Gone are the days when people used to ask for financial help from their friends. Nowadays, they simply avail a personal loan from their smartphone and repay it in a short time easily. There are many platforms that offer this facility without charging much interest, so it doesn’t pinch the pocket of borrowers.
Through this guide, we’ll delve into the ins and outs of cash loan, exploring their benefits and which will be the best app to avail this facility.
What is a cash loan?
Also known as a short-term loan, it is a type of borrowing where an individual borrows a small amount of money for a short time period, typically until their next paycheck. These loans are often used to cover unexpected expenses or financial emergencies when the borrower is temporarily short of or out of funds.
Although these loan types have relatively high interest rates but however, if you choose the right application to avail of this facility, you might be lucky! The high interest rate is simply due to their short-term nature and the perceived risk involved in lending to individuals with limited credit history.
What are its advantages?
Impact on Credit
When you, as a buyer who has a poor credit history, repay the loan timely, it helps in demonstrating the ability to manage debt in a responsible manner. With time, this could potentially contribute to improving the credit score.
Instant Fund Access
These are designed to offer instant access to funds, often within a short tenure. This is quite beneficial in emergencies where you need money urgently for unexpected expenses, such as medical bills or car repairs.
Cash loans usually have fewer stringent requirements than traditional loans offered by financial institutions and credit unions. This makes them accessible to individuals who might have a limited history of credit or a low credit score.
The process of applying for such loans is often quite simple. It can be easily done online via specific applications such as Bajaj Finserv, Paytm, Google Pay etc,
Lenders usually do not impose restrictions on how you utilize the funds obtained from this loan. The grants the potential borrower, i.e. you here, the freedom to address the needs they may have.
Which is the best platform to avail an easy cash loan?
Stashfin! Without any doubt, if you are looking for immediate financial help, then you should download this application. Around three months ago, I was planning to renovate my house and found myself a bit short of funds. This was when one of my colleagues told me about this application and how it offers instant loan.
- Download this app from the Play Store/App Store
- Sign up using your mobile number
- Add your personal details to check your credit limit
- Complete KYC and you are good to go for an instant personal loan online!