• Best Quick Loans Online 2022

    Quick loans are loan products designed to take care of your short-term financial difficulties. As the name implies, these loans are disbursed quickly within hours of application. These loans typically have very minimal documentation, and the process is mostly performed online.

    There are many lenders that offer quick loans in the country. Customers can check out these loans and apply online to get the best deal. The terms and conditions of these loans vary significantly from one another. Let’s check out some of the popular loan products available in the market and their terms.

    1. Nira Finance

    Nira Finance is one of the renowned firms in the quick loan industry. The loan can be applied online and approval is typically provided within a few hours.

    Interest Rate
    Minimum Loan Amount
    Maximum Loan Amount
    2.0% p.m. to 3.0% p.m., or
    24% p.a. to 36% p.a.
    Rs.1 lakh


    • Loan approval even for individuals without CIBIL score
    • Loan disbursal within just 3 minutes of application
    • Paperless loan processing and approval

    2. Loan Circle

    This company promises to look beyond the conventional credit scores while providing loans to the customers. It uses a data-driven model to identify high quality customers and provide services to them at affordable rates.

    Interest Rate
    Minimum Loan Amount
    Maximum Loan Amount
    Loan Circle
    Starts from 8%
    Rs.1 crore


    • Flexible repayment tenure based on customer’s choice
    • Loan disbursal within a maximum of 48 hours
    • 100% online process without any paperwork

    3. Quikk Loan

    Quikk Loan offers personal loans to customers with flexible terms and conditions. Customers can choose from the range of choices associated with repayment terms, loan amount, etc. The interest rate is fixed based on the customer’s profile and chosen loan amount.

    Interest Rate
    Minimum Loan Amount
    Maximum Loan Amount
    Quikk Loan
    Starts from 10.45%
    Rs.25 lakh


    • Easy online application process
    • Flexible repayment tenure
    • Simple documentation and approval process

    4. Eborrow

    This company is ideal for getting a low amount of cash during an emergency situation. It is ideal for entry-level employees looking for short-term cash to take care of emergency needs.

    Interest Rate
    Minimum Loan Amount
    Maximum Loan Amount
    36% p.a.


    • Customer’s choice of repayment in one or two monthly instalments
    • Easy documentation and approval process
    • Instant loan disbursal within a day

    5. MoneyTap

    You can avail a loan from MoneyTap where you will be charged interest only on the amount used by you. A credit limit will be allotted for you where you can choose the amount you wish to use based on your requirement.

    Interest Rate
    Minimum Loan Amount
    Maximum Loan Amount
    1.08% p.m.
    Rs.5 lakh


    • Instant approval of loan.
    • Pay interest only on the amount borrowed from your credit limit.
    • Get a complimentary MoneyTap-RBL Credit Card on availing a loan from MoneyTap.


    It is one of the fastest loan disbursing platforms in India where one can avail a loan in minutes by using the KreditBee app to take care of any immediate cash crunch.

    Interest Rate
    Minimum Loan Amount
    Maximum Loan Amount
    0% p.m. - 2.49% p.m.
    Rs.2 lakh


    • Use the KreditBee EMIs to shop on e-commerce website.
    • Online application process.
    • Tenure ranging between 62 days and 15 months.

    Features and Benefits of Quick Personal Loan

    • Most of the quick loan providers charge processing fees on their loans. It could range from 1% to 5% depending upon the company and the loan amount.
    • Most quick loan lenders allow foreclosure of the outstanding loan amount in exchange for a nominal charge. There are also lenders in the market that do not charge any foreclosure fees from their customers.
    • One of the notable features of quick loans is the speed at which the loan amount is disbursed. Lenders typically have very minimal documentation when it comes to quick loans. This allows them to disburse these loans within a matter of hours. There are also lenders who promise loan disbursal within a few minutes even to new customers.
    • Many quick loan providers offer insurance coverage to customers against the loan amount borrowed. If something happens to the customer during the loan tenure, this insurance will help these companies recover their dues.

    How to Apply for Quick Loans?

    The online application process for quick loans is very simple. The following steps provide information about the process involved in applying for a new loan:

    • An account must be created in the official website of the lender before you can register for a loan. Here, you need to provide your personal details, employment details, previous credit details, and income details. The supporting documents for this information must also be uploaded.
    • The lender will check the information provided and verify the supporting documents. This process is typically quick and will not affect the speed of loan disbursal in most companies.
    • If you meet the eligibility criteria, the lender will disburse the loan amount to you immediately. Once the loan amount is credited in your bank account, you can use it for anything you wish.

    Before you apply for a loan, you need to do some research on the different types of products available in the market. This will help you get an idea about the interest rates in the market. Through careful research, you can choose the right product that meets your expectations.

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    Eligibility Criteria for quick Loans

    • Most companies offer quick loans for eligible individuals over the age of 23 years. However, the age requirement is likely to differ significantly from one company to another. Some companies have set the minimum age requirement at 25 years.
    • The applicant must be employed at the time of applying for the loan. Some lenders provide loans only to individuals who have been employed for a specific period.
    • Most lenders have also set income criteria for individuals to qualify for a quick loan. The monthly income of the applicant must be higher than the threshold set by the companies. During the application process, individuals must provide their latest salary slips to prove their declared income.
    • The credit repayment history of the applicant must be good. If the applicant has defaulted on loans before, it will be difficult to qualify for a quick loan.
    • The applicant must be a resident of India.

    Documents Required to avail quick loans

    • Identify proof (PAN card, Aadhar, Voter’s ID, Passport, driving license, etc.)
    • Address proof (Aadhar, voter’s ID, Passport, driving license, utility bill, rental agreement, etc.)
    • Payslips (Up to 6 months)
    • Bank statement (Up to 6 months)
    • Employment proof (employee ID card)
    • Income tax returns (for self-employed applicants)
    • Signature proof (specimen signatures)
    • Passport size photographs (3 to 5 nos.)

    Things to Note before Taking a Quick Loan

    Quick loans come with a lot of benefits. However, they also come with a few limitations. You must consider the following things before you apply for a quick loan:

    • The interest rates (annual percentage rate) for quick loans are much higher than other traditional loans. Though these loans are quick and easy to get, you have to shell out a lot of money for interest charges.
    • When you are searching for a quick loan, make sure that you get a loan from a lender that has a good service record. There could be shady, uncertified lenders operating in the market. Make sure that you do not fall for a scam.
    • Watch out for any hidden charges associated with these loans. You need to read the loan document carefully and enquire with the company about the charges and fees involved in getting a loan.
    • When you take a quick loan, make sure that the amount is within your repayment capacity. If you default on these loans, the late fees and other charges are significantly higher than other conventional loans. You must ensure that you do not fall into a debt trap which is difficult to escape.

    FAQs on Quick Loans Online

    1. Is it possible for self-employed people to get quick loans?
    2. There are some companies in the market that offer quick loans to self-employed people. These companies use the income tax returns of applicants to assess their creditworthiness and repayment ability.

    3. Do I have to provide any collateral for quick loans?
    4. No. There is no need to provide any collateral for quick loans.

    5. How can I apply for a quick loan?
    6. Most of the lenders in the market provide their service through online means. You can visit the websites of these lenders and apply online. If there is a branch office near your residence, you may also visit these companies directly to apply for a loan.

    7. How do I check the EMI of a loan before taking it?
    8. Lenders have an EMI calculator for customers to calculate their EMI amount. You must provide various details like loan amount, tenure, and interest rate to calculate the EMI for the desired loan amount.

    9. Is it necessary to provide information to the company on how I am spending the money?
    10. No. There is no need to inform the company about how you are spending the money. You may use it for any emergency cash requirements.

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