Monday, December 19th, 2016
Why short term loans are in demand these days
Why short term loan are in demand these days
At some or the other point in our life, the thought of loans does cross our mind. A loan is a specific amount that someone borrows with an intention of paying it back, either in instalments, or altogether, and there is also an interest paid over the initial loan amount.
Now, there are two kinds of loan – short term and long term. Short term loans can extend to anywhere between 15 days to a year. These short term loans can often come in handy for emergency situations like car repairs, buying office equipment or unexpected bills.
Unlike the long term loans, short term instant loans make it possible to get cash quicker into the bank accounts.
The rise in the popularity of short term loans
People mostly prefer long term loans when they are making big investments like buying a house, getting a new car, or starting their new business. But the millennials of today who are live in rented houses in metropolitans and travel everywhere in cabs require short term loans for small needs, like buying a new laptop or going on a big vacation overseas.
Most millennials believe in carpe diem and they live from pay check to pay check, irrespective of how much they really earn. They would rather prefer to take a short term loan and pay later, than save with their current salary.
Why banks aren’t enough for short term loans
Short term or instant loans are expected to be quick and painless, but banks make the entire process lengthy. If you require a loan, you are supposed to leave your office and go to the bank during work hours, and just hope to get your loan approved. Not to mention, banks also require a good credit score for loans which can be difficult for millennials who are already living from pay check to pay check.
A great solution for this problem is opting for lending platforms like the mobile app CASHe, instead of taking the long routes with banks.
CASHe – a smart lending platform
CASHe is a smart and transparent lending platform which lets you take short term loans ranging from INR 5,000 – 1,00,000 over the period of 15, 30, or 90 days. The great part about CASHe is that taking a loan through it is super easy and quick, and hardly takes a few minutes.
All you have to do is, sign up, connect your social media profiles, and upload your documents. After that, there is no waiting period. CASHe’s unique algorithm automatically scans your profile and as soon as you are approved, you get your loan. The repayment options are also just as easy and painless.
With flexible loan plans and attractive interest rates, CASHe has been especially developed for the growing demand of the short term loans in the country.
The demand for short term loans is increasing in the country because of the ease that they provide. With issues like demonetization, the crowds at banks have only increased which has made going to banks for loans even more difficult. A personal loan app like CASHe can definitely be more useful.