You may have come across the term Instant Personal Loan before and wondered what the fuss is all about. Well, we are here to give you a quick overview of the not-so-new but increasingly popular financial service – the Instant Personal Loan.
What are Instant Personal Loans?
There are many varieties and flavours of loans out there, ranging from student loans to long-term home loans to small business loans. An Instant Personal Loan is a type of personal loan that is approved and disbursed in a short period of time. These tend to be short-term loans that can be repaid within anywhere from a few months to a year.
Instant personal loans are focused on speed and efficiency. They can be given by banking or non-banking financial lenders, who have created more lenient lending terms and special approval processes for this particular loan type. These processes are often carried out through the organisation itself or via third-party personal loan apps. This helps speed the process along, making applying, receiving, and repaying a loan easier, quicker, and less stressful.
Since instant personal loans are approved and sent to your bank accounts within days, it gives you quick access to money. This makes them ideal for fulfilling short-term, low-risk, or unforeseen financial needs. With its convenient and hassle-free process, it is no wonder that the popularity of instant personal loans has grown rapidly over the past few years and will continue to do so in the future.
How Do Instant Personal Loans Work?
When it comes to Instant Personal Loans, the usual complicated and lengthy loan procedure is avoided. Most financial lenders have a simple and straightforward method. It begins with an online application process that can be carried out from the comfort of your home. Such applications are either web-based or through a personal loan app. They review your eligibility criteria, secure minimal documentation, and gather the necessary information.
CASHe is one such personal loan app. To make this experience even simpler, we do things a little differently. We use our proprietary Artificial Intelligence algorithm called the Social Loan Quotient (SLQ). SLQ uses Big Data Analytics and AI to assess your information and digital footprint to determine your creditworthiness. Since SLQ goes beyond traditional credit scoring systems, even individuals without prior financial history can succeed in getting a quick loan.
The amount of money one can loan is decided by the financial institution. For instance, CASHe loans vary from Rs 1,000 to Rs 4 lakhs. Once your application is submitted, it is approved and the money is sent to your bank account. The complete instant personal loan process typically only takes a few days. It is truly as easy as it sounds.
What Are The Advantages of Instant Personal loans?
Besides having a speedy application and approval process, there are many advantages of instant personal loans. First, as these are unsecured, short-term loans, they do not require any collateral. This means you do not risk putting your property, vehicle, or other assets as security for the loan.
Second, there are no restrictions on the usage of your funds. As a lender, we have no say in what the loan is to be used for, giving you complete freedom. This allows you to use the instant personal loan for everything from a much needed holiday for your family to a smartphone purchase to a long-overdue home renovation. It is your money and you get to decide how you wish to spend it.
The last but equally important advantage of instant personal loans is having flexible loan tenors. Loan tenor refers to the time you take to repay the loan. With us, you get to choose this duration depending on your repayment capacity. This gives you more say in the repayment process as compared to a traditional loan.
Thus, Instant personal loans are a safe, simple, and straightforward way to get a flexible loan, fulfil your immediate financial needs, and improve your credit.
Have more questions? Contact us today and let us help you figure out your next steps!
