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  • Instant Cash Loans

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  • Instant cash loans are short-term loans that are processed quickly, usually within an hour, giving you access to funds instantly. Also known as cash advance loans and pay day loans, this type of loans is ideal for situations when you need funds immediately.

    Comparison of Instant Cash Loans Offered by Various Lenders 2019

    1. EarlySalary.com

    It is a fintech firm that was launched with an intent to support young professionals take care of their mid-month or month-end financial requirements. The firm has partnered with various banks/NBFCs to offer short-term loans that are sanctioned almost immediately and with minimal paperwork. The company assures loans with no hidden costs and at affordable interest rates.

    Lender
    Interest Rate
    Minimum Loan Amount
    Maximum Loan Amount
    2.5% per month
    Rs.8,000
    Rs.1 lakh

    Benefits offered by Instant Cash Loans from EarlySalary.com

    • The cash loans offered by EarlySalary.com come with flexible repayment tenures ranging from 7 days to 43 days.
    • Borrowers of cash loans have an option to repay early without any additional cost. In such cases, they have to pay interest only till the day they make the prepayment.
    • Multiple loans can be availed in a year but the gap between the repayment dates of the existing loan should be at least 5 days.
    • Any extra amount paid towards the repayment of the loan will be refunded to the borrower’s registered bank account.
    • To borrow from EarlySalary.com, logging in with a Facebook account is a must as it is needed by them to build your ‘Social Worth Score’ which in turn will determine your eligibility for a salary advance.
    • The company offers referral programs wherein borrowers will receive Rs.200 off on their loan if they refer a friend to EarlySalary.com.

    2. Home Credit India Finance Limited

    This NBFC made its entry into the lending segment in 2011 and since then, it has been expanding its operations to become one of the leaders in the segment. The company has its presence in 179 cities across India and has an employee base of more than 18,000. The NBFC offers loans to fund the purchase of various products such as laptops, mobile phones, home appliances, two-wheelers, etc.

    Lender
    Interest Rate
    Minimum Loan Amount
    Maximum Loan Amount
    -
    Rs.25,000
    Rs.2 lakh

    Benefits offered by Home Credit Cash Loans

    • The loan application process is easy wherein you just need to furnish a few basic details about yourself and submit a copy of your PAN card and address proof.
    • You need not provide any collateral or security to avail the loan.
    • The loan amount will be disbursed to your bank account within a day.
    • The borrower can enjoy quick approvals on the cash loan.
    • There will be no processing fee charged on the loan.
    • You can apply for the loan either online on its website or visit their nearest branch.
    • The EMI for the cash loans can either be paid online, through its mobile app, or with cash at authorized branches.

    3. NIRA Finance

    Partnered with Federal Bank, NIRA Finance is a fintech firm that offers small-sized loans of up to Rs.1 lakh to salaried individuals. The company’s vision is to create transparent financial products for empowering individuals to lead a life of freedom and choice.

    Lender
    Interest Rate
    Minimum Loan Amount
    Maximum Loan Amount
    1.5% to 2.25% per month
    Rs.5,000
    Rs.1 lakh

    Benefits offered by NIRA Finance Cash Loan

    • The cash loan offered by NIRA Finance has repayment tenures ranging from 3 months to 12 months.
    • No CIBIL score or collateral is required to avail cash loans from NIRA Finance.
    • A processing fee of Rs.500 will be charged to borrowers of cash loans.
    • For people who have a CIBIL score, a minimum score of 681 is required.
    • Presently, NIRA Finance operates in Hyderabad, Bengaluru, Delhi, Gurgaon, Noida, Chennai, Mumbai, Kolkata, Pune, and Indore.
    • The entire loan application process will be completed in 2 hours to 48 hours.

    4. Credit Bazzar

    It is a digital finance firm with offices in Delhi, NCR, and Bangalore. The company has disbursed loans worth more than Rs.5 crore to about 1,821 customers. Credit Bazzar offers loans of a short-term nature, which are approved within 3 minutes. These loans can be availed 24/7 and with minimum hassle.

    Lender
    Interest Rate
    Minimum Loan Amount
    Maximum Loan Amount
    Credit Bazzar
    0.1% to 1% per day
    Rs.10,000
    Rs.1 lakh

    Benefits offered by Instant Cash Loans from Credit Bazzar

    • The loan amount will be transferred within 2 hours from the time the request has been made.
    • The interest rate on the loans will be calculated on a daily basis and will vary according the repayment date.
    • There are no hidden costs involved in the cash loans offered by Credit Bazzar.
    • No prepayment charges will be levied in cases where borrowers wish to repay earlier. There are also no charges on loan extension.
    • The entire application process can be carried out online.

    These cash loans are either given as cash advances on your salary or on your credit cards. Most of the credit card companies offer customers the option to avail the cash advance feature through which they can withdraw a small credit in advance through an ATM or over the counter at a bank or NBFC (Non-Banking Financial Company).

    Cash loans on salary are suitable for salaried individuals who face a cash crunch just before the next salary gets credited to their bank accounts. Unlike other loans, these loans are approved and disbursed quickly. The entire process involves minimum paperwork. Cash loans can be a real savior in times when you need urgent cash in cases such as a car breakdown, medical emergency, unplanned travel, etc.

    How to Apply for Instant Cash Loans?

    Most of the cash loans offered by the lenders above can be availed through their mobile applications. Listed below are the steps for the same:

    Step 1: All you need to do is download the mobile app of the lender from App store (iOS) or Play Store (Android) and fill in the requested details.

    Step 2: You will then need to upload your KYC (Know Your Customer) documents which will be verified from the back end.

    Step 3: After this, the loan amount will be disbursed directly to your bank account.

    Eligibility for Instant Cash Loans

    Before you decide to opt for a cash advance loan, it is imperative that you learn whether you are eligible for this kind of a financing plan. Learn about the eligibility criteria for these loans mentioned below.

    For individuals:

    • The borrower must be at least 18 years old.
    • The customer should be a resident of India.
    • The applicant must be a permanent employee of a reputed organization with a regular monthly income.
    • The borrower either must have an active current bank account to receive the amount or should hold a credit card in order to be able to withdraw the cash from an ATM.

    For businesses:

    • The business owner should be a minimum of 18 years old.
    • The merchant must be an Indian citizen.
    • The turnover of the concerned business should be above the minimum requirement of the lender.
    • The borrower should have an active current bank account in order to receive the loan.
    • The business must have been operational for a considerable amount of time.

    * Please note that the eligibility criteria may vary from lender to lender.

    Documents Required for Availing Cash Loans

    For individuals:

    • Passport-size photographs
    • Proof of photo identity such as Voters ID, Driving license, Aadhaar card, PAN card, Passport, etc.
    • Proof of age such as birth certificate or 10th marksheet
    • Income proof from the current organization
    • Proof of address such as Aadhaar card, Passport, Voters ID, Ration card, Driving license, etc.
    • PAN card
    • Proof of citizenship

    For businesses:

    • Know Your Customer (KYC) documents of the businessman along with the concerned firm/company
    • Business address proof
    • Proof of citizenship
    • PAN card
    • Bank statements for 12 months of an active current account
    • All existing loan documents
    • Statutory documents of the concerned business
    • Financial documents of the business for the last 2 years such as Computation Sheet, Income Tax Returns (ITR), and Balance Sheet
    • VAT returns of 6 months starting from the date of the loan application
    • Bank transaction statements of the POS machine for the previous 1 year
    • Proof of turnover containing the details of the latest sales or service tax returns along with a copy of purchase/invoice order

    Features of Cash Loans

    • This is an unsecured loan that can be availed for a short period of time in order to meet any emergency financial needs.
    • Using this fast cash loan, individuals can borrow a small amount of instant cash in order to meet their immediate credit requirements.
    • This scheme does not mandate the borrower to declare the expenditure of the cash borrowed. Therefore, this loan can be used to meet any kind of a financial crisis.
    • These instant cash loans can be availed by both individuals and businesses.
    • These immediate cash loans help borrowers get access to credit instantaneously and without any hassle.
    • The maximum amount that a customer can withdraw as a cash advance loan might be lower than the credit limit offered to the individual by the credit card company. This amount can be further less if the person has a balance on the credit card.
    • The rates of interest and fees charged on this type of a loan vary from lender to lender. Therefore, it is advisable to learn about the terms and conditions of this loan before deciding to opt for it.
    • The Annual Percentage Rate (APR) of this loan is quite high since the risk associated with this financing plan is extremely high. Therefore, the interest rate offered on such loans is quite high.
    • If the borrower withdraws the cash from an ATM, he or she will be charged an additional fee for using the facility.
    • The loan starts to earn interest since the day the amount is withdrawn. There is no grace period available before the loan starts to incur interest. Therefore, the amount that is paid as interest for cash advances is generally higher than any other form of loans.
    • The repayment tenure of this scheme can range between a couple of weeks and a few months.

    Advantages of Cash Loans

    There are numerous advantages to availing credit through cash advance loans. Check out the list mentioned below to learn about the benefits you can earn if you apply for this kind of loan:

    • The application and approval processes of these loans are extremely simple and come without any hassles.
    • A cash advance loan can be borrowed to meet any short-term financial requirement where a traditional loan cannot be availed from a bank or NBFC.
    • This loan offers borrowers quick access to credit in order to help them meet any urgent credit needs.
    • Borrowers have to do only minimal paperwork to secure this type of a loan.
    • The customers do not have to declare the expenditure of the funds received using this fast cash loan.
    • Even though the interest rates are typically high when considered as annual percentage rates (APR), these loans can prove to be cheaper compared to other traditional loans when they are paid off on time.
    • The customer does not have to offer any collateral or third-party guarantor as security to receive the funds under this loan.
    • Lenders typically do not check the credit history of the borrower. Hence, this plan can be availed when a person is not eligible for a traditional loan from a bank due to a low credit score or missing credit history.

    Disadvantages of Cash Loans

    There are numerous reasons that do not make this type of a loan a wise choice for everyone. Learn about the key points one should keep in mind before availing funds using this quick cash loan scheme:

    • This financing method can prove to be more expensive than other traditional loans if it is not repaid on time.
    • This urgent cash loan is not well-suited to meet long-term financial needs as it carries a high annual percentage rate (APR).
    • Using such types of immediate cash loans, customers can borrow only a small amount of funds. If any individual requires a large amount of credit, he or she will have to apply for a traditional loan.
    • When a cash advance is borrowed using a credit card, the individual is bound under a contract in which he or she will not be able to switch the credit card provider until the debt has been cleared off.
    • In case an emergency loan is borrowed by a business under this scheme, the business owner cannot encourage his or her customers to pay in cash to avoid paying a percentage of the sales to the lender. If done so, the merchant might be prosecuted for breaching the contract made with the lender.

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