Life does not always operate on a schedule, and most unexpected needs are not a part of the plan. While not everyone has a solid emergency fund, an instant personal loan comes as a rescue in those times. In the current digital era, securing a loan has become quicker and more accessible than ever, thanks to the emergence of instant loan apps.
Revolutionising the conventional landscape of lending and borrowing, the best personal loan app offers an efficient and seamless borrowing process for those looking for immediate finance. Let’s explore how these loan apps make instant funds accessible at your fingertips. But before that, let’s know what an instant personal loan is.
What is an Instant Personal Loan?
An instant loan is an unsecured, fast-disbursal loan providing financial assistance for urgent cash requirements. That means lenders approve and disburse them quickly without unnecessary documents and formalities. Using your internet-connected smartphone, you can apply for one via a small loan app. Their prompt accessibility in urgent situations has increased their popularity significantly over the last few years.
Benefits of Applying Through a Small Loan App
Obtaining a personal loan through the best personal loan apps like Hero FinCorp offers various benefits, including the following:
- Unsecured Loan: Instant personal loan apps offer unsecured loans that do not require any collateral, security or guarantor against the loan.
- Ample Loan Amount: When applying for a loan, you can choose the loan amount according to your requirements. Whether you need a small or bigger loan, you can choose a loan plan that aligns with your needs.
- Competitive Interest Rates: Numerous loan apps offer personal loans in India, and they offer competitive interest rates to attract borrowers. That means you can compare the loan rates from various loan apps and select one with the most favourable rates and terms.
- Flexible Repayment: A personal loan has flexible repayment terms. Using an EMI calculator, you can choose a tenure with budget-friendly EMIs.
- Quick and Smooth Process: Personal loan apps provide a smooth and quick process to access urgent funds. The automated application process eliminates the tedious paperwork and time-consuming branch visits to the lender.
- Instant Approval: Instant loan apps make their decisions in minutes. Knowing whether the loan is approved can save you time and help you plan well in advance.
- 100% Digital Procedure: The entire application and approval procedure is online without requiring branch visits or physical paperwork.
Possible Reasons to Borrow a Personal Loan
Instant personal loans are lifesavers when you need quick funds. Their online application and instant approval procedures make them the go-to solutions for urgent financial needs. Here are the possible reasons to borrow a personal loan using the best personal loan app:
- Educational Expenses: Do you want to advance your career, but the course you want to join has a high fee? A personal loan can bridge the financial gap by providing the required funds.
- Medical Emergencies: A medical emergency can disrupt any budget. While health insurance has limitations, a personal loan can be a lifesaver.
- Wedding Expenses: Indian weddings are grand festivals with endless guest lists and lavish venues. A small loan app can be your financial ally to fulfil last-minute expenses.
- Home Repairs: Critical home repairs are non-negotiable as they concern your family’s comfort and safety. A personal loan can finance the project and enhance your home without financial strain.
- Consolidate Debt: Outstanding debt balances build up interest over time. A lower-interest personal loan offers a smarter repayment solution. By consolidating your debt into a single manageable payment, you can simplify your finances without the interest burden.
- Improve Credit Score: A decent credit rating is essential when applying for a new loan or credit card. Borrowing a small Personal Loan and repaying its EMIs on time helps build the credit history and improve the score over time.
Eligibility Criteria for an Instant Loan
Applying for a personal loan at a loan app requires meeting the set eligibility criteria. Here’s what they typically need:
- A Decent Credit Score: Although not mandatory, a decent credit score of 750+ boosts your chances of getting quick approval at favourable interest rates.
- Age Requirements: Lenders have minimum and maximum age requirements (usually 12-58 years) you must meet to qualify for an instant loan.
- Stable Income: Income stability is essential to demonstrate EMI affordability, whether salaried or self-employed.
- Employment History: A stable employment history indicates reliability and consistency, enhancing credibility.
Steps to Obtain a Quick Personal Loan Online
Follow these steps to obtain a personal loan using a small loan app:
- Download the lender’s mobile app on your Android or iOS device.
- Create an account by providing necessary details like your name, contact details, and email address.
- Fill out an online application form with up-to-date and accurate information about your income, employment, and loan requirements.
- Upload scanned copies of your identity, income, and address proofs to verify your details.
- Review and accept the loan offer before proceeding with the loan.
- Once you accept the loan terms and conditions, the loan amount will swiftly reach your designated bank account.
Tips to Boost Loan Approval Chances
Here are the top tips to boost your chances of loan approval:
- Maintain a Decent Credit Score: Your credit score reflects your repayment history and credit usage. Therefore, a decent score is essential to get a loan with favourable terms.
- Check Eligibility and Other Requirements before Applying: Check the lender’s eligibility criteria and other requirements to avoid rejection.
- Keep the Documents Ready: Keep all documents scanned and ready to upload to save time.
- Read the Fine Print: Before signing the loan agreement, read the fine print carefully to know all terms and conditions and avoid unpleasant surprises later.
- Provide Accurate Information: Correct information increases your chances of approval with more favourable terms and conditions. Any inaccurate or false information will lead to loan rejection and reduce your eligibility for further applications.
The best personal loan app offers instant loans for various needs online, allowing you to get quick funding in minutes. Follow a simple digital application process and consider crucial factors like loan terms and repayment capacity to make an informed borrowing decision. With better interest rates, transparent terms, and flexible loan options, you can enjoy a smooth borrowing experience for all your financial needs.
