Instant Loans: Features, benefits and important points to note
Obtaining loans wasn't always as easy as it is today. In the olden days, obtaining a loan was quite an arduous process and people were often left with no option to turn to shady loan sharks to get some much-needed credit.
But that's in the past now. Getting a loan today is much more streamlined and simpler, and there are competitive plans that make you spoilt for choice when you want to borrow money.
There are times when an unexpected expense might crop up and we don't have the money to cover it. In those cases, an instant loan is a huge help. You can apply for them online and are processed and disbursed very quickly with minimal hassle.
We have already looked at the different types of instant loans and here, we'll be looking at features, benefits and important points to note about them.
Benefits of instant loans
Instant Disbursal: Today's instant loan disbursals are so quick that the money is almost in your bank by the time you can yell, “Show me the money!” When you need funding immediately, applying for an instant personal loan will get the funds disbursed to your account within minutes.
Paperless process: When applying for a personal loan, you need to submit the necessary paperwork before your loan request is processed. However, with an instant personal loan online, all the paperwork is virtual, and uploaded online. And once you're a pre-approved customer, that step too is done away with.
Collateral, or lack of it: Being an unsecured personal loan, there's no need to submit any collateral when you apply for an instant personal loan.
Flexible tenures: Most personal loan services these days offer flexible tenures for repayment, letting you can choose a tenure that suits you best. Of course, it'll still be subject to the lender's maximum loan repayment term.
Low processing time: When it comes to instant personal loans, the processing time is considerably lower than for regular loans.
Flexible amount: You can go for any loan amount of your choosing, provided it's within the minimum and maximum amount specified by the lender.
Attractive interest rates: With a good credit score, chances are that you'll get the loan at an highly affordable interest rate, thus lowering the overall cost of the loan.
‘What is the best instant loan?' - How to compare
It's important that you compare the loans offered by different lenders. Here are a some things you should consider when comparing instant personal loans:
Interest rate: The interest rate can affect the total cost of the loan. So, make sure you check the interest rate before applying.
Default penalty: Should you not repay the EMIs as per schedule, you may be charged with a penalty. It's important that you compare these default charges by different lenders.
Flexibile repayment: Go for an instant personal loan that offers repayment flexibility and allows you to make pre-payments or part-payment.
Processing fee: If you are charged a high processing fee, you will need to pay more for your loan.
Minimum and maximum amounts: Be sure to take the minimum and maximum loan amount offered into consideration. It shouldn't be less than what you need, after all.
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