If you are in an emergency condition where you urgently need some amount of money, then the best option would be taking a loan from online loan providers because taking a loan from any bank would take more than a day or two.
Life can be uncertain. Even if you plan on many things, many times you might face situations such that you need to have some cash for emergencies for unexpected expenditures like medical reasons or any personal needs.
The best option would be to take help from your friends or family members.
However, many people are not willing to lend money even to friends or family members.
Honestly, in those times of need, rather than going to traditional banks which takes between 3 to 7 days, the best choice you have can be applying for loans through one of those “Instant Loan Apps”.
Let’s talk about some of the main advantages of availing of quick cash loans online.
1. Easily Available And Accessible Online Anytime, Anywhere
The apps are available on google play store and apple app store 24/7. You can download the app and get access anytime you want.
Even if your money need is late at night when traditional financial institutions are closed with these apps you don’t have to wait until it’s open because you can get an online loan any time you need it.
And there is no need to go somewhere because a laptop and Internet access is all you need to fill out a loan application.
2. Minimal Documentation
All you need to do is fill up the online application form and upload scanned copies of some basic documents for identity proof, address proof, and income proof.
Those documents are your PAN Card, Aadhaar Card, Bank Statement, Salary Slip. You can also directly take pictures of them and upload them instantly.
3. No Physical Submission Of Documents
The documents need no physical submission and verification which makes it more convenient as you need not run around searching for making copies of your documents.
You don’t have to visit any bank or branch as all the required documents can be submitted by uploading on the loan app using your smartphone.
4. Faster Process And Saves Time
Getting approved online is quick and easy. This saves a significant amount of time and effort. As soon as you upload your documents, your eligibility and amount can be known within a few minutes.
Unlike traditional loans, personal loans via apps are faster in terms of the application and approval process. The application process takes 15 to 20 minutes whereas the approval process takes a few hours. You can get a cash loan on the same day of application.
5. Perfect For Emergencies
These loan apps can act as your mini bank ATM to meet your unexpected expenses and you need to borrow some money quickly instead of asking someone.
On top of that, the approval is very fast. Within a few minutes or an hour, you will get your money in your bank account.
6. No Collateral Required
One of the most important benefits and reasons to avail of loans from these apps is you don’t need to provide any collateral or guarantor to borrow.
In money matters, nowadays nobody would want to sign as your witness or guarantor even if they are your friends. People don’t trust each other anymore with so many scams and looting going on.
So, you don’t have to worry about arranging any collateral nor there is any risk involved such as losing an asset.
7. Small Cash Loan With Flexible Amount And Duration
You can take a loan starting from ₹1,000 to ₹2,00,000 or even more depending on your eligibility for a duration of your choice from 15, 30, 90, or 180 days.
However, many loan apps give 15 days option for first-time borrowers. The duration increases according to your repayment history.
8. Flexible Reasons
The reason for applying for an instant loan can be flexible. You don’t have to specify any details apart from choosing the main options for the reason it provided.
You can take a loan from an online loan app for medical emergencies or buy any large asset, your specific reason can be kept private.
9. Quick Disbursal
This is one of the major benefits offered by online loan apps. Once your personal loan is approved, the cash amount is directly transferred into your personal savings account within the same day and mostly within a few minutes or an hour.
10. Track Loan Status Online
You will be able to track your loan status, payment history, interest, outstanding balance, tenure, and many more from the app.
Instant online loans are a boon if you are in so urgent need of money and do not want to ask from anyone.
All you have to do is download the loan apps of your choice and apply. Keep your Aadhaar card or Voter ID card, PAN card for proof – you need to take the pictures or if you already have the images, you just have to upload them.
Once your credibility is determined, you will be given a loan according to that. Your money will be in your bank account as soon as within one hour or even half an hour. But it also has bouts of disadvantages too. However, the quick and fast process makes it the best choice.
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