Cash Loans – A Timely Solution To Your Financial Woes

Posted by Loanfront on September 7th, 2019

Has some unexpected bill put you in financial trouble as you lack in cash? Many salaried people confront such issues. At the same time, they can take resort in cash loans that are accessible on the same day. These paperless loans are handy financial support to pay off bills ahead of your next paycheque.

Cash loans give sufficient money to the borrowers to handle an urgent expense. The loan amount varies from lenders to lenders. But most of them approve at least Rs 2000 right away. For the approval of a higher amount, the borrowers' monthly salary will be a deciding factor. So, you can hope of getting more significant cash if your repayment capacity of paycheque is satisfactory.

But who exactly is eligible to draw cash loans? Well, the eligibility parameters are simple for the people in need of money immediately. The applicant must be an adult Indian national with a regular job in hand. The nationality should be proved by producing an Aadhaar card and PAN card. Additionally, the loan seeker should send a selfie to the lender. Another condition to take out the loan is that the borrower must have a Facebook/LinkedIn profile. The social media profile helps lenders in knowing more about the applicant.

Cash loans do not involve any filing of papers in a physical loan shop. The process is simple and straightforward. Just open the lender App to find a loan application form. Give necessary details such as your name, cash requirement, your contact number, email, etc. Such a simple online applying for loans helps lenders to fast process the loan request. Consequently, you get the approval update in a few minutes. The cash is, this digitally in your bank on the same day, in fact, in hours.

Besides the easy access, cash loans are also easy to repay. You have a long window of 15 days to 180 days to finally get rid of the loan and interest payment. This way, you can repay a smaller amount from the very next paycheque. A bigger loan is also not a repayment burden. You can repay even six easy monthly installments.

While repayment of cash loans is easy to make for salaried class of people, they should also notice that these are expensive borrowings.  A typical interest rate on loan is 36% APR, which is 3% per month. The exorbitant interest rate from the lenders is for covering their risks on lending this unsecured loan. Moreover, most lenders offer cash with little or no credit checks made on the borrowers.

Because of high-interest rates, borrowers should avoid delay in repaying the loan. There is no point in the borrowing of cash and then incurring hefty penalties. So, repay the loan on the due date.

In the end, we can say that cash loans are paperless online loans that you can get on the same day for urgency. While you borrow the money quickly, do not delay its repayment to avoid falling into a debt trap. That is the way to take maximum advantage from such instant access to urgent financial help.