The term personal loan is widely used in India, where it has been a mainstay of online banking services for more than a decade.
With the launch of an app called Flagstar, a mobile wallet for borrowers, many people in India are opting for the option to make loans using their own personal funds rather than through a bank.
The app offers loan terms ranging from 5,000 rupees (around $8) to 25,000.
The app allows users to enter their email address, the bank details and an amount of money to pay off.
The app also has a credit check feature to ensure the borrowers have the funds to pay the loan off.
Flagstar is currently available on both the App Store and Google Play.
It also has its own website, which also offers loan options.
It’s not the first time Flagstar has been launched in India.
Earlier this month, the government launched a mobile banking app called IndiPay.
IndiPay was launched in October 2017 and has received positive feedback from users, said a Flagstar spokesperson.
On the Flagstar website, the app has a section on loans for those with disabilities, children and seniors, among others.
According to the FlagStar website, Indipay is available on Android, iPhone and Blackberry.
The company has also launched a portal for people to make payments in Indian rupees, which it says will be available in the near future.