously access the data and fill up the forms. It facilitates the quick acceptance and handling of loans.
2. Instant loan apps access relevant data to give users the best loan offer
Let’s examine the pertinent information to obtain a personal loan instantly based on the + and PAN card in the case of the Privo app. Depending by the lender, you would often need to gather photocopies of your identity proofs, income proofs, and address proofs, among other things. With a digital app, all of these are condensed to screens that enable access to location detection, SMS, and camera to enable you to take an instant loan on the Aadhar and PAN, allowing you to finish these tasks in minutes.
Credible apps like Privo only ask for necessary permissions and provide you instant loans after conducting credit checks to determine eligibility.
3. Some apps implement data security measures to ensure that only the borrower can access the loan offer.
Some lenders use data security measures like finger lock or double encryption through their digital lending application when you receive quick loan approval. This precaution is required to make sure that the only person who may take money from your credit line is you, the borrower.
Imagine a scenario when the mobile phone is stolen or misplaced. In such situation, unauthorised individuals cannot take money out of your loan account balance without your permission and raise your debt.
One way to achieve this is through providing one-time consent to access different apps and enable a better user experience for yourself covered in the next section.
How can you control the permissions you give to an app?
Option 1: Choose while using the app: Apps cannot access all personal data without your permission. You can control access to your data and deny certain permissions for access while installing any app.
Option 2: Only when applying for a loan: You can only provide access to a loan app when applying for a loan. It ensures only such permissions that the app requires you to process your application. It would help if you refrained from giving permissions to random mobile apps.
What permissions are required to access Privo?
With Privo, you are only given three kinds of permissions because Privo cares about your data privacy and only asks to offer you the best experience.
- Safe access to your banking statements:
Safe access to your banking statements: Use your SMS as an alternative to making you access your net banking credentials. It ensures you do not have to take trouble downloading the bank statement and uploading it directly on the app.
- Providing address proof:
Your location is your address proof, so you don’t have to risk entering your address multiple times through the loan processing journey.
- Taking a selfie safely:
With camera permission, you will help the Privo app with a selfie and smoothen the process for you. The camera prevents you from taking a passport-size photo, uploading this on the phone and then on the phone. Your selfie can be used to verify your image with the documents initially submitted at the time of the loan application. This is an additional layer of security to ensure that no one other than you can use your credentials.