What should I know about instant loan applications?

Having emergency cash needs, sudden travel plans, a shopping spree, some household needs, etc.; anything can ask for more cash flow over your monthly budget. To meet these needs an instant loan can help you as a filler. Using this, you don’t have to ask for financial help from friends or family. Also, you can repay it at your convenience in easy instalments. This loan is online, easy to apply and has minimal paperwork.

Instant Loan

An instant loan is a short-term and unsecured loan that you can avail of based on your income proof. The online availability makes it a 24*7 solution. You can get this loan easily from anywhere by using your phone or a computer system. Just upload a few documents that are requested and you are good to go for approval. Since the loan is given for a comparatively lower amount, verification is not a lengthy process and instant disbursement is possible.

Top 3 Features of an Instant Loan Online

Unsecured: An instant loan Online is an unsecured personal loan. you can qualify for it just based on your income and credit report. No collateral or hard credit check is mandatory for approval.

Small loan: For small to bigger needs this can be an apt credit option for both. When you need a small loan this is a great option as it has no cap on the minimum sum. You need not borrow unnecessarily when you don’t need the money and pay interest on it.

Easy access: You can withdraw the money from this loan using a cheque, by ATM or through credit transfer. This is an easy-to-use credit option. With a simple application and minimal documentation, it can make a quick cash help for you.

Top 5 Benefits of an Instant Loan

No hard credit check: You can get an instant loan based on your income proof without any hard credit check. Although with a credit score of or above 750, you can negotiate for a good loan deal for you.

Quick approval: This loan comes with an instant approval feature and within 24 hours of application you can access money. This loan helps the best when you are stuck in a medical emergency or need some urgent cash. After the successful verification, no waiting time is there for approval and disbursement of the credit.

Flexible repayment: Many lenders give flexible payback options on an instant loan. This helps a lot in easy and faster loan repayment. Easy because you can repay as much as possible for you since no fixed EMIs are mandatory. And it can be faster as well for its prepayment feature with no added cost. This loan also applies no foreclosure charges.

100% online: Almost every bank and NBFCs are now available online. You can choose a lender right for you based on your requirement and repayment preferences. As long as your profile matches the eligibility criteria of a lender you can apply with any online provider. Application, documentation along with verification

Customizable loan option: Since many lenders are available you get options to choose the best for you. How much you need, how long you want the term to be and repayment options; all can be customised as you like. Getting a fully customised deal can be subject to your credit history, credit score and the amount you need.

Types of an Instant Loan:

Cash advance: A cash advance is the withdrawal of money out of your approved credit limit of a credit card. Since the credit card provider already has all your personal and financial details it cuts the time of application. Also, no documentation is done further and instant approval is granted on your loan. You can use it using an ATM, through a cheque or by account transfer.

Small personal loan: An unsecured personal loan for a small sum can also work as an instant loan. Because of the small amount the lender doesn’t ask for a high credit score and instantly the loan can be borrowed.

Payday loan: A payday loan is another short-term unsecured loan that is offered to salaried people. You can get it as a loan on salary based on your income. This loan generally stretches from a week to 30 days. It has a simple application process that helps in quick approval.

Lineof credit: A line of credit is yet another quick loan. it is a credit limit approved on your account out of which you can withdraw money as you need. Once you use the money then only the interest is applied. It works, unlike a personal loan where the interest is accrued on the lumpsum from day one. Since a credit line charges the interest proportional to use, it’s a better instant loan option over others.

You can apply for a line of credit online that helps instantly when you are looking for an instant cash loan. A few lenders will offer it to self-employed people while others to salaried ones. FlexSalary is one such provider of a line of credit that gives credit exclusively to salaried professionals. Anyone with a monthly income of 8K is eligible for a credit limit of up to Rs.2L. It’s an unsecured personal credit line that is approved based on your salary slip and bank statements.

Mandatory Documents For an Instant Loan

Identity proof: Aadhar card/PAN card/ Passport/Driving license

Income proof: Salary Slips/ Bank statements/ Cash flow statements/ Financial statements

Address proof: Aadhar card/ Utility bills/ Rent agreement/ Sales agreement

Application Process using an Instant Loan App

An Indian individual of 18 years with a permanent source of income is eligible to apply for an instant loan. When you apply for it online using an app the process starts with registration. Mostly the lenders will ask for your name, contact and PAN details. Next comes completing the application process. Here you enter the sum needed and tenure desired along with your income and occupation detail.

Further, you have to upload all the documents and head towards verification. After successful verification, no waiting time is taken for approval. Once approved immediate cash disbursement is done. Now you can start using the money as you need.

While an instant loan app provides quick credit access, this is also important to reach the right lender and stay safe from fraudsters. FlexSalary app is a legit loan on salary provider that you can use without a doubt. An easy application process, quick access to credit, no hidden charges, and a flexible repayment option make it the top choice if you are looking for a loan that doesn’t provide you with many burdens.