Immediate Cash Loans - An Intro

A financial emergency can come at any time. Banks and financial institutions are available to cater to your business requirements. However, the sanctioning of bank loans can take time and involve tedious documentation procedures. It might not be the ideal option available to you when you need immediate cash on the same day. Thanks to the evolution of the financial sector in India, you have access to mobile phone apps that can help you to get immediate cash loans.

What are Immediate Cash Loans?

As the name suggests, Immediate Cash Loans are short-term unsecured Personal Loans that are available immediately on demand. Usually, the funds are credited to your account within a couple of hours of applying for financial assistance. The advantage of such Immediate Cash Loans is that the disbursal is quicker as compared to the Personal Loan options provided by various banks and non-banking financial companies (NBFCs).

Immediate Cash Loans - Features

  • Instant credit: Usually, the applicant gets the funds into their account on the same day. Such types of loans do not incur much documentation or other formalities.
  • Ease of application: One can apply for the Immediate Cash Loans using a mobile app. There is no need to fill up long application forms or visit the bank.
  • No collateral: The Immediate Cash Loans are short-term unsecured loans that do not require any collateral.
  • No disclosure of purpose: One does not have to disclose the purpose of the loan. It can be to meet all kinds of emergencies such as medical exigency, vacation trips, home renovation, and much more.

Immediate Cash Loans - Eligibility Criteria

The eligibility criteria depend on the institution you choose to avail your Immediate Cash Loan. Generally, one should satisfy the following eligibility criteria:

  • The applicant must be in the range of 21 to 55 years of age
  • Indian residents can alone apply for these loans
  • The minimum monthly income should be approximately 20,000

However, the individual eligibility criteria can be different from one institution to the other.

Immediate Cash Loans - Documents Required

The submission of the following documents is essential for the processing of Immediate Cash Loans:

  • KYC documents like Aadhaar Card, PAN Card, and other documents to prove your identity and address.
  • Salary slips for the previous 6 months if you are a salaried individual
  • Bank account statement for the last 6 months

Immediate Cash Loans - Benefits

  • Quick disbursal: The Immediate Cash Loan disbursal takes place within a couple of hours. Thus, you get immediate financial assistance in an emergency.
  • Minimum documentation: Apart from the KYC and income proof documents, these loans do not require and additional information. One can upload these documents on the app and avail the loan.
  • Easy to calculate EMIs: The mobile apps facilitating Immediate Cash Loans feature easy-to-use EMI calculators online. Enter the loan amount and income to get the equated monthly instalment (EMI) instantly.
  • Short-term commitments: The Immediate Cash Loans are for short periods, not exceeding 3 months. Hence, you do not have any long-term commitment.

Immediate Cash Loans - Drawbacks

  • A high rate of interest: since you get access to quick cash without much documentation, the rates of interest on these loans is high.
  • Non-certified lenders: Many non-certified lenders are available on the internet to entice people to apply for immediate cash loans. One should be careful of such lenders.
  • High EMIs: Usually, the Immediate Cash Loans are for a maximum of three months. Hence, you should be ready to repay with high EMIs.

Immediate Cash Loans - Points to Consider

  • Nowadays, Immediate Cash Loans are easy to get. However, one should be careful not to fall into a debt trap. Applying for Immediate Cash Loans frequently can also impact your credit score.
  • These Immediate Cash Loans can come with a hefty processing fee. The high rates of interest, along with the processing fee, can make these loans an expensive affair. There could also be pre-payment penalties. Therefore, it is better to read the terms and conditions before proceeding to avail these loans.
  • Immediate Cash Loans are ideal in an emergency. However, there could be better options, such as taking a gold loan by pledging gold with a bank.

Immediate Cash Loan Options in India - Comparison

Today, you have various NBFCs engaged in the business of providing instant cash loans.

We shall compare the features of some Immediate Cash Loan products:

Name of Product Features

MoneyTap

  • The minimum loan is 3,000, and the maximum is 5 Lakhs
  • Flexible repayment tenure between 2 to 36 months
  • Instant money transfer into your account
  • Interest charged only on the amount you use
  • Use the funds as a Personal Loan or a Credit Card
  • Instant top up on repayment of EMI

Indiabulls Dhani

  • Instant disbursal from 1,000 to 15 Lakhs
  • The only requirement is the PAN Card and address proof
  • Rate of interest starts from 11.99% p.a.
  • No prepayment penalty for loans up to 20,000
  • Easy application procedure
  • On approval, get money in your account instantly

PaySense

  • An instant Personal Loan from 5,000 to 5 Lakhs
  • Quick disbursal and credit to your savings account
  • Doorstep collection of documents
  • Flexible repayment options like auto-debit features
  • Repayment tenures from 3 to 24 months
  • One-time documentation process
  • Available to people who do not have any credit score

KreditBee

  • Personal Loans starting from 1,000 to 1 Lakh
  • 100% online process
  • Minimum documentation and fastest disbursal within 15 minutes
  • Targets salaried individuals with a minimum salary of 15,000
  • Check your eligibility and apply through a mobile app

NIRA

  • Maximum loan up to 1 Lakh within 3 minutes
  • Easy application process
  • Pay interest only on the amounts you use even if you qualify for a higher amount.
  • New borrowers welcome
  • If you have a CIBIL score, a minimum score of 681 should be enough for processing your loan.
  • Easy repayment options like auto-debit
  • Partnership with Federal Bank

Credy

  • Instant Personal Loans for amounts up to 1 Lakh
  • Repayment tenure between 3 and 12 months
  • Rates starting from 12% per annum
  • Money into the savings account within 24 hours
  • Low CIBIL score allowed
  • Instant approval in 1 minute

Bajaj Finserv

  • Quick disbursal within 24 hours
  • The maximum loan amount permissible is 25 Lakhs
  • Flexible repayment tenure ranging from 12 to 60 months
  • A flexible Personal Loan where you pay interest on the amount you use
  • Instant approval within 5 minutes
  • Minimum documentation
  • Collateral free

LazyPay

  • Instant Credit limit up to 1 Lakh
  • Direct credit to your bank account
  • The minimum loan amount is 10,000
  • Pay interest only on loan you avail
  • Flexible repayment tenure of 3 to 24 months

AnyTime Loan

  • The minimum loan amount is 1,000 with the maximum being 10 Lakhs.
  • The repayment period is between 1 day to 3 years
  • 100% unsecured loans
  • Peer to Peer Loan facility
  • Rate of interest starts 0.05% per day
  • Average loan disbursement time is 4 minutes

Money View

  • Instant loan up to 5 Lakhs
  • 100% online process
  • Quick disbursal within 2 hours
  • Rate of interest is 10.99% p.a.
  • Minimum paperwork

CASHe

  • Instant Personal Loan app for loan amounts ranging from 10,000 to 2 Lakhs.
  • Repayment tenure from 15 to 180 days
  • Minimum documentation
  • The primary target is salaried employees

SmartCoin

  • Mobile-based app for instant lending
  • Quick cash without any collateral
  • 100% digital, as the loan application is through the smartphone
  • Sanction within minutes
  • Uploading of few documents online
  • Disbursal directly into your savings account within 2 hours
  • Repeat loans disbursal within minutes

EarlySalary

  • Instant loan facility for salaried persons alone
  • Minimum salary should be 18,000
  • The maximum loan is for 2 Lakhs
  • The repayment tenure is 1 to 12 months
  • Immediate transfer to the bank account
  • No pre-closure charges

Home Credit

  • Instant approval within 5 minutes
  • 0% processing fees
  • Loan amounts up to 2 Lakhs
  • Minimum documentation
  • Disbursal within hours of signing documents

Immediate Cash Loans - Frequently Asked Questions

How do you apply for the Immediate Cash Loans?

The procedure for applying for the Immediate Cash Loans is simple. You need to download the respective mobile app from Google Play Store or App Store. Most of these finance companies allow you to apply online through their official webpage.

What is the average time taken for approval?

The average time for approval should be around five to 15 minutes. It is an in-principle approval. The disbursement will take place after the execution of loan documents. Hence, it can take anything from two hours to 24 hours for the disbursal to take place.

Do I need to have a good CIBIL score?

Many of these Immediate Cash Loans providers approve loans to new borrowers without any credit history. However, if you have a CIBIL score, it is better to have a CIBIL rating in the range of 675 and above.

What is the average interest rate on these loans?

The average interest rate could range from 1.5% per month to even 3.5% per month depending on various factors like the loan amount, tenure, and the service provider.

How flexible is the repayment period?

Some of these lenders have minimum repayment periods starting from one day. The maximum repayment tenure does not exceed 24 months on an average.

Which is a better option, an Immediate Cash Loan or a Cash Advance facility on a credit card?

The Immediate Cash Loan is a better option, as the interest rates are less than that of the Cash Advance facility. The repayment tenure is also comparatively more flexible.

Is it a safe option to apply for a Personal Loan using a mobile app?

Yes, it is safe enough. Today, the trends are changing with the increase in the popularity of mobile apps.

Are there any hidden charges in these Immediate Cash Loans?

No, there are no hidden charges. The average processing fee ranges from 2% to 5%. Many financiers do not impose any penalty on foreclosure of the loans.

Can you apply for the Immediate Cash Loans and not avail it?

Yes, you can apply for the loan but not avail it. The companies do not credit your account unless you complete the execution of the loan documents. If you do not sign the loan documents, the disbursal does not take place at all.

Is Immediate Cash Loan a viable option?

Yes, it is a good option because you get access to immediate cash in an emergency. The conventional bank loan does not provide this flexibility.   

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