At some point, everyone goes through a financial emergency wherein they lack the money. The good news is, because of the advancement of technology, you can get cash loans online. Now, you might be wondering what cash loans are. Instant cash loans are short-term unsecured personal loans that provide the applicant with funds on either the same day or within one business day. As compared to normal personal loans, instant cash loans are much more appealing because they fulfil the applicant’s needs for cash on the very same day whereas disbursal of normal personal loans can take 10-15 days. Applicants who have a bad credit score can even apply for cash loans. The days of standing in long lines for hours in the bank are long gone. Here is all you need to know about instant cash loans and cash loans online!
Same day disbursal - You can get the funds on the day of the application. Instant cash loans are getting popular exactly for this reason and because of their convenience and easy access. • Simple loan application - Because of cash loans online, you can apply for cash loans from wherever you want, whenever you want. The entire loan application process takes approximately a few minutes along with the documents upload and once your application is approved, the loan amount is disbursed within a few hours.
No collateral - Yes, you read that right! No matter what the amount is, you do not need to provide collateral. • Privacy - You do not need to specify why you want the loan. You can use it for anything whether it is a vacation, medical emergency, plastic surgery, etc. Who can get instant cash loans?
Anyone who is a citizen of India can apply and get approved for cash loans. However, the applicant of the loan cannot be younger than 18 or older than 55. Since cash loans are unsecured loans, the risk is higher. The applicant of the loan also has to have a monthly salary of at least INR 20,000. Bad credit also cannot stop you from getting a cash loan. In the case of personal loans or other loan types, bad credit can mean instant rejection of the loan application. This is not the case with cash loans. • The documents required for instant cash loans. • Pan card and aadhar card as identity proof. • Proof of residence like a telephone bill, electricity bill, gas bill, etc. • Bank statements from the last 6 months. • Salary slips from the last 6 months as proof of income.
The advantages of instant cash loans are minimal documentation, it improves the applicant’s credit score if paid back in a timely manner, more attractive interest rates than credit cards, and anyone can apply even if the applicant is not a customer of the bank or non-banking financial company. Providing the proper documents and following the terms and conditions of the lender of cash loans is the way to get your application approved. We hope this article gave you a clear idea about instant cash loans. We wish you luck!
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