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    YOU ARE HERE:   Home News Business Personal Finance Instant loan apps: All you need to know about benefits of fastest loan apps

    Instant loan apps: All you need to know about benefits of fastest loan apps

    24 November, 2024 | 11:01 IST

    Instant loan apps or quick loan apps have emerged as convenient tools to apply for personal loans. The borrowers can check multiple loan offers through these online lending platforms and apply for a suitable loan quickly. The complete digital process has made it convenient to apply and get approvals almost instantly.

    In case of an emergency or cash crunch these loan apps become helpful due to their minimal instant loan approval time. You can access and apply for an instant loan through these platforms like Moneycontrol for a medical emergency, home renovation, big-ticket purchase or any other similar large expenses.

    Let’s take a look at how these instant loan apps works and what you should take into account while using these lending platforms.

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    Why use the fastest instant loan apps?

    One of the most beneficial features of instant loan apps is the quick approval and disbursement. You can get the loan amount in your bank account from within a few minutes to a couple of hours depending on the lender. This is in sharp contrast with traditional bank loans, which often take several days to process due to physical verification and approval. Instant loan apps offer quick access to funds, making them particularly useful in emergencies. They can be a lifesaver in situations requiring urgent cash, such as medical emergencies or unexpected travel issues, providing timely assistance when you need it most.

    Fastest instant loan apps will ensure that you get your disbursement in time, so that you can carry on with whatever work you borrowed the amount for. They help you feel a sense of stability in a moment of uncertainty.

    The fastest instant loan apps use technology to streamline the loan disbursement process. That is how they make the disbursements within minutes, helping you in urgent situations.

    You can avail a loan through instant loan apps based on your credit score, credit history and income level. It’s advisable to use the instant loan apps from reputed banks and non-banking financial companies (NBFCs) as well as those authorised by the Reserve Bank of India (RBI) to avoid any financial fraud.

    You can also access and apply for an instant loan through the Moneycontrol app and website. The 100% digital process ensures instant loan approval time and quick disbursal. You just need to finalise the loan offer, upload documents and set up the EMI payment on the Moneycontrol app to get the amount in your account.

    Benefits of instant loan apps

    Apart from fast loan approvals and disbursements, instant loan apps have a host of other benefits. Let us discuss them.

    • Easy approval: Instant loan approval process is easy as the apps use technology to streamline the approval process. They save you from the stress in emergency situations. You do not even need to go to a bank branch to do your KYC process, as it can be completed by uploading relevant documents online.
    • Hassle-free application process: Unlike traditional banks who require you to do a plethora of things while applying for a loan, instant loan apps make the process easy. You can just use your smartphone and choose the amount you want to borrow, then enter some crucial details and then apply.
    • Flexible amount and repayment: As discussed above, instant loan apps provide you with the flexibility of how much amount you can take as a debt. You may face a certain ceiling, but it is usually not too low. You can also choose the repayment tenure as per your preference.
    • Minimal documentation: One of the downsides of traditional loans is the multiple documents you need to provide and the lengthy verification process. However, with instant loan apps, this is not the case. You need to provide only basic documents, making the process a lot easier than applying for traditional loans.
    • No collateral: Another great feature for instant loan apps is that you can borrow money without providing any mortgage or collateral. This means you do not need to risk your assets in order to apply for an instant loan. This comes in handy during situations of emergency, where you may not even have any asset to pledge as collateral.

    Documents required

    As we discussed above, instant loan apps only require you to provide minimal and basic documents. Here are the documents you require to apply for an instant loan.

    • Identity proof: This may include documents like your PAN (Permanent Account Number), Aadhaar Card or Voter Card.
    • Address proof: You have to provide documents that act as your address proof, such as your Aadhaar card, utility bills etc.
    • Bank statement: The lender may require your bank statements from the last three to six months in order to approve an instant loan so as to see if you are capable of repayment.
    • Income statement: The loan provider may also require your income proof like salary slips to ensure proper repayment.

    How to apply for an instant loan?

    Here are a few steps to follow while applying for a personal loan via an instant loan app:

    1. Research the type of loan you want, interest rates, repayment tenures and the instant loan app’s reliability.
    2. Check your eligibility to apply for the loan.
    3. Apply online by downloading the instant loan app, navigating to the required section and filling out the documents.
    4. Wait for approval from the instant loan app lender. You do not have to worry a lot because instant loan apps are known for quick approvals.
    5. Accept the offer that the lender gives you.
    6. Get disbursement instantly after accepting the offer.

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

    Disclaimer

    This piece/article was written by an external partner and does not reflect the work of Moneycontrol's editorial team. It may include references to products and services offered by Moneycontrol.
    Fintech

    About the Author

    Fintech

    Stay updated on the latest personal finance trends, with a focus on products like credit cards, credit score, personal loans, fixed deposits, and more

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