Living in a modern day life, we are chasing our dreams and desires round the clock. We always try to keep a balance between limited income and unending expenses, while maintaining a standard of living. But, as a matter of fact, emergencies can popup anytime soon without any prior notice. Okay, let’s keep the emergencies aside and say that there are days when we run out of money to manage our day-to-day expenses. At such situations, you hunt for quick and affordable financial assistance and instant loan is one such solution to look for.
It is no surprise if an unseen circumstance puts in an immediate need for cash; be it medical emergency or debt consolidation. At such times, when the next pay day is not in the vicinity, instant loans can really save the day. This short-term loan offers you the opportunity to meet the financial needs without getting into spiral of debt and compromising on the small pleasures of life.
In today’s world, technology plays a key role in everyone’s life, whether booking a ticket or getting a loan, anything and everything can be done in a swift of seconds. A person in need can look for online solutions and can land up at Applykaroo.com to get quick and hassle-free financial assistance. Moreover, you don’t have to embarrassingly beg money from your friends or relatives.
Instant or salary loan is an unsecured loan offered to meet short-term immediate cash needs. As we live in the fast-moving world, emergencies can knock the door anytime with no due date. Not having enough cash in hand can put in a mental and financial strain.
Instant loans are a relatively new concept in India and are somewhat similar to that of traditional loan schemes. The only difference is the loan is borrowed for shorter tenure without any collateral involved for the same. However, the loan facility is available only for salaried individuals and the sum borrowed can be used to ample of end needs such as medical emergency, wedding arrangements, home repair, organizing an event, pursuing an education course, and so on.
An instant loan can be utilized for a host of urgent financial needs such as medical emergency, outstanding bill payments, managing day-to-day expenditures, and salary hold. Though, there can be other reasons too, but, the aforementioned reasons hold enough weightage to make this loan widely popular among both salaried and self-employed individuals.
It is quite known that the instant loan segment is growing bigger. Here are a few reasons the segment is getting widely popular:
Lending Market Has Grown Substantially : There are host of online lenders and portals providing instant loans available to individuals looking for quick financial assistance. Earlier people were also hesitant in taking loans as there was a huge stigma and lengthy procedure attached to it. Now as digital platform has gain momentum in every segment, the number of lenders has also grown exponentially.
Quick Disbursal : A few years back, getting a loan was an exhausting process. An applicant has to stand in long queues to apply for a loan and wait for days for the approval and disbursal procedures. But, all such things are completely eliminated in case of instant loan online. Say a goodbye to all those lengthy paperwork and days of waiting to get a loan amount credited notification, all thanks to digitalization.
Easy Repayment Process : The EMI options for instant loans start from a very reasonable amount affordable by every income class individual. Not to forget, the tenure of these loans are not too long. Hence, it has become easier to repay these loans thus attracting more and more people to choose it as a feasible option.
Affordable Rate of Interest : Computed rate of interest covers almost 20 to 30% of the borrowed loan amount, but, in case of instant loan. Borrowers can get the loan at affordable interest rates as low as 10.75%. Therefore, the biggest concern that stops an individual to get the loan is resolved.
|Bank||Instant Approval in||Personal Loan Interest Rate|
|Bajaj Finserv||5 Minutes||11.99% - 15.50% p.a.|
|IDFC First||2 Minutes||11.50% to 15.20% p.a.|
|ICICI Bank||3 Seconds||11.25% - 22% p.a|
|HDFC Bank||10 Seconds||11.25% -21.50% p.a|
|Citibank||24 Hours||10.99% - 18.99% p.a.|
|Yes Bank||1 Minute||10.75% - 22% p.a.|
|Qbera||24 Hours||11.99% - 35.99% p.a.|
|MoneyinMinutes||5 Minutes||0.1% - 0.7% per day|
Well, as we know that this is the 21st century and everything is available on a click of mouse and thus, financial market remains no different. Gone are the days when one has to make multiple visits to the bank, stand in long queues, and wait for days for the loan disbursement. Today, the scenario is completely reversed. Going with this, let’s check out the key features and benefits that payday loans come with:
Online process – What makes the loan even more convenient is its online process that takes hardly an hour to apply for the loan. Apart from this, the entire application is processed online including the documentation. Thus, an applicant can apply for the loan from the comfort of their home or office and utilize the time and energy to other significant activities.
Transparent process – One might get worried as the entire process is done sitting in front of the screen and doesn’t involve any physical interaction between the borrower and the lender. Though this is not the case as the process is completely transparent and the personal details of the applicant remain in the safe hands of the lender.
Minimal documentation – Borrowers are required to submit minimum documents to the lender at the time of loan application. The documents generally include KFC details and income proof statements.
Flexible repayment structure – Everyone has different lifestyle and so does their needs. Going with this, the lenders offer flexible repayment structure where the borrower can choose the tenure according to their budget. However, opting for longer tenure is not suggested by the experts because longer the tenure, higher will be the interest calculated.
Quick disbursal – Understanding the immediate need of cash, instant loan is disbursed within no time. From submitting the application to loan disbursal, the process is completed within 2-4 hours. This gives peace of mind even at time of financial crunch.
When having an emergency cash needs, salary day is definitely a great way to get out of such circumstances. A quick loan can avail immediate cash at a minimal interest rate. However, it seems easy and convenient, there are certain aspects to be kept in mind
Know your credit score – Even though financial emergency disables all the senses and an individual makes the decisions in haste. Remember, haste makes the waste. So, before zeroing down on any finance decision, make sure to check your credit score as it is a key to unlock affordable schemes. Your CIBIL score determines whether you are creditworthy and eligible for a loan.
Search for the right lender – As the sector is witnessing a huge rise in the demand and growth, several lenders are trying their luck to establish their organization to meet the end needs of a customer (borrower). But, it is the responsibility of the applicant to not get lured by the lender’s glitzy loan offers and search for the right and trustworthy lender.
Check eligibility – Payday loans are only available for salaried individuals, but apart from this, there are certain eligibility criteria of each lender to approve the loan request. Thus, the lender you choose, make sure that you fall into their specific eligibility bar. This generally includes income range, age, and credit score of the applicant.
Read and understand the terms carefully – This is one of the many essential aspects; although many applicants over look this point. However, it is important to read and understand the terms of the loan thoroughly before signing on the dotted lines. This will save you from last moment unwanted surprises and shock that you might regret later.
Pick the right amount – Everyone has different set of needs and thus, while applying for a salary loan, it is essential to pick the right amount that you find convenient to repay along with the calculated interest in a given time frame (tenure). Bear in mind that opting for loan higher than your paying capacity will only put in a spiral of debt.
Manage the finances – Yes, this is significant even after the loan is approved and disbursed. Managing the finances well helps you making regular EMI payments and this will eventually strengthen the credit score.
|Apps Name||Instant Approval In||Interest Rate|
|PaySense||2 business hours||18% to 36% p.a.|
|Home Credit||30 minutes||Based on lender’s terms|
|Rupeelend||30 mins||30% for 30 days|
|mPokket||24 hours||Based on lender’s terms|
|MoneyinMinutes||5 Minutes||0.1% - 0.7% per day|
|Money View||2 business hours||1.33% - 2% p.m.|
|Credy||1 minute||1% - 1.5% p.m.|
|EarlySalary||24 hours||2.5% p.m.|
|LazyPay||24 hours||15% - 32% p.a.|
|QuickCredit||1 hour||1% per day|
|FlexSalary||1 hour||Up to 3% per month|
Choked in sudden financial crisis? Or Want to surprise your loved one? Whatever the matter be, instant cash loans comes in handy. In India, the concept of urgent cash loans is fast gaining the popularity for its convenience and affordability. These loans are similar to that of personal loans, but what makes them different is the loan tenure and application processing time. There are several specific FinTech lenders and P2P platforms that are working towards the concept of instant loans and to no doubt, they have been extremely successful till now. However, the loan is offered only to salaried individuals and the funds can be used for meeting any end-needs such as medical emergency, travel trip, buying gifts, home repair, education fees, etc.
• Online process – Instant loan application is processed entirely on digital platform, which ensures complete transparency between the creditors and borrowers. Hence, whenever financial emergency hits the doors, you don’t have to make multiple bank visits and can get the loan amount credited at your fingertips.
• Minimum turnaround time – An applicant doesn’t have to wait for hours or days to get the funds credited. The application is processed, approved, and disbursed within a span of few minutes or hours.
• No paperwork – No need to submit the documents physically, simply scan the KYC documents and upload to process the application. It is quite convenient and comes handy.
Sometimes you get stuck in a financial emergency so much so that you don’t even have time to make multiple visits to the banks and wait for days for the application approval. This is when easy cash loans come handy, which can be applied online and is approved within an hour or so. However, before grabbing the opportunity, make sure to follow some helpful tips and guidelines to ensure right financial decision.
Check the credit scores – Yes, even though it is a short-term loan, creditors quickly approve the loan application with higher credit scores. So, make sure you have a good credit standing before applying for an easy cash loan.
Shop around – Now once you’ve got your hands on your credit score, shop around to search the best lender to suit your financial needs. As the short-term lending business is gaining popularity, several FinTech Companies have come forward claiming to offer best borrowing experience. But, it is your responsibility to compare and select the one that suits best to your needs.
Documents check – While you apply for easy cash loans online, make sure to keep the KYC documents ready to scan and upload online or at the application. It may be noted that online instant loan applications doesn’t require any physical paperwork, but the applicant is required to scan and upload the original copy of KYC documents to process the application.
Once you upload the documents, the creditors will immediately verify the application and approve the loan within an hour or more.
Whenever an emergency hits the doors, it’s not always convenient to opt for traditional loans. Sometimes, it is best to avail instant cash loan in 1 hour in India, instead of making multiple visits to the bank branch and waiting for hours to process the application request. Several FinTech Companies have established their lending business in order to deliver convenient borrowing experience to the applicants. So, never put your dreams on hold for a matter of fund availability.
Lower interest rates – Unlike other secured and unsecured loans, instant loans are offered at extremely lower interest rates, usually ranging from 1.50% to 2.25% per month. In addition, an applicant is entitled to negotiate the rate of interest if the credit score is above 750, which means higher the score, lower the interest rates.
Customization – Every borrower is different and so does their needs and requirements. Keeping this in mind, FinTech Companies offer instant cash loan in 1 hour in India to meet different monetary aspects and requirements. From loan quantum to loan tenure, applicant can avail the loan as per their needs.
Flexibility of uses – Since it is an unsecured loan, there is no restriction on the end use of the funds and the amount can be utilized for meeting different needs and emergencies such as wedding planning, medical emergency, educational expenses, business trip, home renovation, debt consolidation, etc.
Quick approval – As the name suggests, instant cash loan is approved and disbursed within 1 hour of submitting the application.
Landing into a financial crisis doesn’t always mean that you need hefty amount of funds to meet the emergency. Sometimes, even a short-term financial emergency or slight deficit can hit your bank accounts, putting you in unwanted mental stress. Therefore, small cash loans can help you get out of such situations where you need immediate funds, but not as much as offered for an unsecured loan. So, if you’re smart enough to analyze the circumstances and the financial needs, you’ll find that small cash loans are far better than usual unsecured loans.
Medical emergency :– Medical emergency not always mean hefty hospital bills, sometimes it could be a regular checkup or certain medical tests. Usually, hospitalization costs are covered under insurance policy (if you have any), but regular visits to the doctor is not covered. For such a circumstance, a short term cash loan would suffice your needs.
Off-seasons :– Typically, retailers suffer a deficit during the off-season and when the festive season is on, they are required to get the sufficient stock in-hand. But, it seems to be difficult due to constant deficit during the non-festive season. Thus, small cash loans can help the retailers to pile up the stock in advance to meet the demand, while shelling good profits.
Delay in salary :– Well, this is a common scenario for both the private and public sector employees. Whenever you’re stuck in such a circumstance where your salary gets delayed and you’ve certain payments already lined up, remember to apply for small cash loan online to get instant financial assistance.
Immediate cash loans in India are a short-term borrowing that can be easily accessed by the salaried individuals. With minimum paperwork and lower interest rates, instant loans are quickly disbursed without taking much of applicant's time and energy. Due to its convenience and ease of availability, the loan has garnered quite a growth and demand among the individuals who are in need of quick money.
Apart from this, there are also other features as well that makes instant loan popular. So, let's have a glimpse at some of such factors.
Same day disbursal :- As the name suggests, immediate cash loans in India are disbursed on the same day of application. The entire process is done online, which also makes immediate loans an attractive and convenient option.
Hassle-free loan :- Applicants are not required to make multiple visits to the bank. The entire application is processed on digital platform making instant loan time-saver and extremely hassle-free.
No collateral required :- As it is an unsecured loan, borrowers are not required to pledge any collateral or security against the loan.
For any end-needs :- Applicants are not required to disclose the purpose or reason to avail the loan and thus, the loan amount can be used for meeting any end need such as funding an emergency, financing a trip, or paying utility bills.
Short tenure :– Borrowers don’t have to worry about paying the EMIs for longer tenure because the loan is offered for shorter tenure from 1 months to 12 months.
The days are gone back when applying for a loan was quite hectic as the applicants have to visit the banks and wait for their turn in long-queues. Today things are reversed and online lending institutions have made it easier to borrow instant cash loans. Since instant loans are introduced, lending and borrowing have become quite convenient and hassle-free like never before.
Meanwhile, many are concerned about is it possible to avail instant cash loans no credit checks no paperwork in India? The answer is ‘YES’, it is possible to get the loan approval without credit checks and without any paperwork.
So, whether you desire for an international vacation, a royal wedding, or undertaking home renovation, instant cash loan can help you make your dreams come true. Loan application is processed and approved quickly to let you meet all your financial shortcomings without waiting for days.
Moreover, instant cash loans offer certain benefits such as lower interest rates, short-term tenure, no credit check, no paperwork, instant approval, quick disbursal, and easy EMIs; and thus, this is the reason why salaried individuals and working professionals prefer instant cash loans no credit checks no paperwork in India, instead of approaching mainstream banks and financial institution or borrowing from friends or relatives.
Hence, whenever you’re stuck in financial emergency, apply for instant loans to get monetary aid at flexible terms and lower interest rates. Also, unlike secured loans, there is no restriction on the end use of the disbursed funds.
Today getting the loan is not a challenging task as it was earlier. However, everything has two sides. Hence, while opting for an instant loan online, make sure to follow the easy tips and avoid making hasty decisions as this will only drown you in a financial debt. While going through a rough financial patch, it is important to make strategic decisions rather than the hasty ones.