Digitalization is gripping the world. People prefer digital platforms for everything from paying for groceries to obtaining short-term financing to cover a medical emergency. These digital platforms can let you get it with only a few taps if you are in immediate need of funds. When traditional lenders reject your loan application due to their strict loan policies and eligibility criteria, instant loan app come to your rescue.
Key Features of an Instant Loan Apps
If you have ever wondered why you should use instant loan apps over other possibilities, take a look at the major advantages stated below.
- Small Cash Loan:
The funds available through such apps ensure that you never run out of money to meet your basic needs. Depending on your needs and profile, you can withdraw funds in amounts ranging from Rs 50,000 to Rs 1.5 lakhs.
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- Paperless Process:
There are no physical documents involved in registering for this app or submitting your loan application. You only need to upload a scanned copy of your KYC and proof of income. After that, you are ready to start your financial journey.
- Unsecured Loan:
You can acquire the funds at your fingertips without having to put up any security. The most important factor here is your credit history. Or, more simply, your capacity to repay the loan.
- User-Friendly App:
Whether you are a first-time borrower or have taken many loans from various sources in the past, you will have no trouble using such instant loan apps. The UI and UX are designed in such a way that users will easily understand what to do next.
- Low-Interest Rate:
Interest rates are one of the main reasons why so many individuals are turning to digital lending apps. The applicable monthly rates begin at 1.67%. Furthermore, the interest is levied on the outstanding balance rather than the principal.
- Quick Disbursement:
When you are in the middle of a financial crisis and don’t want to wait days for funds, such apps are the ideal option. This is because as soon as you submit your information, you will be notified whether or not you are eligible for a loan. In addition, funds are released within 24 hours following approval.
- No Hidden Charges:
When you apply with traditional lenders, there is a huge possibility of you being fooled with hidden charges and clauses. However, this is not the case with digital lending applications. The additional charges like processing fees and GST charges are clearly mentioned on the app’s landing page.
- Flexible Repayment Option
You are allowed to choose the repayment term that best suits your pocket. The maximum repayment term of instant small cash loans is 24 months.
How to apply for an instant small cash loan?
You can now get immediate access to funds by following three simple steps that are outlined below.
- Install the app and register yourself by sharing your name, address, and contact details.
- Complete the Know Your Customer (KYC) process.
- Apply for the loan after using the EMI calculator to arrive at a budget-friendly EMI.
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When is it ideal to use an Instant Loan App?
Instant small cash loans might come in handy in a variety of situations. The following is a list of some of them.
- Wedding Expenses:
Weddings are considered to be one of the most expensive events. You will need money to buy jewellery, a wedding gown, and make venue reservations, among other things. There is a good chance that you will run out of money. Lending platforms can help in this situation.
- Medical Emergency:
Medical emergencies are unpredictable. If you don’t have a financial plan in place to deal with such adversity, you may be risking your life or that of a loved one. Instant small cash loans apps help in this situation by providing immediate funds.
A pleasant journey necessitates adequate financial liquidity. You will need money to book a trip, stay at a hotel, go sightseeing, food, and shopping. In such situations, instant small cash loans can help.
- Home Decor:
Trends are constantly changing. You don’t want your home’s interior to resemble a setting from a decade ago. However, home renovation or interior decoration costs a lot of money. You might be doing something wrong if you plan to pay them with your funds regardless of your poor savings. In this case, the best option is to request funds using instant loan apps.
- Debt Consolidation:
Digital lending platforms are ideal for debt consolidation. It can be used to pay off all of your high-interest loans. These apps are perfect if you have multiple unpaid credit card bills.
Instant loan apps are gaining traction among all the generations, and their popularity won’t fade away anytime soon. Given the accessibility and benefits it offers, the number of people switching to such platforms to meet their short term financial needs will surely increase in the coming years.