Instant Cash Loans

How to Apply for Instant Cash Loans?

You can initiate an application for an instant cash loan by following these steps:

1. Step 1: Visit the lender's official website or download its mobile application based on your preference.
2. Step 2: Provide basic information to create your profile, including your name, mobile number, email address, and other required details.
3. Step 3: Upload the necessary documents as per the lender's specifications.
4. Step 4: If you have accurately uploaded the required documents, provided the correct information, and met the lender's eligibility criteria, your loan application will be accepted.
5. Step 5: Select the desired loan amount and repayment duration based on your financial needs and repayment capacity.
6. Step 6: Once approved, the loan amount will be disbursed to your loan account for immediate use.

Eligibility for Quick Cash Loans

Before proceeding with your instant cash loan application, it's imperative to confirm that you meet the eligibility criteria. Below are the requirements to help you assess your eligibility for this financial assistance:

1. Age and Citizenship: Applicants must be Indian citizens falling within the age bracket of 21 years to 65 years. These criteria ensure accessibility to individuals within a specific age range who are legal residents of India.
2. Income and Employment Status: Both salaried individuals and self-employed individuals are eligible to apply for an instant cash loan. However, the annual income should surpass Rs.3 lakh to meet eligibility standards. Furthermore, it's essential that your income is regularly deposited into your bank account, indicating a stable financial background and repayment capacity.
3. Credit Score: A favourable credit score significantly influences eligibility for an instant cash loan. Lenders typically require a CIBIL score exceeding 750, alongside maintaining a minimum Experian score of 650. These credit score benchmarks showcase your creditworthiness and ability to manage loan repayments effectively.

Documents Required for Availing Cash Loans

When applying for an instant cash loan, it's vital to furnish the necessary documentation to streamline the process. Here's a rundown of the required documents to ensure you're well-prepared:

Identity Proof: For primary identification, the PAN Card is typically requested. However, if it's rejected due to image quality issues or other reasons, you can submit any of the officially valid documents listed below:

1. Aadhaar Card
2. Valid Passport
3. Valid Voter ID
4. Valid Driver's Licence

Address Proof: A valid address proof is essential for your loan application. You can provide any of the following documents:

1. Aadhaar Card
2. Valid Passport
3. Valid Voter ID
4. Valid Driver's Licence
5. Utility Bills (Water, Electricity, Gas) dated within the preceding 60 days

Income Proof: Your income proof plays a pivotal role in your application, with specific requirements based on your employment status:

1. Salaried Applicants: Submit the last three months' bank statements in PDF format from your salary account, clearly displaying salary credits.
2. Self-employed Applicants: Provide the bank statements from the last three months in PDF format if you are self-employed.

Features of Cash Loans

1. This is an unsecured loan that can be availed for a short period of time in order to meet any emergency financial needs.
2. Using this fast cash loan, individuals can borrow a small amount of instant cash in order to meet their immediate credit requirements.
3. 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 financial crisis.
4. These instant cash loans can be availed by both individuals and businesses.
5. These immediate cash loans help borrowers get access to credit instantaneously and without any hassle.
6. 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.
7. The rates of interest and fees charged on this type of 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.
8. 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.
9. If the borrower withdraws the cash from an ATM, he or she will be charged an additional fee for using the facility.
10. The loan starts to earn interest from 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.
11. 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:

1. The application and approval processes for these loans are extremely simple and come without any hassles.
2. 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.
3. This loan offers borrowers quick access to credit in order to help them meet any urgent credit needs.
4. Borrowers have to do only minimal paperwork to secure this type of loan.
5. The customers do not have to declare the expenditure of the funds received using this fast cash loan.
6. 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.
7. The customer does not have to offer any collateral or third-party guarantor as security to receive the funds under this loan.

1. 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.

Key Differences Between Instant and Normal Personal Loans

1. Loan Disbursal Time: Instant loans are disbursed within minutes, while personal loans take four days to five days.
2. Online Processing: Instant loans have an entirely online process, including approval, while personal loans involve manual verification.
3. Loan Amount: Personal loans offer larger amounts (up to Rs.25 lakh to Rs.30 lakh) compared to instant loans, which cater to immediate needs.
4. Hassle-free Process: Instant loans have a quicker and simpler application process than personal loans, which may require additional documentation.
5. Access to Information: Information about instant loans is readily available online, while details about personal loans are relatively limited.
6. Privacy Concerns: Instant loans offer enhanced privacy as all data is stored digitally, whereas personal loans may involve physical document submission, posing a risk of data breaches.
7. Paperwork: Instant loans involve no paperwork, unlike personal loans, which may require physical documents.
8. 24x7 Application and Support: Instant loans offer round-the-clock application and customer support, whereas personal loans are typically processed only on working days.

Impact of Instant Cash Loan on Credit Score

Contrary to common belief, a personal loan, when managed wisely, can not only help secure funds but also improve your credit score. By using a personal loan responsibly and ensuring timely payments, you demonstrate effective credit management, which can result in:

1. Increased Credit Score: Regular and punctual loan payments gradually elevate your credit score over time.
2. Improved Access to Future Credit: A well-managed personal loan can lead to a favourable credit score, enhancing your eligibility for other loan options with better terms and rates. However, personal loans can also negatively impact your credit score in certain scenarios:
3. Multiple Loan Inquiries: Each time you apply for a personal loan, lenders conduct a hard inquiry on your credit report, which, if excessive, can lower your credit score. 
4. Accumulating Debt: While personal loans can be used to consolidate existing debts into a single, lower-cost option, taking on additional debt without the means to repay it can have adverse effects on your credit score.

Ultimately, the impact of a personal loan on your credit score hinges on responsible usage. Defaulting on the loan or failure to make payments can significantly damage your credit history. Building and maintaining a good credit score requires consistent effort and time, with a personal loan serving as a tool rather than a quick fix for poor credit.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score