Quick personal loans could be a great way to meet financial emergencies without relying on friends and family. They are unsecured, which means you don’t have to provide collateral to avail of a loan. With a range of loan amounts and flexible repayment tenure, all your needs can be served, avoiding future financial burdens at the same time.
Benefits of Applying For Loan Online
• Personal loan app is available 24/7 online. You can access it from any part of the country you want, as long as you have a working internet connection and a smartphone.
• The entire application process to get quick cash loans is much shorter compared to traditional bank loans. If you are in need of instant cash, online loan app can be a savior.
• No lengthy paperwork is involved when it comes to getting a loan online. The documents required by a personal loan app are minimal which include your identity proof, address proof, and income proof.
• You can get quick cash loans for a short period of time via online apps. The duration is normally 62, 90, 180, 270, 360 or 540 days. These allow the users to get a loan which doesn’t have a long duration as many people don’t prefer longer liability.
• You will find that the online loan app provides much lower interest rates compared to the traditional financial institutes. The interest rates start from as low as 2.75 %.
• Quick cash loans are unsecured loans. You don’t have to showcase any collaterals or securities, your valid documents are more than enough to get a personal loan.
Factors to consider when applying for a loan
- Choose the right loan amount and tenure
- Consider your repayment capacity
- Look into the reputation of the lender
- Maintain good credit history for getting better terms
- Look for a simple loan application process online
- Ensure quick disbursal time
- Ensure you are eligible to apply for the loan
7 Reasons You Might Need Quick Personal Loans Online
1. Instant Disbursal and Minimal Paperwork
When you are in a complicated financial situation, the last thing you want is a tedious loan application process. With an instant loan app you can submit your details and upload necessary documents online. The loan amount will be disbursed into your account within minutes. Just download the app, complete your profile, and upload the required documents. You are expected to provide documents like PAN card, Aadhar details, latest bank statements, address proof, and photo ID for authentication. Your credit profile will be assessed within minutes using advanced AI-based proprietary technology, leading to fast approval. Faster and easier credit makes it easy to deal with emergencies.
2. Medical Emergency
Personal Loans are of great help when it comes to medical emergencies. There can be life and death situations in life and money is needed immediately in such situations. However, it is not necessary that the required money be available immediately. In such situations, borrowing is the only option left. Online Personal loans can help you in such situations as you can get money easily within hours that too without any hassle. You just need to apply online through the portal and upload some required documents and the loan amount will be available in your account in a very short period of time.
3. Widest Range of Quick Loans for Various Needs
You can get personal loans from ₹1,000 to ₹3,00,000 with a repayment tenure of up to 1 year. This makes it possible to fund various needs like emergency medical expenses, planning a vacation, buying a smartphone, paying for home repairs, planning wedding expenses, and more. In addition, you can also plan debt consolidation. Consolidating debt is one of the top reasons to get a quick personal loan. Rather than managing multiple loans and credit card dues, paying off the debts with a personal loan amount makes sense. This way, you can get to have one fixed monthly payment and save on interest rates. It also reduces the risk of payment default that can negatively impact your credit score.
4. Debt Consolidation
When you have more than one loan, paying and managing EMIs separately for each loan becomes difficult as the total EMI amount, when combined which you are paying is high. In such a situation Debt Consolidation is a good option to reduce your total payable EMI. In debt consolidation, you take a loan at a low-interest rate to pay off all other loans. Opting for a personal loan for debt consolidation is the best option.
5. No Need for Collateral
Personal loans are unsecured, which means you don’t have to provide collateral like a car, shares, or home to cover the risk of default. This is a huge advantage over secured loans, where you stand to lose the collateral if you default on payments. Many of you might not have collateral to pledge, despite needing funds. Also, when you are facing financial constraints, you might not feel comfortable pledging a valuable asset.
6. Financing your Start-up
This is the start-up age and everyone wants to be their own boss and hence want to start their own venture. But due to the lack of sufficient funds, most of the start-ups fail in their initial stage. Opting for a business loan is one of the options to fund your startup but most of the lenders are not ready to fund start-ups due to the high risk involved. But in case, if you go with a personal loan for a start-up you don’t need to face any hassles. You can easily get a personal online loan for a start-up which is totally collateral and equity free.
7. Improve Your Credit Score
Credit bureaus calculate credit scores, on the basis of a mixture of revolving credit lines like credit cards and instalment loans repayments. Taking a small personal loan and paying it off on or before time will help you boost your scores. This will give some good credit history to the borrower. All you need to do is borrow a small amount of money and then pay it right back. Doing this will increase your creditworthiness and can help you borrow a big amount in the future.