Instant Loan Cash Features, Eligibility & Required Documents

Instant Loan Cash

Short-term personal loans are simply said to be Instant cash loans. These instant loan cash can be taken within a time period of 24 hours. Availing loans is not so easy by online procedures, but digital lenders make it easy for the customers to avail of the loan with quick disbursal and easy processing. These instant loans can be taken from Rs.1000 to a few lakhs depending on their availability.

More details about the Instant Cash Loans are in the following content.

  • Eligibility Criteria required for an instant cash loan
  • Features of Instant Cash Loans
  • Needed documents for an Instant Cash loan
  • Pros of instant cash loan
  • Cons of instant cash loan
  • Important things to keep in mind before applying for an instant cash loan
  • Top lenders who offer an instant cash loan

Eligibility Criteria Required for an Instant Loan Cash

  • The individual should be a resident of India
  • Should be minimum years of age and their maximum age can be 55 years.
  • The monthly income of the individual should be Rs.15,000/-.
  • Salaried employees can apply for this.

Features of Instant Cash Loans

  • Disbursal on the same day- Once approval of the instant cash loan is done; the amount of the cash is disbursed in twenty-four hours of time. As this instant loan cash is applied for emergency use only.
  • The Loan is Collateral-free- Without pledging any collateral against the loan you can get this instant cash loan. Depending on the eligibility of the candidate the loan will be sanctioned.
  • Amount of the loan- The instant cash loan will be available to get relief from the financial emergencies. All the financial emergencies will be fulfilled and this instant loan cash amount can range from Rs.1000 to Rs.20 Lakhs. Even if your, financial need is for marriage, education, or for paying any bills it can be applied.
  • Tenure is flexible- In other loans, the tenure period may be longer but in this type of loan the tenure of the instant cash loan is shorter which is from a few days to months. But depending on the repayment of the amount you can choose the tenure period.
  • The Online application is Hassle-free- The individuals who are availing these loans need not visit the branches for applying for these loans. You can apply it conveniently from your places like your home or office.
  • No credit score required- Even if you have a low credit score or no credit, then also digital lenders will offer you the instant loan cash.

Needed documents for Instant Loan Cash 

  • Address Proof – It can include utility bills/ driving license/ Aadhar card/ voter ID card, etc.
  • PAN Card
  • Proof of Income- bank account statements and salary slips.
  • Proof of Identity- Driving License/ Voter ID card/ Aadhar Card/ passport.

Pros of Instant Cash Loan

  • Improves Credit Score– If you avail of this instant personal loan and if you repay them on time or repayment is done before the time. Your credit score will be increasing with some numbers.
  • The Procedure is less– You can save a lot of effort and time by applying for the instant loan, as the procedures are very simple right from the loan application to the disbursal of the amount.
  • Non-existing can apply– Even if the customers are non-existing with the financial institutions, then also you can apply for this.
  • No long term commitments- Depending on the amount of the loan and repayment the tenure is dependent.

Cons of Instant Loan Cash

  • Interest with high rates– As it is an unsecured loan that is sanctioned instantly and with this friendly facility the interest rates may be higher. These rates can be double when comparing to the regular loans.
  • Non-certified Lenders– Check with the lender’s authenticity before applying for the loans as there are many fake lenders in the market.
  • Higher EMI’s– As these loans are availed within a short period of time, it may come with higher interest rates.

Important things to keep in mind before applying for an instant Loan cash

  • Have a glance at terms and conditions carefully– To avoid any surprise or shocks in the future like the lenders may charge you the processing fees or penalties for not paying the loan on time check the terms and conditions carefully.
  • More options are explored– Comparing offers of instant loans with various banks or apps, there may be chances of getting the offers with some banks with low-interest rates.
  • Take loans if needed only– As these loans get easily with little procedures you have to avoid the frequent borrowing of these loans. If any emergency only applies for these loans.

Top Lenders who offer Instant Cash Loan

Lenders Stash Fin Cashe Home Credit Early Salary Kredit Bee
Rate of Interest 11.99% to 59.99% 33% to 36% 24% to 49% 24% to 30 % Starts from 12.24%
Loan amount Up to Rs.5 lakhs. Up to Rs. 3 lakhs. Up to Rs. 2.40 lakhs. Up to Rs. 2 lakhs. Up to Rs. 2 lakhs.
Tenure 3 to 36 months 2 to 12 months   18 to 48 months 90 to 365 days 2 to 15 months
Fee for processing Depending on the lender Higher as processing fee  

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Up to 1.50% of the taken amount of the loan Up to 3.5% of the taken amount of the loan