Abstract—India has seen a significant shift in consumer desires and purchasing patterns over the last few years. People used to have conservative financial outlooks in the past. They used to manage their finances and were very frugal with their money, setting aside money for emergencies as well as major purchases like a house or luxurious goods. However, people today are more casual with their money. When it comes to purchasing consumer durables, they have high expectations and prefer quality. They no longer want to accept less and are not scared to stretch their spending since they want to fit in with their peers. To fulfill their desire, they are applying for personal loans. But physically applying for the loan is not easier rather than applying online. With the growing FinTech industry, it provides a P2P lending platform to people in the form of unsecured Instant digital loan which is easily available on mobile with a moderate rate of interest. Because it makes it easy to get loans people may be putting themselves in danger of default if they repay too many of these types of loans at various points throughout the month. In addition, by paying interest on so many loans, they might be losing a lot of part of their earning. This paper is focused on consumer attitudes and preferences towards instant personal loan apps and analyzes the reach of these unsecured digital loan apps to a consumer. these are a trap of the debt cycle for borrowers or it makes easy their life. To know the facts the primary data has been gathered through a survey on Google form and the secondary data has been collected from journals, e-newspaper, and related research papers in the final part of this paper's findings, a conclusion has been drawn based on analyzed collected data.