Need Funds Urgently – Get A Quick Loan To Ease Out troubles
Quick loans are a great way to get money when you need it urgently. Through this, You can get an emergency fund in varied ways. This blog will cover everything on how you can avail of a quick loan instantly.
Anyone can find themselves in situations when they require urgent need of money and it can be challenging to gather an odd amount of funds. To solve such a challenge, this is where the feature of quick loans comes. Anyone can get a quick loan within a few minutes from the moment you apply for it without any complicated process. It comes in multiple forms such as short loans, salary advances, instant credit, etc.
Quick loans are quite different from traditional loans that banks offer. The process is extremely faster and offers convenience as money gets credited to your account instantly. If the lender finds you eligible for the loan they will immediately transfer funds into your bank account. You can then repay the loan to the lender according to the terms you opted for.
Applying For Quick Loans
Usually, quick loans do not require any type of physical documentation or verification, the whole process can be done just from your mobile phone. NBFCs and other online lenders are popular channels for quick loans even though some banks also offer them.
By going on the website of the lender, you can see all the required information needed to avail of a quick loan such as personal and income details. The lender also might ask you to upload identity proofs like PAN Cards or Govt. ID, following which your loan request will be approved or declined.
Types of Quick Loans
There are plenty of quick loans and emergency funds one can avail of, depending on the need and urgency. Some of the common options are payday loans, personal loans, credit cards, and lines of credit.
- Payday Loans: This loan is typically small, short-term loans that are due on your next payday. These loans can be helpful in a pinch, but they come with high fees and interest rates.
- Personal Loans: It is another option for quick cash. These loans are typically larger than payday loans, but they have lower interest rates. However, they may take longer to get approved.
- Credit Card Loans: Credit cards can be a good option for emergency cash, as long as you have good credit. You can use your credit card to get cash advances or take out a cash advance loan. However, these options typically have high-interest rates.
- Line of Credit: These are like credit cards, but they have lower interest rates. However, you may need to have collateral to qualify for a line of credit.
Features of quick loans
Here are some of the features of Quick Loans:
- Registration process: You will not need to provide any sort of physical documentation to avail of quick loan. It is a hassle-free process that is done online.
- No collateral: There is no need to put down collateral in case of quick loans as you do with bank loans. This makes it the most convenient way to avail loan.
- Interest rates: Since these are unsecured loans, the interest rate is usually higher considering the risk involved in the process.
- Tenure: Quick loans are generally shorter in duration as compared to traditional loans. The maximum time could be of 2 years and the minimum 1 month.
Eligibility criteria
Since a quick loan is easier to get, the eligibility criteria are also simple. The eligibility for quick loans is as follows:
- Available for individuals aged between 21 to 60 years.
- People having a regular source of income can apply.
- Must be an Indian resident.
- Minimum income requirement of at least 15,000 per month.
- Having a bank account is necessary.
- Good credit history is required(in a few cases).
Conclusion
A quick loan is easier to get and provides you access to funds instantly within a day. Even though a quick loan usually has higher interest rates as compared to traditional loans, they are extremely time-effective in case of an emergency. Quick loan also let you take a loan for a small amount which may have not been possible in the case of a personal or secured loan taken from the bank.
