What is an Instant Loan Online?
Instant online loans are those that do not require too much documentation and are approved quickly without the need to present any assets. The process is quite simple and quite convenient compared to traditional bank loans. They are also called personal loans or quick loans, so you can apply for them without going to a bank or filling out a form. It saves time for you and for the lender.
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The main characteristics of an instant loan
●These are short-term loans and have a duration of 62 days to one and a half years.
● Loan amount can range from 9,000 to 4 lakhs.
●It is a much faster process compared to bank loans.
● They are instant and can be approved the same day you request them.
Why choose an instant loan rather than a traditional loan?
Have you tried getting a loan for yourself? Even the best of us don’t save for uncertain incidents or beautiful events in our lives. But first, let me tell you why you would want to choose it over a traditional bank.
Hypothetically, you are considering applying for a loan in SBI. Before you go to the bank to get an application or download the application, you check the interest on the SBI personal loan interest rate EMI calculator, fill in the form, submit documents, go to the bank several times, wait days or even months. After which, you will know the status and wait for more time after accepting it. This is quite long and would not work if your request for financial assistance is urgent or has a time horizon. This is when instant online loans work best. In addition, these loans are closed much faster than traditional loans.
Also Read: Are Instant Personal Loans in India Easily
Here are the best instant loan applications of December 2021
Here are the top rated instant loan apps and playstore ratings on a scale of 5.
1. PaySense – 4.1 stars
2. CASHe – 3.7 stars
3. Expected salary – 4.4 stars
4. Credit Bee – 4.1 stars
5. Credy – 4 stars
6. mPokket – 4.3 stars
7. Dhani – 4 stars
8. Bajaj Finserv – 4 stars
9. Silver Faucet – 4.2 stars
10. Smart Coin – 4 stars
When you apply for an instant loan, like any other loan, they also have fees and charges. Unsplash
How to get an instant loan?
Well, here you can check out the instant loan application process online through any of these apps.
Step 1: Choose one of the apps mentioned above. Now, don’t make this choice based solely on the ratings, but on several other factors such as how much you need, your tenure, and more.
Step 2: Download the app from Play Store or App Store on your phone.
Step 3: Check in on the app you downloaded. Create an account and complete authentication.
Step 4: Enter the loan amount you would need and the length of time you want to repay it.
Step 5: Upload all necessary documents to complete a KYC and click Apply.
Step 6: Once you are done, you will be notified of the status of your application.
Types of instant loans online
Short term: STPLs are becoming increasingly popular in India and are available as a loan for as little as Rs. 1,000. Many NBFCs and digital lenders provide these services. It’s a great solution for dealing with end-of-month financial issues. To apply for this loan, you need to apply online or through the app, provide the required documents, and the money will be sent to your account immediately.
Top-up Loans: This loan can be used to get a top-up loan and get more cash on top of current loans such as a home loan or personal loan. Since the bank already has all the personal information and documents, processing this loan is as easy as filling out a form and following a few procedures.
Things you need to consider
When you apply for an instant loan, like any other loan, they also have fees and charges. The things might be the most important thing you need to consider before choosing a company to apply for.
Instant loans are easy and simple and that makes them a very viable option for you. As you know, instant online loans are instant, which means that once approved, they are paid into your personal savings account within minutes.
Disclaimer: (This article is sponsored and includes commercial links)