All You Need to Know About Instant Cash Loan

Instant cash loans, fast loans, or immediate loans are personal loans provided to meet unforeseen expenses or fund your dreams. They can help cover big expenses like weddings, medical emergencies, business needs, foreign visits, or home renovations. 

They are typically unsecured online loans, and as the name suggests, they are approved quickly. The lending bank will check your credit score, credit history, employment status, and income before approving immediate loans.

Benefits of Instant Cash Loans

Instant cash loans offer a host of benefits over their offline counterparts.

• Instant approval: The approval process is quick since your documents are verified online.
• Quick loan disbursal: The loan amount will be transferred to your bank account within minutes or up to 24 hours from approval.
• No collateral: These fast loans are unsecured and, therefore, do not require collateral.
• Minimal documentation: You must submit the usual identification, address, and income proofs.
• Convenience: The entire process of quick online loans is, well, online. Hence, you save time and the effort of physically visiting the bank. 

Eligibility Criteria

With every loan, there are eligibility criteria. You must meet these requirements to qualify for instant online loans:

• The applicant must be at least 21 years old.
• They must be employed (must possess a stable monthly income) or self-employed (must have audited balance sheets).
• They must have at least one year of work experience.
• They must have a CIBIL score of about 750. Some lenders will approve your fast loans application even if you have a CIBIL score of 700.

Documents Needed

You must produce the following documents along with your application form.

• Proof of Identity: PAN Card, Aadhaar Card, or Driving Licence
• Proof of Residence: Passport or Utility Bills (electricity, water, or gas)
• Proof of Income: Bank statements (for salaried persons). Audited balance sheets and ITR filing (for self-employed individuals)
• Proof of Employment: Work experience certificate from your employer showing at least one year of experience.

Application and Approval Procedure

1. Research the lenders, their interest rates, and tenures and shortlist your preferred immediate loans lender.
2. Visit the lender’s website and complete the application form with all the details.
3. Attach the requisite documents and submit your application for approval.
4. The lender will verify the details in your application form and attached documents.
5. Upon successful verification, your loan application will be approved. The lender will send an email to confirm this.
6. The loan amount will be transferred to your bank account—usually within 24 hours.

Conclusion

An instant cash loan can be your preferred option to fund big-ticket or emergency expenses. Online applications and the lack of collateral make fast loans convenient.

All loans eventually must be repaid. So, plan your monthly finances well before availing of an online loan in the spur of the moment. Always remember to thoroughly research the lenders and ensure you choose wisely.