5 Ways an Instant Personal Loan Can Help You Out in Emergencies
When you are in the middle of a financial emergency, the last thing you want to do is wait around for a traditional personal loan. That is why an instant personal loan can be such a lifesaver.
Here, we will go over the top five ways an instant personal loan can help you out in an emergency.
How can an instant personal loan help you in an emergency?
1. You can get the money you need quickly
Applying for an instant personal loan can be a quick and easy process. They are offered by banks, Non-banking Financial Companies, online lenders, and loan apps. This gives you plenty of lenders to choose from. Online lenders such as CASHe have 100% online applications, where all documents can be submitted through an app. Thus, you can get your loan and you don’t even have to leave home.
Most instant personal loans are processed within a few days; some even take less than a day. If you are approved, you can typically get the money you need within minutes. This is perfect for when you have an unexpected expense that needs to be paid right away.
Also, you can borrow varying amounts of money with instant personal loans. So, you can fill the financial gap you are facing with just one loan.
2. You don’t need collateral
A secured loan is one where the borrower offers some form of collateral, such as a house or a car, to secure the loan. If you default on the loan, the lender can seize your collateral. An unsecured loan is one where no collateral is required.
With an instant personal loan, you also don’t have to put up any collateral. This means that you can get an instant loan without having to worry about putting your home or car at risk.
3. You don’t need an excellent credit score
One of the great things about an instant personal loan is that they have more lenient eligibility criteria compared to secured personal loans. This means that you can get the money you need even if you don’t have a great credit score. If you’re looking to get an instant loan and have bad credit, you will find lenders who will give you a loan. However, they will likely charge you a higher interest rate.
CASHe has a proprietary AI-powered technology that calculates the Social Loan Quotient (SLQ). We look into alternative data sources that other traditional credit bureaus do not in order to create a more holistic assessment of your creditworthiness. This helps even the underbanked get an instant loan.
4. You can get an instant loan for any purpose
Another great thing about an instant personal loan is that you can use it for any purpose. This is perfect if you need the money for an emergency expense that you weren’t expecting. The lender does not put any restrictions on your usage of the borrowed money. So, whether you need the money for an emergency expense or you want to consolidate your debts – you enjoy complete freedom of choice in where you use the money.
5. You can enjoy a flexible repayment tenure
A flexible repayment loan tenure is one of the main benefits of an instant personal loan. The loan offers you the financial flexibility to repay your loan over a tenure of your choice. It allows you to choose a repayment period that suits your needs and budget. You can repay the loan in easy EMIs, with no stress or prepayment charges.
Why would you need an emergency loan?
In today’s fast-paced world, unexpected financial emergencies can happen at any time. Whether it’s a medical emergency, a car repair, or a last-minute plane ticket, sometimes you just need some extra cash to get through. That’s where instant personal loans come in. They are a quick and easy way to get the cash you need when you need it. Most lenders can approve your loan in as little as 24 hours, and you can use the money for whatever you need.