An instant loan has recently gained so much popularity, especially after the Covid-19 outbreak. Long gone are the days when people relied on friends or relatives for some funds. Nowadays, if you have the right application downloaded to your smartphone, you’ll get access to funds quickly.
However, the prime reason behind such loans’ popularity is their versatility and feasibility. Just a few taps, and the amount is credited into your account for whatever purpose you want.
What is an instant personal loan?
As the term suggests, it is a financial product that offers individuals with quick access to a relatively small amount of money. This amount can easily range from thousands to lakhs without the actual need for extensive documentation or collateral.
Furthermore, this loan type is designed to offer fast and convenient financial assistance for various personal needs and emergencies. These include medical bills, home renovations, education expenses, or debt consolidation.
What are its advantages?
Access within no time
One of the most prime advantages of this loan is the speed at which borrowers can access the funds they need. Many lenders offer rapid approval and disbursal, allowing borrowers to receive the money within hours or sometimes a few days. This speed makes these loans ideal for emergencies and urgent financial requirements.
Such online personal loans are unsecured, which means borrowers do not need to pledge any valuable assets as collateral. This ultimately reduces the risk of losing valuable property if they cannot repay the loan. This factor makes it quite accessible to many people who may not be equipped with significant assets to offer as security.
Minimal and Basic Documentation
As compared to traditional loans such as property loans, car loans, etc., this loan type requires less documentation. Only basic proof of identity, address, income, and bank statements are usually sufficient. This smooth documentation process simplifies the application and approval process.
Borrowers have considerable flexibility in how they use the amount from such loans. As mentioned above, whether it’s for medical expenses, home renovations, debt consolidation, education, or even a vacation, there are no restrictions on how the money can be spent.
We offer a range of repayment tenures, allowing borrowers to choose a repayment schedule that aligns with their financial capabilities. This flexibility helps borrowers manage their loan obligations in a much more comfortable manner.
How to avail a personal loan from Stashfin?
To help all the readers, here is a step-by-step guide on how to avail of the loan from our app:
- Download the 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!
Therefore, applying for this loan via the best instant loan app offers a range of benefits that significantly enhance the borrowing experience.
So, whether you’re looking to cover unexpected expenses, finance education, or any event, etc., keep in mind that these applications offer a streamlined and user-friendly approach to securing the funds you require.