A Quick Guide on Immediate Cash Loans in India

Life takes numerous turns. While most of the times, we are able to predict these pressing times, there can be instances where we are taken aback. In some case, we might even face certain financial needs which must be met on an urgent basis.

While we all have some savings set aside for such times, if the savings aren’t enough, we are bound to look for outside help. Thankfully for us all, we are no longer dependent on the notoriously lengthy and cumbersome process of visiting banks and submitting endless documents while seeking a loan. We can now avail of any financial assistance with incredible ease and apply for immediate cash loans in India.

Let us take a quick look at what are Immediate Cash Loans, and how can you apply for the same.

What is an Immediate Cash Loan?

As the name suggests, it is an Instant Cash Loan, which is essentially a Personal Loan that can be availed within a span of 24 hours of applying for the required amount. Not only is this type of loan highly accessible, but it also ensures quick disbursal of the loan amount, making it much easier to deal with emergencies. Yet another aspect which makes this loan incredibly popular is that the process of approval for such a loan isn’t dependent on their credit history, which is often a hindrance when a borrower is on the lookout for a conventional loan.

An immediate cash loan is usually offered by online lending platforms such as CASHe, Money Tap, Lazy Pay, and Early Salary, amongst others. These platforms can be accessed either through their official website or their mobile applications.

Reasons for the Popularity of Immediate Cash Loans

Below mentioned are certain aspects which have resulted in the prompt admiration of Immediate Cash Loans amongst the youth.

Same Day Disbursal

Owing to the fact that there are no formalities or paperwork involved in instant loans, an applicant can get the loan processed and disbursed on the same day, which is a great relief considering the amount of time it takes for a conventional loan to get processed.

Online Application

More often than not, an immediate loan is required in case of an emergency, which may leave the applicant with no time to physically visit a bank and formally apply for a loan. Instant Cash Loans take care of this problem by allowing an online application, right from the comfort of one’s home or workplace. Not only can the application be made through the easily accessible mobile app or website, but can also be completed within a matter of few minutes, making it fairly quick and simple.

Open-Ended Use

Immediate cash loans can be used for any purpose as the borrower deems fit, without the need to disclose the same to the lending platform.

Unsecured Loan

The borrower does not need to offer any collateral in exchange for the loan amount. This makes it more convenient for borrowers who do not have the necessary assets to pledge against the loan amount. Albeit, this unsecured nature of the loan also makes it more expensive as compared to conventional secured loans.

Short Term Loan

Unlike regular Personal Loans, which ought to be repaid in a span of 12 to 60 years, immediate cash loans can be paid off in as little as 1 to 12 months, depending on the loan amount as well as the EMI chosen by the borrower, as per their convenience.

Improved Credit Score

While getting approved for immediate cash loans does not require the borrower to have a high credit score, but procuring such a loan and paying it off in a timely manner can help the borrower improve their score. This can significantly help the said borrower to prove their eligibility for other conventional loans from commercial banks in the future.

Eligibility Criteria for Immediate Cash Loans

In order to apply and get approved for an immediate cash loan such as CASHe Personal Loan, you must fulfil the following criteria:

• You must be a resident Indian.
• You must be between 21 and 55 years of age. In some cases, however, the upper age limit maybe 60 years, depending on the guidelines of the specific lender.
• You must enjoy a minimum monthly income of Rs. 20,000.

Documents Required for Immediate Cash Loans

In order to prove your eligibility for an immediate cash loan, you must be able to furnish:

• PAN Card
• Aadhaar Card
• Address Proof
• Bank Statement (last six months)
• Salary Slips (last 3 months)

Additionally, the lender might ask you to provide the name of your employer or the organisation you work for, your official email ID, as well as the details of your income. 

How to Get Immediate Cash Loan?

If you wish to get an immediate cash loan such as mPokket Personal Loan, all you need to do is follow these simple steps:

1. Simply log on to the official website of the lender, or download their mobile application on your phone and register yourself.
2. Next, you will be asked to fill a quick application form with your personal details.
3. The lending platform will now quickly analyse your details, and inform you about your pre-approved loan limit.
4. At this point, the lender will check whether you are a verified customer. If not, they will arrange for your KYC verification.
5. After your verification is taken care of, you can opt for any amount of loan that is equal to or within your pre-approved limit.
6. Once you choose the required loan amount, you will be offered with options pertaining to your repayment instalments and the method of repayment. You can choose from the available options as per your convenience.
7. You will then be offered with a few repayment options to choose from based on your preferences.
8. With everything set, you will receive the required loan amount in your bank account within a matter of a few hours.

We hope that you now know how easy it is to obtain an immediate cash loan. That being said, you should only apply for such a loan as the last resort to meet your financial obligations. After all, no matter how convenient a loan option is, it will still put you in debt, and you are required to shell out a significantly high interest. Then again, the platforms may charge you with a processing fee and additional charges. You must always analyse the consequence of opting for an instant loan, and only go ahead if the costs of the same, seem worthy enough!

Also Read: How to Avail Small Cash Loans Instantly This Festive Season

To apply online forBest Credit Cards in India, Secured Loans and Unsecured Loans, visit MyMoneyMantra, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.