What is a small loan and how to get it
Typically a small loan is a type of personal loan which is not secured against any collaterals. Which means you don;t have to showcase any asset ownership for the same. Such small loans are usually saviour for many young adults who are looking out for instant cash. Instant loans provide such loans to its users with a minimal process.
There are many loan app available in the market which you can download on your smartphone. The entire process of application of personal loan can be carried out on a loan app. Unlike traditional loans, personal loan via the apps gets quick approval. The documentation process is minimal, only basic documents are required to avail small loans. The accessibility to the instant loans is 24/7 as the apps are available on the app store all the time. The interest rates are quite low compared to other forms of loans.
How to apply for small loans using an app:
You can start the process by downloading the loan app on your smartphone. There are various apps like CASHe available on the Apple app store and Google play store. Register yourself on the app with the help of your social media accounts and complete your profile with your basic contact information. Once you are done with that, enter your desired personal loan amount. It can range from Rs.9,000 to Rs.4 lakh. The eligibility will also depend on your salary. The duration of the loan can range from 62 days to 1.5 years. Depending on your small loans value you can set your duration. Check your interest rate after entering the loan details. The next step is to submit the required valid documents to the loan app.
The documents include identity proof, address proof, bank statements with your salary credited, and your photograph and income proof. You can submit your passport, aadhar card, pan card, utility bills, bank statement and last 3 to 6 months salary slips. Your employer should have a registered company. All the documents can be submitted via your smartphone itself.
Submit your personal loan request to the app, It will take some time to review your request. You can check your loan status on the loan app meanwhile. Once your instant loan is approved, the money is then disbursed into your personal savings account.
The entire process of money loan takes about 15 to 20 minutes. You can apply for a personal loan with just internet connectivity, valid documents, and a smartphone. You can repay the loan amount on the due date via bank transfer or by depositing a cheque.
Importance of Loan Apps:
The loan app is very user-friendly, this is one of the major reasons why young working adults choose online lenders over the traditional ones to get small loans. The process is completely private and no third party is involved. Instant loans are now popular as the need for small loans is increasing day by day.