The need of immediate money can arise anytime and you might need money for any purpose such as medical expenses, existing loan repayment, emergency at home, financial crisis, etc. And at such time when there is a dire need of money, you have to rely either on your personal savings or ask your relatives/friends. Although these are the best sources; but the quantum of money decides whether these sources would be sufficient enough to meet the requirement of emergency money requirement.
If these sources doesn’t help in meeting the urgent money requirement; personal loan is the best option. You can approach any bank (co-operative or commercial) and apply for the loan and get the money. But this is not that simple as it sounds; because banks especially commercial banks take into consideration multiple factors before approving the loan. The main objective is to prevent losses. The most common eligibility criteria include but not limited are:
- Credit score
- Loan amount required
So how to get instant personal or cash loan?
The answer is peer to peer lenders who provide short term money which are typically in small amount.
There are many peer to peer lending (P2PL) companies in India offering instant cash loans with few even approving within 1 hour.
Here’s the list of prominent peer to peer lending companies in India:
These companies can offer loan with amount as low as Rs. 5000. However there is a ceiling on the maximum loan amount. Check out difference between P2PL and banks.
But considering the fact that instant cash loans are best suited for people with no job or with poor or no credit history, the loan limit should not be a concern. Moreover when loan repayment is fully done on time, borrower can apply for another loan at a reduced interest rate compared to the previous loan. Read more about peer to peer lending.
How to apply to get instant cash loan?
Since the cash loans are made available on an urgent basis and serviced 24*7, the application process is much simpler at these online money lenders and takes just few steps:
- Online registration by the short term loan applicant on the website of the P2PL. Details to be entered are personal, employment and financial.
- Uploading documents as listed below on the website/via E-mail/handing the same to the P2PL’s executive
- Once details are verified the money is transferred directly to the bank account of the applicant. You will notification from the P2PL
Documents required are:
- Proof of government issued ID proof (Aadhaar/PAN/Passport/Voter-ID) & address proof
- Income and employment proof
- Bank statement
Benefits of getting instant cash loan:
- Rates of interest are very less and some even charge on a per day basis. For e.g. Moneyinminutes.in charges between 0.1%-1% interest per day. Although the rates, tenure and loan amount varies with each lending company.
- Next time you apply for a loan again, the interest rates offered are normally low.
- No processing and prepayment penalty charges.
- Loan term can be less than 3 months as well
Above listed features or benefits are not possible in case of commercial or co-operative banks. This is the reason why the concept of peer to peer lending is growing in India. Loans from such companies are worth recommended due to flexibility in tenure and simpler documentation and eligibility criteria.