By – Kritika G
Everything is done in a snap today. Long queues, many application forms, long waiting time, everything is sort of disappearing. The way we do our banking today is nothing like it was ten years ago. It’s more paperless, takes less time, has no direct meetings involved, and so many more protocols that were once followed. Especially with instant online loans these days. Have you heard of one? If you haven’t, you’ve come to the right place. Here we are going to talk about instant online loans, where you can get one, and is it the best choice for you? Ready? Moving forward.
What is an instant online loan?
Instant online loans are the ones that don’t require too much documentation and are approved quickly without the need to present any assets. The process is quite simple and very convenient compared to traditional bank loans. They are also referred to as personal loans or quick loans, so at the end of the day, you can apply for one without going to a bank or filling out any forms. It saves time for you and the lender.
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The main features of an instant loan
â These are short term loans and have a term of 62 days to a year and a half.
â The loan amount can range from 9000 to 4 lakhs.
â It is a much faster process compared to bank loans.
â They are instant and can be approved the same day you apply.
Why choose an instant loan over a traditional loan?
Have you tried to get 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 an SBI loan. Before going 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 out the form, submit documents, go to the bank several times, wait for days or even months. After which, you will know the status and wait more time after its acceptance. This is quite long and would not work if your financial need 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 Easy
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. Anticipated salary – 4.4 stars
4. Kredit Bee – 4.1 stars
5. Credy – 4 stars
6.mPokket – 4.3 stars
7. Dhani – 4 stars
8. Bajaj Finserv – 4 stars
9. Money Tap – 4.2 stars
10. Smart Coin – 4 stars
When you apply for an instant loan, just like with any other loan, there are also 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 on appraisals alone, but several other factors like how much you need, your tenure and more.
Step 2: Download the app from the Play Store or the App Store on your phone.
Step 3: Register on the app you downloaded. Create an account and complete the authentication.
Step 4: Enter the loan amount you would need and for how long you would like to pay it back.
Step 5: Upload all the documents needed to complete a KYC and click Apply.
Step 6: Once you have done this you will be updated on the status of your request.
Types of instant online loans
Short term: STPLs are 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. This is a great solution for dealing with month-end financial problems. 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 like 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 performing some procedures.
Things you need to consider
When you apply for an instant loan, just like with any other loan, there are also fees and charges. Things can be the most important thing that you need to consider before choosing a company to apply to.
Instant loans are easy and straightforward and this makes them a very viable option for you. As you know, instant online loans are instantaneous, which means that once approved, they are paid into your personal savings account within minutes.
Disclaimer: (This article is sponsored and includes sponsored links)