Anyone can have a financial emergency. We all try and save to meet such emergencies. However, sometimes you are required to seek loans to meet these emergencies.
Instant cash loans from Lend For All are a great way to meet these contingencies as they offer loans starting from Rs. 1000 up to Rs.1 lakh instantly. The interest rates may be a bit on the higher side since the loans are processed quickly with minimal documentation. The current interest rates range between 1.50% to 2.5% per month. You can get a better interest rate if you have a healthy credit score.
What are instant loans?
Instant loans or payday loans are unsecured loans offered for short to medium terms to meet immediate liquidity needs.
These loans are primarily available for salaried individuals. These loans can be used for any end-use like medical emergency, wedding expenses, vacation plans, pursuing an education course, purchasing a smartphone, laptop, other gadgets, etc.,
Features and Benefits of Instant Cash Loans
- Easy Application Process – Most instant loans are applied online. You just have to enter your name, phone number and PAN card. Your information is pulled up from an existing database. You usually do not have to submit extensive documentation.
- Instant Approval And Disbursal – As the name suggests, the loan application and approval process are instant. The entire loan process takes less than 30 minutes. The loan amount is also credited to your account within minutes of approval. This allows you to access the much-needed cash immediately.
- Highly Customizable Loans – Instant loans are highly customizable to meet your needs. You can choose the loan amount and loan repayment tenure.
- Competitive Interest Rates – The interest rates on instant loans are on par with personal loans. They range anywhere between 12 – 24% per annum. If you have a good credit score, you can definitely get a lower interest rate.
- Repayment Tenures – The repayment tenure on instant cash loans ranges between 3 months to 1 year. As mentioned above, these are short term loans and have to be repaid within 1 year. But as always, this is solely dependent on the bank and some of them offer repayment tenures up to 5 years.
- Use Only The Amount You Need – Instant loans allow you to use them like an overdraft facility. You can use only the amount you need and pay interest on them only. This gives you increased flexibility on using the loan and also reduces the interest burden.