In this age of technology, everything is minutes away, including loans. Forget waiting in queues at banks to avail of loans; now, with simple steps, you can get instant cash loans from your device.
The pros of instant cash loans are their ability to help you in times of distress. Whether you need to pay an urgent EMI or an urgent medical bill, instant cash loans can help you out on the same day. In this article, you will find out how you can get instant cash loans in minutes and develop a healthy way to approach repayment.
What is an ‘Instant Cash Loan’?
Instant cash loans are personal loans taken from a banking source, generally online, for a short period to deal with urgent needs. You should get these loans from secured sources like Stashfin, where your data is secured and your loan is processed fairly.
The advantage of instant cash loans is that they provide a seamless experience in a few minutes without the stress of filling out long details.
Types of Instant Cash Loans
Instant cash loans differ based on their nature and sources. Some of them are –
Personal loan: A personal loan is considered most commonly by individuals seeking loans ranging from Rs 5,000 to 40 lakhs, depending on their eligibility. The rate of interest is generally high for personal loans with a flexible period of repayment.
Credit card instant loan: You can avail an instant loan against your credit card by the credit card provider. The interest depends upon your CIBIL score and credit card history. A good CIBIL leads to lower interest as it shows the capacity of individuals to pay on time. These loans are mostly pre-approved and require very little time to process.
Gold loan: Without selling your gold, you can get cash when needed with a gold loan. You can lease your gold for money and get instant cash. Gold loans entail the lowest interest rates as per market standards. You can try banks and trusted online sources for this to keep your gold safe.
Demand loan: You can get loans against your savings from banks and lenders. FDs and insurance of any kind can help you bag loans in times of need. Your loan amount depends on the maturity value of your policy and your credit history.
How Can an Instant Cash Loan Help You?
An instant cash loan can be helpful in any situation. You can avail it for an emergency or to get things done in times of a cash crunch. To understand your needs, here are a few points:
No collateral, no problem: Banks usually ask for collateral for loans such as education and home loans, and with collateral, many conditions are levied; for instance, in many central banks, collateral of the same state is asked by the bankers, which might not be an ideal situation for all. To overcome such struggles, instant cash loans are preferred because of their simple process, minimum documentation, and no collateral requirements. These help you get the required loan at times of need.
Immediate help: Emergencies are never planned, and that’s when instant cash loans become a savior. Their processing time is extremely quick and easy to follow. Plus, you are credited with the amount as soon as your application is processed.
30 Days of interest-free credit period: Interest is generally high for instant cash loans. To provide you some relief from this, Stashfin has come up with a policy of no interest in the first 30 days after you receive the funds. This helps in saving money as well as provides calmness during emergencies.
Customize your loan: Instant cash loans don’t stick to a specific number when it comes to getting a loan. You can choose the amount you need and avoid taking the extra, which will help you during repayment.
Don’t stress about repayment – The repayment tenure of these loans is flexible; for instance, Stashfin provides a tenure of up to 36 months to help you pay your loan at your own pace.
How Can You Get an Instant Cash Loan?
The process of an instant cash loan is completely digital and easily available on your device. You don’t need the help of any expert, as the terms are mentioned simply for your convenience.
Here are the requirements:
- Some banks generally provide loans to adults aged 18 and above or 21 and above, so read the terms of your source before applying for an instant cash loan.
- Your employment status can be salaried or self-employed, and ideally, you should have a source of income to apply for these loans.
Steps to apply:
- Download the app of the lender you prefer or apply for credit through their official website.
- Read their eligibility criteria
- Start your KYC approval with minimum documentation.
- As your profile gets approved shortly, you will receive the amount in your bank.
These are the simple steps you have to follow to get an instant cash loan.
Can a Low CIBIL Score Lead to Disqualification for an Instant Cash Loan?
Instant cash loans are available for everyone. Therefore, your loan application with a low credit score will not get rejected, and you will get your desired credit.
However, a good CIBIL scoreholder will benefit from lower interest rates.
Keeping a good credit score will help you in many ways like getting an instant cash loan at an affordable rate, so you must adopt practices that help your credit score.
Conclusion
Instant cash loans can help you in many ways; while applying for them, always remember to read the terms and calculate your overall repayment price with the rate of interest.
Exercise precaution while applying and check relevant sources for these loans. Don’t skip your EMIs for instant cash loans, as they can impact your CIBIL score negatively. Choose a lender that’s trustable and experience a hassle-free approach towards credit in this new age of technology.
Also Read: Pros and Cons of Instant Cash Loan Apps: What Borrowers Should Know!
