Why instant loan apps are the next big thing in personal finance.

Usually, we reserve finance solutions for the bigger expenses in life. We turn to them when there’s a marriage in the family, to cover the cost of a dream vacation, when a medical emergency arise and other such major life events. However, these apps are here to change this scenario and we’ve provided 5 big reasons to back this prediction and why you should avail finance instant loans online.

1. Much smaller loan amounts.

With some lenders, you can get an instant money loan of just Rs. 8,000. Some of the other lenders will even provide loan amounts as low as Rs. 1,000. This opens-up avenues to borrow for smaller life expenses such as your child’s schools fees, the monthly grocery bills, gadget purchases, etc. Because, month ends & cash crunches are commonplace, but some expenses still need to be covered – this is when these loans can come to your aide.

2. Cake-walk application process.

Applying through an instant loan app is a piece of cake. The entire process will be fully app-based, without any human interaction or the need for a branch visit. Some of the best apps will have a simple 4-step application process. Just download the app, fill in your details, submit your documents, pay the processing fees and you’re good to go!

Why instant loan apps are the next big thing in personal finance.

3. Minimal documentation.

Personal loan are synonymous with documentation & paperwork. Most of the time, it’s the documentation process that causes borrowers the most problems. They might carry certain documents and then find out that the lender requires some other paperwork. Then they need to make repeat visits to fulfill the requirements. However, with an instant loan online, one does not need to visit the branch with a stack of documents. Moreover, most apps will require 4 simple documents & one selfie to complete the documentation process.

4. Instant loan apps are super quick.

With one of these apps, you can get an instant money loan is as little as 24 hours! They provide quick approvals and same day transfers directly into the bank account you provide. Things get even faster if you come back as a repeat borrower, in which case you can get instant loan approval in 5 minutes & even quicker sanctions.

5. Eligibility made easy.

Not meeting eligibility requirement and a rejected application are the biggest fears of a borrower. It could be due insufficient monthly income or low credit scores. However, both of these are the least of your worries with an instant loan app. This is because, most of the apps provide loans to individuals with monthly income as low as Rs. 15,000 or Rs. 18,000. Moreover, some of the better apps will not even require a credit score, opening the doors to those with a poor score or those who have never tried debt before.

We hope that these pointers motivate you to download one of these apps and try them the next time you need personal finance options. Good luck and all the best!



Last updated:9/7/2019 12:22:30 AM
Tejal joshi

Tejal joshi

Tejal Joshi is a financial expert who currently contributes to the Headline Insider. She shares her insights on a range of topics from insurance to loans to help financial newbies make sound money decisions. Tejal is also an avid foodie and loves trying new dishes when she’s not blogging.

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