The necessity for instant funds can rise at any moment. Getting it just as fast is what really matters. While there are several options to get a quick loan, few lenders actually provide loans on an instant basis. Instant cash loans, as they are commonly called, are a form of unsecured personal loan which can be availed easily and instantly to any borrower. If you are looking for an instant cash loan there are certain important points you should keep in mind before applying for one.
While a loan involves time and paperwork, an instant cash loan can be the most suitable option at times of emergency.
The eligibility criteria for getting instant cash loans is simple and lenient
- You will have to be above the age of 21
- The maximum age limit for the instant cash loan is 65
- You should either be employed or self-employed
- You will have to be a citizen of India
- Your credit score should not be lower than 650
If you match all of these criteria, you are good to go.
How To Apply
The process of applying for instant cash loans is as given below:
- Download the app of the lender you want to get instant cash loan from.
- Once you are into the app, look for the different options available for loan. Click on the one you want.
- Fill out the necessary information including the details about your employment
- The loan submission process involves entering your PAN number. PAN card is mandatory for the instant cash loan application to be submitted.
- The lender will verify your application and if all the details are correct before approving the loan.
- You will have to enter the amount you want on loan.
- Set the details for what period you want the loan for along with the EMI amount most compatible with your budget.
- Upload your photo, which can be done using your smartphone’s camera.
- Enter the bank account details in which you will want your money to be transferred and from which EMI will be paid. You will also need to enter your Aadhar Card number with your bank details.
- The final application of your instant cash loan will be approved and the money will be sent into your bank account immediately.
Benefits of an Instant Cash Loan
Unlike other loan options, the benefits which an instant cash loan provides is good enough to attract most of the borrowers. Here are some of the advantages of getting instant cash loans:
Your application for the loan through the instant cash loan option will be much quicker than any other form of loan. If you are looking for funds on an urgent basis this is where you should look for. With the instant cash loans option, you can get the amount within a day.
Applications for an instant cash loan are the quickest to be approved.
You do not have to waste your time and patience on filling out form after form and submitting all sorts of documents. With an instant cash loan, the paperwork involved is highly minimal. You will just have to give the basic details about yourself and your employment and this would be more than sufficient for the lender.
Ease of Accessibility
Lenders of instant cash loans assist the borrowers by providing them with the advantage of their mobile app. You can easily download these apps from your mobile application store. The main advantage of having this app is that it can make your accessibility to get a personal loan much easier. To apply for an instant cash loan follow this link- https://navi.com/blog/apply-for-instant-cash-loans/.
You will not even have to leave your home to apply for an instant cash loan. The loan amount approved will be sent directly to your bank account. The complete digital transaction involved in instant cash loans makes it preferable over others.
Instant cash loan is a form of unsecured loans. What this implies is that you do not collateral to get this loan. Your assets will remain safe even if you default in your payment. Your income or salary will play the key role here.
Flexible Payment Options
The maximum period up to which you can take the loan is 36 months. Within this time period, you will have different options regarding your payment method. You can choose an EMI amount most suitable for you.
Instant cash loans are multipurpose in their functioning. You can get the loan for any personal reasons. Whether it is for your wedding ceremony, medical emergencies, educational expenses or a house renovation, an instant cash loan will serve for all the occasions.
Emergencies do come unannounced. You should always be prepared to face one. Plus if this emergency is of financial nature, then the option of an instant cash loan is going to be very useful.