Want quick money? Get an easy loanPosted by amrina alshaikh on May 27th, 2021 Emergencies have a way of sneaking up on you when you least expect them. They drain you emotionally and mentally, but the financial toll is the most severe. You might not even be adequately prepared to meet an emergency, with your savings. In such situations, you are left with two options: One, borrow loans from friends and/or family, or apply for a quick loan. We recommend going with Option #2: Personal loans are veritable lifesavers when you need money fast. Want quick cash? Here’s why an easy loan is best: * It is processed quickly. Lenders in India are quick to process personal loans. There is no physical security or collateral to check, since the lender only takes your personal documents to approve the loan. However, while most banks and some NBFCs may take a few days to process the loan and confirm approval, leading loan apps may take only 24 hours to check your documents and credit score. The approval comes soon after, and the money is disbursed to your loan account in minutes. Speed is of essence in securing funds during an emergency, and personal loans fit the bill perfectly. * It has simple documentation. Personal loan applications are processed faster because the documentation process is simple. If you’re applying via an instant app, you must submit your personal ID proof (Aadhaar card/Voter ID/driver’s licence), residential proof, income proof ( three latest salary slips), income statement (bank statement showing last two salary credits) and photograph. These are verified while the app checks your credit score and repayment history. The approval comes through soon and you receive the loan money in your account. * You can apply and get approval on your phone. Instant cash apps give you the freedom to apply for the loan using just your smartphone. Check your easy loan eligibility, upload your documents and get disbursal all by using your phone for the entire process. This saves valuable time during an emergency. You can also repay the loan using just your phone every month. * You can repay it from your salary every month. The personal loan is a short-term liability, with a maximum tenure of 1.5 years when you take it from a leading loan app. Some personal loans have tenures of just six months – if you were to borrow this loan, you would be debt-free in six months by repaying the loan every month from your salary. Repayment is easy with a money app, since you can pay on the app’s bank account using your smartphone – no need to issue post-dated cheques to the app or visiting the branch office to pay the money in person. Conclusion A personal loan is the easiest, most practical solution to financial emergencies, as the points above illustrate. It is a better idea to take a quick loan than to borrow from friends or dip into your savings. Like it? Share it!More by this author |