Emergency Loan Apps: Tips to avoid scams while applying for instant loan online

In today’s fast-paced world, the chances of unexpected emergencies have increased all over. Emergencies, whether they are medical or otherwise, can come any moment. Having enough cash in hand during a moment of emergency helps one solve the problems with ease and without having to worry about the finances.

Unfortunately, not everyone may readily have the cash that may be required during an emergency. An unexpected medical bill or a home repair can cost a lot and it is not possible for many people to arrange the funds instantly from their savings.

This is where the emergency loan apps become more helpful. Emergency loan apps in India provide you with fast loans, providing you with much relief by depositing cash into your account instantly. They are a quick way to deal with emergencies without having to worry about paperwork or lengthy approval processes.

What is an Emergency Loan App?

Emergency loan apps are online apps that provide customers with quick and easy access to personal loans when they need it urgently. You have to do minimal paperwork with the whole process being digital.

Moneycontrol offers instant emergency loans in partnership with seven lenders. You can get instant loans online up to Rs 15 lakhs with interest rates starting at as low as 12% per annum, depending on your income and credit history.

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Benefits of Emergency Loan Apps

Emergency loan apps can be beneficial in many situations, especially those that involve an urgency. Here are their top benefits

• Convenience: One of the biggest benefits of emergency loan apps is the convenience they offer. You do not have to do any extra paperwork and everything can be done with just one app.


• Fast disbursements: Emergency loan apps, also called instant loan apps, make the approval and disbursement process very fast. Some apps disburse the loan amount in minutes, making sure you have enough cash in no time.


• No physical paperwork: Since emergency loan apps are fully digital, you do not need to physically submit documents at a branch of a bank to apply for a loan. This is done to streamline the process of loan approval and disbursal.


• User-friendly: Emergency loan apps are designed in a way that they have a user-friendly platform so that the borrower does not get confused while taking out a loan.


• Flexibility: Another big advantage of instant loan apps online is that they offer you flexibility. You can choose the loan amount and tenure and set up a suitable repayment schedule.

Get Instant Loan Up To Rs.15L

Things to Keep in Mind While Using Emergency Loan Apps in India

While emergency loans may be beneficial in urgent situations, you should keep in mind certain things. With the rising number of emergency loan apps in India, the cases of online scams have also increased.

Moneycontrol offers you secure instant loans of up to Rs 15 lakhs with interest rates as low as 12% per annum. You just have to enter your details, complete KYC and choose tenure for payment. You can apply for loans from seven lenders in a 100% paperless process.

Read the below tips to protect yourself from getting scammed while using instant loan apps.

• Check for interest rates: Emergency loan apps often require you to pay higher interest rates. Check the terms and conditions of the offer thoroughly and determine how much interest you have to pay on the loan.


• Hidden charges: Read the fine print of the loan document carefully and understand all the terms and conditions. Check if there are any hidden charges that you need to pay in order to avoid confusion.


• Verify credibility: Loan apps can often be an online fraud. To avoid getting scammed, use RBI registered loan apps or those who work with RBI-registered lenders.


• App verification: Do not download any loan app that appears in front of you. In the App Store or Play Store, check if there is a verification and read reviews from users. Do not go for apps that have bad or few reviews.


• Caution against sharing OTP: For e-KYC process instant loan apps ask for personal information and OTP verification. However, the entire process happens through the app only and it does not require sharing of information or the OTP over phone. If an executive from a digital lending services company asks for personal details or OTP for verification of your loan applications, it could be a red flag.

ALSO READ: Emergency loan apps: Check Pros and Cons before borrowing

While emergency loan apps can come in handy at times of despair, it is important to exercise caution while improving them. While they have a lot of benefits, beware of imposters that pose as loan agencies.