New Delhi, June 4 -- If you are planning to apply for a personal loan by downloading an app on your phone, you might not be already aware of the process and nuances which are too important to overlook. You might, for example, not know that your lender (lending app) is not a regulated entity just like a bank.

Similarly,lending apps may be different from the lending service provider. Let us peel some layers off and understand the process of raisingpersonal loan in greater detail through seven key terms.

Here, we deconstruct the process by defining the 7 key terms relating to raising instant loans via a loan app.

I.Digital lending: As the name suggests, digital lending refers to raising a loan via a digital platform. It could be an app or...