Explore 5 Benefits of Instant Personal Loan

Posted by amrina alshaikh on July 16th, 2021

Personal loans have transformed the lending and borrowing processes, and instant loan apps have made things even more convenient. A personal loan app makes it possible to apply for a loan without salary slips. Irrespective of your income, you can ask for and promptly receive a loan whenever you are in urgent need of money.

Instant personal loans come with several benefits. They are unsecured, and borrowers do not need to pledge an asset when they take the loan. Besides this, an instant loan also offers incredible flexibility in borrowing as well as repayment.

This blog discusses the top 5 advantages of taking instant personal loans. 

It is important to note that these benefits are not static and can change with government regulations. To be on the safe side, please consult your lender before you take a loan.

The Top 5 Benefits Of Taking An Instant Personal Loan In 2021

Incredible Flexibility

Instant personal loans are straightforward to take and pay off while also offering a lot of flexibility. Mobile apps that provide such loans accept applications from borrowers without salary slips. Moreover, there is no restriction on the end-use of the loan amount. Some borrowers spend the funds on a wedding; some want to construct a house or repair it; others still use the amount for business debt consolidation, travel, motor vehicle purchases, and a host of other purposes in life. Very few conventional loan options offer that kind of freedom to the borrower. 

Easy Eligibility And Hassle-Free Documentation

Get instant personal loan without salary slip through personal loan apps, the eligibility criteria are also simple to understand and meet. Only Indian citizens between 21 and 60 can apply for instant personal loans in India. The documentation of your loan is entirely done online. You can upload all the required documents without any trouble; these usually include Aadhar and PAN card, income proof, a photograph, and a four-month bank account statement. As long as you ensure that your details are accurate, you will get your loan in no time.

Convenient Application And Approval Process

Long queues are a thing of the past; with instant loans, you can apply from the comfort of your home. After you upload your documents online, the lender verifies them and approves your loan. While brick-and-mortar lenders that offer online facilities still take more than a day to approve the loan, online loan apps do it in less than 30 minutes. That is a bargain you do not want to miss.

Suitable For High-Interest Debt Consolidation

People often let their debts accumulate into larger and larger sums over time, not realizing that the interest rates on credit cards are subject to change and can quickly turn a reasonable amount into a massive one. Similarly, many people take additional credit cards even when they do not need them and suffer higher interest rates when the bank decides to change them. With personal loan apps, you can borrow money online and use it to pay off your high-interest debts, thus boosting your credit score and financially elevating yourself into a much better position.

Why is taking loans from a loan app better than borrowing using a credit card again? Estimates show that most credit cards charge an interest rate over 24%; loan apps, in contrast, charge you as little as 2% per annum: an enormous difference on your wallet. 

No Pledging Required

Unlike other loans like loans against property or home loans, instant personal loans do not need collateral security. This eliminates the risk of property confiscation in case of a default. However, if you want to maintain a clean credit profile, you do not want to default on a personal loan either. A clean credit history coupled with a high credit score is crucial for taking low-interest loans. 

Conclusion

When taken through loan apps, instant personal loans offer a straightforward and highly effective solution to your financial needs. These loans, now approved and transferred entirely online, offer several life-saving benefits, including the flexibility of end-use, easy eligibility, simple documentation, low rates of interest, and more. Consider downloading a personal loan app today.