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Online loans are loans taken digitally and are one of the fastest-growing industry. With the advent of free and cheaply available data in India, the online loan service has found a giant clientele. Many people from metropolitans as well as cities have been accessing this growing industry to meet their needs
Online loans break the distance barrier between lenders and borrowers connecting them and thus allowing customers a wider pool of options to procure a loan. Banks have a big monopoly over the loan market and create issues for borrowers, in terms of cumbersome documents and long approval periods. Their rigorous and rigid policies can more often than not alienate many people from accessing the loans. Moreover, the waiting time for loan approval is long and tedious and unsuitable for people in an emergency
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