Whether you are a breadwinner for your family or just for yourself, you know the importance of managing money. If done properly, it can result in controlled expenditure and ample left for you to save or invest further. But sometimes even after proper planning and managing money, there comes a time where you have to spend more than you have saved. In uncertain times as such, any emergency may occur that could burn a hole in your pocket. It may be a medical emergency, paying your credit card bills before you get a penalty or any personal expense that you just can’t pay only from your monthly salary. At such times taking a personal loan might be a great idea. But now the question arises – from where or whom do I take a personal loan? Lending money from friends or relatives is an option but we all know how that goes. Apart from that if you turn to a bank with a personal loan emergency, it may take a lot of time and effort. So how do you arrange the money to meet your needs? Well, there is a solution – Instant loan apps.
We are well ahead of the stone age era, but still, people are stuck to their old ways when there are much better alternatives available. On top of that, the whole world has gone digital, opening space for new opportunities. Even the banks and the payment systems have been digitized. The same goes in case you want to take out a personal or even a business loan online. It’s all available on your tiny screens, accessible in just a few clicks. As we mentioned earlier, the most convenient option to take out an instant loan would be to use an instant personal loan application. All you need to do is register on the app and then complete your KYC by uploading the necessary documents. The eligibility criteria for taking out a loan is that you must be a salaried employee (which we hope you are) or have a monthly source of income, above 21 years of age and a resident of India. You can take out a loan after the documents are confirmed.
The simpler things get, the more we tend to not be careful about it. While taking out a personal loan from any immediate loan app, remember to consider factors such as tenure, total interest rate, applicable GST, processing fees, APR (Annual Percentage Rate), and EMI. Also, note that APR differs for everyone depending on their risk category. There are 3 types of risk profiles of the customer. The higher the risk, the higher will be the APR. Always remember to carry out the EMI on time, delay in those payments will result in a penalty.
Using these apps you can take out a loan in no time. The money will be directly transferred to your bank account without you even needing to get up from your couch.
