Is It a Good Idea to Apply for Instant Personal Loans?
What do you do when you need urgent money in hand? Borrowing from a friend or family is the first thing that comes to our mind. Simultaneously, whether they will lend you the money is also a concern. What if we say you can borrow money instantly from a bank or any financial services for a period of time? Yes, an instant loan can be of aid to you at such times.
After all, you can’t be calling people every time during your emergency.
The word ‘Loan’ may seem a little daunting to you because of the high-interest rates and hefty documentation process. But currently, the loan world has a bigger picture! It is quick and has less paperwork. So, when you apply for an instant personal loan, all you have to do is fill in your details and amount, scan documents, and the loan amount will be in your account in a few minutes. Did you see how simple it is? You can now use this quick money for any of your emergency causes.
While all of this looks convenient, there are many people who have contradictory views about instant loans. Some find it risky, while some find it unreliable – but is that really so? Read our article to find out whether it is a good idea to apply for an instant personal loan online or not.
Advantages of Instant Personal Loans:
1) Easy to apply: We all are familiar with smartphones nowadays. It is easy to use and quite self-explanatory. The application for instant personal loans also takes place on these phones, which are user-friendly and makes it simple to apply for a loan instantly.
2) Less Processing Time: As said above, an instant loan application takes just a few minutes or hours to process. Everything is operated online, and the system is really quick because of Artificial Intelligence. In short, the loan is approved within a few clicks.
3) No collateral required: Personal loans are known as unsecured loans because it requires no security or collateral. For instance, if you take a home loan, your home is the collateral. So, if you fail to pay back the loan, your house is confiscated. This is not possible in the case of a personal loan.
4) Less Documentation: There is minimal paperwork involved when applying for an instant personal loan. You will have to scan a few KYC documents, which are verified by the loan provider.
The online personal loan system has the upper hand in comparison to the traditional loan method wherein the person has to go to the bank or lender again and again for doubts, paperwork and even for small work.
Situations That Prove Instant Personal Loans Are Better
- Financial Urgency: Do you want to pay medical bills or want to pay the university fee for your child? These financial emergencies come into everyone’s life. At this point, we all need funds. Instant loans can be our saviour here! Online loan systems have simple eligibility criteria, which decrease the chances of loan rejection. This proves instant personal loans to be the best during such urgencies.
- Payback Debt: Are you unable to pay the borrowed money taken from your friend? A personal loan can be helpful to you as it can clear your debt easily. For instance, if the lender asks you for money urgently, you can take an instant loan and pay back your debt on the same day. Repaying loans is comparatively better than paying the lender, as you can do it at your convenience.
- Manage Big Expenses: Is your sister or daughter getting married? Marriage in India is a grand affair that involves many guests, food and loads of shopping. With all of this comes massive expense, which is not everyone’s cup of tea. In this case, a personal loan can take care of everything right from the beginning of shopping to the mandap decoration. Like if you fall short of money while booking a hall or while doing any other things, then an instant loan can do it for you.
- Vacation Plans: For how long your kids and wife have been asking you for vacation? With increasing inflation, we understand how difficult it is to spend a chunk of money on a few-day trip. You surely don’t wish to return a bankrupt. How about taking a loan and paying in parts for the vacation? Sound like a nice idea! Now, you can book a family vacation as soon as possible without having to worry about the expenses, as you will get time to pay back the money monthly. Hurry, get an instant loan and surprise your family with an itinerary of their favourite destination.
- Improve CIBIL Score: A CIBIL score is of crucial value in the finance world. It is only on the basis of this score you get a secured loan, i.e., home loan, education loan, auto loan etc. It is of value in personal loans as well, but with online portals, you can get an instant personal loan online, even at a considerable low CIBIL score. Additionally, the personal loan can help increase this score if you keep paying the instalments correctly. In short, it shall boost your reputation in the money lending industry.
Personal loans can be a blessing if you take them in desired situations. It is definitely a good idea to opt for this finance option during a time of instant loan crisis. They can be your best friend! There is scope for research with instant personal loans as they are online, and all the information is readily available on the screen. There is no chance of a person fooling you with false policies. Plus, you can take the sum that you require, decide your repayment tenure and determine your monthly EMI as per your capability to pay. When you have such great things in hand – why go for something outdated that involves a lot of hassle? Go stress-free and take instant options instead.