Instant Loan-Related FAQs That May Help You

In today's fast-paced world, when unexpected expenses show up, waiting for a traditional loan approval may not be an option. That's where instant loans come in handy. With just a few taps on your phone, you can apply for and receive funds in minutes. But before you jump in, here are some FAQs about instant loans to help you understand them better and make wiser financial choices.

Who Will Give Me an Instant Loan?

Visit NBFCs, or non-banking financial companies, and fintech platforms, as they offer these loans through apps or websites.

Can I Apply For Instant Loans? 

Yes, you can if you are an 18+ Indian citizen with a minimum credit score, a steady income, and a bank account. 

How Easy Is It To Get Instant Loans? 

It is super easy to avail of an instant loan because these are paperless. You can do everything through your mobile phone with merely a few taps, making it suitable for emergencies.

How Do I Apply For An Instant Loan?

You must have a bank account and documents such as your PAN, Aadhaar Card, or other valid ID proofs for the e-KYC procedure. Once you complete the e-KYC procedure, you receive approval and the loan amount in your bank account. 

When Can I Expect The Loan Amount In My Bank Account? 

After approval, it will take a few minutes to transfer your loan amount to your bank account. 

What Are Pre-Approved Instant Loans? 

There are instantly available personal loans for selected users with a good credit score. 

Can I Enjoy Any Benefits If I Avail Pre-Approved Instant Loans?

Of course! Pre-approved instant loans offer several benefits, including a quick, hassle-free procedure with less paperwork for an instant disbursement of the loan amount.

Can I Get An Instant Loan With A Poor Credit Score?

If you have a poor credit score, it is challenging enough to get an instant loan. However, if you offer collateral, there's a higher chance of your loan getting approved. In that case, your interest may go up with shorter repayment terms.

Can I prepay the loan early?

Yes, you can because most lending institutions allow prepayment. However, they charge a small fee. Check the loan agreement to understand its terms and conditions. In case there's no penalty, it's better to close the loan early and save on interest. 

Instant loans can be a lifesaver in emergencies. It is better to understand the terms and conditions of the loans to develop a good understanding of what you are signing up for. The FAQs will prepare you better to use instant loans to your advantage. Check them carefully and avoid a debt trap.