Several Fintech (Finance technology) companies are now offering fast and easy instant cash loans in India. As a result, instant cash loans have become extremely popular and useful. This growing popularity has led to numerous online lenders launching their instant loan app.
You can take an instant loan starting from INR 500 to INR 2 lakhs. The duration of the loan repayment can be 15 days to 6 months. The entire transaction is carried digitally and no physical visit is required for any bank or branch.
The Internet has revolutionized the way we do almost everything, which includes borrowing money at the click of a button.
The digital revolution is far more significant than the invention of writing or even of printing. –Douglas Engelbart, Inventor of computer mouse.
What is an instant cash loan?
In an emergency situation, time is the most important resource and lost time is never found again. Especially, in today’s scenario where everyone wants everything done very fast. During these times when we need money urgently, approaching banks for loans can be a time-consuming process.
Instant Loan is a digital transaction in which the lender lends money to the borrower without any paperwork and the processes is completed online. This type of loan is called instant loans because of being fast in processing and disbursal. All steps of an instant loan is online which makes the processing faster than any other type of personal funding. From deciding the loan amount to finding the right lender or EMI of the loan is carried out online. The online processing eliminates both the need of middle man and paperwork which makes the instant loan dispatched early.
How does instant loan app work?
Most of the Instant Loan apps are very easy to use! They have entirely app-based procedures, right from the application to the repayment. You can download multiple apps from Google Play Store or Apple App Store to compare loan offerings and specifications. This will help you find the best cash loan app for your needs.
With a good cash loan app, you should be able to get financing in very simple steps:
Once you’ve compared your options and finalized on an app, you have to fill the application form. It will require you to provide some basic details, upload your KYC documents and the loan amount required .To finish your application, you might have to take a selfie from your phone and hit the submit button.
Once you submit the application and if everything is in order, you should get your approval instantaneously. In the following 10 minutes, you should also get the money transferred into your bank account. If you thought that was quick and simple, you should know that repeat users do not even have to wait for sanctions with their subsequent applications. Both approvals & transfers will be immediate.
You can take an instant loan starting from INR 500 to INR 2 lakhs. The duration of the loan repayment can be 15 days to 6 months. The entire transaction is carried digitally. No physical visit is required for any bank or branch.
What are the advantages of an Instant Loan?
- Fast Disbursal: The main attraction of taking online personal loan is fast disbursal of the amount of loan. Instant approval is not a click bait here. The online process of loan takes anywhere between a few minutes to only few hours to get the loan disbursed to the borrower’s bank account
- No Collateral: It is the most convenient option from the customer’s point of view. You do not need to mortgage an asset or jewelry for taking an instant loan.
- No end use requirement: You can avail an instant loan for any purpose. There is no compulsion on borrower’s part to disclose the use of funds.
- Online Processing: Instant personal loan process is a document free lending system. There is no need to do submission of any hard copy of the document to the lender. You need to give soft copies of your document through email or uploading of scanned documents on the app. With the help of FinTech companies, it becomes possible to do processing of personal loan via online. One can easily track the status of online application through mobile application of the lender.
The reason instant loan apps have taken the market by storm is due to a lot of factors:
- Change in Mindset: Taking a loan for gadget purchases or holidays, is no longer a taboo in today’s India. Of course, there are the conventional reasons as well to take a loan- education, buying a car, or weddings. instant loans apps have sprung to meet exactly this need.
- Conventional Loans: Put simply, traditional personal loans are slow, expensive, and hassle-some. Instant loan apps fix each of these problems.
- Technology, Speed & Efficiency: Instant loan apps are able to process a borrower’s application entirely via their smartphones. This is much better than the usual process of you having to visit the bank in person and submit the documents needed by the banks to approve loans. For the APP based instant loans, you just need to link your bank accounts and submit some KYC documents. And you’re done! You will then be provided information of your credit limit, the interest rate. After you have received this information you are free to initiate the disbursement whenever you like. Thanks to innovations in avoiding paperwork, and accurate and speedy analysis of borrowers using technology, these instant loans apps are able to offer very competitive rates of interest to borrowers. Naturally, the market has gravitated towards these apps.
As a result, these instant loan apps offer a solution that is superior to traditional personal loans, and even credit cards. Their success therefore, isn’t surprising.
Which is the best app to get instant loan?
Currently, there are so many online lenders in the market today. An average loan seeker you may feel challenging which app you should use and where you should apply. To help find what you are looking for, here is a list of some of the Instant Loan App popular and easy to access apps:
- Early Salary
- India lends
- IndiaBulls Dhani
- Capital First
- Any time Loans
- Flex Salary
When you are in urgent need of a quick cash loan, there are very few options available.
One is to seek a personal loan from traditional banks, which can be a time-consuming process requiring a lot of paperwork and multiple document submissions.
The other option is taking a loan through a credit card, but interest rates are extremely high.
Asking your friends or relatives for money is another option, but it can be embarrassing.
And not everyone is lucky enough to get a salary advance loan in India from their employers.
However, instant loans like all loans should be take responsibly and with financial disciple.