Why opt for instant cash loans through the new-age financial institutions

Why opt for instant cash loans through the new-age financial institutions

The standard of living in the 21^st century has changed a lot in the past few years, and has turned out for the better. However, along with the increasing standards of living; even the costs of maintaining them have greatly increased. Therefore, people are finding it extremely difficult to take care of these increasing expenditures on their own. At such times, the only few options that they have in front of them is to either approach a traditional financier or a new-age financial institution. The new-age financial institutions such as banks and FINTECH companies charge way lower interest rates than the ones given out by traditional financiers. Other than that, there are a lot of other benefits of making use of an advance salary loan in India, and 

Cash loans in India

Few of them are here as follows:

• The financial institutions offer these loans without asking for any sort of collateral in exchange; thus, these loans are unsecured in nature. Further, you can make use of the capital amount from a salary loan without any sort of restrictions. Meaning, you can purchase a brand-new gadget or even consolidate your existing credit card bills.
• The repayment of the loan amount is done in the flexible form of EMIs (equated monthly installments); thus, you can plan out and repay your debts easily. The financial institutions even provide you with an EMI calculator on their online websites. This calculator is free-of-cost and can be used by you to calculate your installments on the basis of your principal borrowed amount, interest rates charged by the financial institutions and repayment tenure opted by you.
• The best thing about the monetary assistance provided by the new-age financial institutions is that now you can even apply for them online. Meaning, if you have a stable internet connection and an appropriate electronic device, you can obtain an instant money loan from the comfort of your home or office.

However, make sure that you fulfill the prescribed eligibility criteria given out by the banks and FINTECH companies in order to secure the loan amount. 

These eligibility criteria are here as follows:

• The first thing that the financial institutions look out for is your income source and job stability. The reason being, these loans are unsecured in nature and thus, the financial institutions want to gauge your repayment capability on the basis of your income.
• The banks and FINTECH companies also scrutinize your credit score and history before providing you instant cash loans. Therefore, ensure that you have repaid all of your previous and current debts without any hassles. Your credit score is given out by CIBIL and is in the range of 300 to 900. A good CIBIL score is anything more than 700. The reason why financial institutions check your credit history is that it is the reflection of your financial responsibility and management.
• The financial institutions also check the reputation of your employer in the market. They do this to make sure that you will have stable employment and income source.

Hope this article helps you to understand the reasons why you should opt for an advance salary loan in India. Good luck and all the best!