Many borrowers reserve personal loans for dire situations. For everything else, they find alternate means to make ends meet. Some turn to family & friends, others max out their credit cards to get out of a financial ditch but a personal loan is probably the last option. It’s not a surprise actually, what with interest rates of such loan pushing the 22% mark in many cases. However, the introduction of instant personal loans, and more subsequently apps that provide these quick loans, has changed things up a bit. In fact, we predict that these financial solutions will so been the go to option for borrowers and we have highlighted some reasons to back our beliefs.
1. Borrowing small loans.
One of the biggest reasons why personal loans take the back seat is because they involve much larger ticket amounts. However, this has changed with instant loans. Borrowers can now avail loans starting from Rs. 1,000 with some of these instant loan apps. This is perfect when the month end is near and you still have to cover smaller expenses, go on an anniversary date, cover those impromptu travel plans, etc.
1. Borrowing small loans.
One of the biggest reasons why personal loans take the back seat is because they involve much larger ticket amounts. However, this has changed with instant loans. Borrowers can now avail loans starting from Rs. 1,000 with some of these instant loan apps. This is perfect when the month end is near and you still have to cover smaller expenses, go on an anniversary date, cover those impromptu travel plans, etc.
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2. Applying is child’s play.
Another reason why instant personal loans will soon be at the forefront of borrowing options is the fact that they are so easy to get! Combine completely app-based processes, simple 4-document requirements & a selfie for a photograph and you get an application process that you can simply breeze through.
3. Quick turnaround times.
Personal loans are synonymous with waiting times, or at least they were. Because with an instant personal loan app, you should have the money you want in your account within the day. That’s because approvals are instant and transfers take less than 24 hours. Things get better – if you’re a repeat customer, the entire process is nearly instantaneous.
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4. Easy eligibility.
Eligibility is one of the biggest hurdles of personal finance solutions. Many potential borrowers falter at this obstacle. They either do not have the required minimum monthly income or have a below-par credit score, due to which the door being shut on them. However, instant personal loans are being made available to individuals with a minimum salary as low as 15 or 18 thousand per a month. If that got you thinking, then wrap your head around this – some lenders do not require you to have a credit score and will offer the loan even if you have a poor score.
5. Low rates.
The interest rate on such a personal loan is also quite low. You can end-up with interest that’s equivalent to covering the tab for a night out with friends. The processing charges are also very reasonable. Some lenders do not have prepayment charges either, allowing you to cut-short the tenure of your loan with ease.
If all this isn’t reasons enough, then we don’t know what it is! We hope that you find reasons to tap into one of these loans the next time you find yourself falling short financially. Good luck and all the best!
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