Top 8 Instant Personal Loans Online in 2020 – A Quick List
Financial emergencies have become an unavoidable part of the modern-day lifestyle. Whether it’s a medical emergency that you need to take care of, or a lifestyle purchase, or refinancing your high-interest Credit Card debt, you can opt for an Instant Personal loan to meet your urgent cash requirements.
These Instant Personal Loans allow you to access cash during emergency readily. As the time taken to process the application is very less, Instant Personal Loans are ideal for emergencies. This is the major reason behind the rising popularity of instant personal loans where you can readily avail the required amount through your smartphone or laptop. To cater to increasing demand for instant loans, several instant Personal Loan providers in the market are offering loans at affordable interest rates.
There are two major factors to be considered while opting for the best Instant Personal Loan. The first and foremost is the rate of interest offered against the loan, and the other is identifying a suitable lender for your instant loan requirements.
It is pertinent to mention here that an Instant Loan can be of great help but at the same time can cause financial issues, if not opted wisely. Selecting a wrong lender can impact your monthly financials, as instant Personal Loans usually have higher interest rates as compared to regular Personal Loans. So, exercising due diligence can help you not only save some money on the interest cost but can also prevent you from any risks that may arise in the future.
As there are many lenders in the instant personal loan market currently, you might be confused regarding the best options available.
Here is a list of the top instant Personal Loans of 2020 for your perusal:
1. Money View Personal Loan
MoneyView is one of the best instant Personal Loans lender offering instant loans ranging from Rs 10,000 to Rs. 5 Lakh with a flexible repayment tenor of up to 5 years. The interest rate on Money View Personal Loan ranges between 1.33% to 2.0% per month depending on the loan amount. The eligibility of the applicant is decided within 2 minutes, and the loan disbursal is done within 2 hours. This platform offers Instant Personal Loans to both salaried and self-employed individuals.
2. MoneyTap Personal Loan
MoneyTap is one of the leading lenders offering quick and hassle-free Personal Loans up to Rs 5 Lakh for both salaried and self-employed individuals. The interest rate offered on MoneyTap Personal Loan ranges between 13% to 18% per annum. The maximum repayment tenor offered by MoneyTap ranges between 2 to 36 months. The approval and disbursal process is completed within a few minutes. The processing fee charged for Instant Personal Loans starts from Rs 199 and can go up to 2% of the loan amount plus applicable taxes depending on the loan amount.
3. PaySense Personal Loan
PaySense is an online lender that offers quick and hassle-free instant loan ranging from Rs 5,000 to Rs 2 Lakh with a maximum repayment tenor of 2 years. The interest rate offered by PaySense starts from as low as 1.4% per month, and the processing fee can go up to 2.5% of the loan amount plus applicable taxes. The loan application and disbursal are quick and hassle-free with minimal and easy doorstep documentation. Both salaried and self-employed individuals can make use of this platform.
4. KreditBee Personal Loan
KreditBee is a web and app-based lender that offers Instant Personal Loans ranging from Rs 1,000 to Rs 1 Lakh for both salaried and self-employed applicants. The application process is completely online, and upon approval, the loan amount is directly credited to your bank account within 10 minutes. The interest rates for microloans (with maximum repayment tenor of 30 days), is flat 2.5% of the loan amount, while for MicroLoan Advance and Salary Advance, & other types of instant Personal Loans, it is 24% per annum.
5. Credy Personal Loan
Credy is an online platform offering Instant Personal Loans of up to Rs 1 Lakh to salaried and self-employed individuals with a maximum repayment tenor of up to 12 months. Credy offers attractive interest rates on instant Personal Loans starting from 1% per month. The approval process for these loans is quick and just takes 1 minute; however, the disbursal of funds may take up to 24 hours.
6. Early Salary Personal Loan
Early Salary offers instant Personal Loans to self-employed and salaried individuals ranging from Rs 5000 to Rs 2 Lakh. Borrowers can choose flexible repayment tenor between 3-6 months. Early salary offers attractive interest rates starting from 2.5% per month. The loan approval and disbursal process usually takes up to 24 hours. They offer a variety of loans, including Shopping Loans and Travel Loans.
7. LazyPay Personal Loan
LazyPay is a web-based mobile application that offers instant Personal Loans of up to Rs 1 Lakh with flexible repayment tenor ranging between 3-24 months. The interest rates for LazyPay Instant Personal Loan ranges between 15% to 32% per annum with a processing fee of up to 2% of the loan amount. LazyPay offers quick and hassle-free loan application process with minimum documentation. There are no hidden charges involved with LazyPay instant Personal Loans.
8. Money in Minutes Personal Loan
This is a digital platform for lending instant Personal Loan ranging from Rs 3,500 to Rs 1 Lakh with a flexible repayment tenor ranging between 1 month to 6 months. The approval and disbursal of the instant Personal Loans at Money in Minutes are done within 5 minutes, akin to its name. The interest rate is charged on a daily basis and ranges from 0.1% to 0.7% per day. Both salaried and self-employed individuals can make use of this platform to meet their short-term financial requirements.
Now that you have a better idea about the best Instant Loans available in 2019 make sure to opt for the right one. It is recommended to plan the repayment of the loan amount before actually availing the facility and make sure you choose a lender that offers best interest rates. Thus, EMI repayments would not affect your monthly financials.
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