What is Cash Loan?
Cash loan is the money borrowed for short term needs and is expected to be repaid as soon as the borrower receives monthly salary. Cash loans are generally used as an alternative to personal loans. Instant cash loans have become very popular, today.
They are easy to apply as the process is completely online and you save a lot of time and effort. The loans get approved quickly and the amount is directly transferred to the bank account of the borrower. Many banks and financial institutes offer instant cash loans that require minimum documentation and have flexible repayment schedule that can be set according to the repayment capacity of the borrower.
SEE ALSO: Cash Loan
Benefits of Cash Loan:
- Instant approval
- Minimum documentation
- Money transferred directly to bank account
- No hidden fees
- No collateral required
- Flexible repayment tenure
- Entire process is online and hassle free
Factors to Consider When Applying for Cash Loans:
Instant cash loans help avail funds easily, so that you can take care of any expenses. You get easy access to funds for sudden or short term expenditure. However, there are few things that you must consider before applying for instant cash loans. They are:
- Fast online process and quick disbursal.
- Detailed fees and interest rates and no hidden terms and conditions.
- Offers and benefits like pre-closure, referral points and bonus sharing.
- Easy tracking of loan through mobile app.
- Efficient and helpful Customer care support.
How to Avail Cash Loan?
With the emergence of instant cash apps, salaried professionals can avail easy loans within no time. The instant cash apps provide a hassle free avenue, to borrow small amounts of money with minimum paperwork and fast disbursals. These apps have low response time along with other facilities like online assistance, easy tracking through mobile app, which has changed the way people access loans in India. A user can avail loans on the go by simply downloading these instant loan apps on their smart phones and no time or effort is wasted, when applying and securing loans.
Eligibility Criteria For Cash Loan:
- The applicant must be an Indian citizen.
- The borrower must have a bank account.
- The applicant should be above 18 years of age.
- The borrower must be employed in MNC, public or private company and should have a stable source of income.
Requisite Documents for Cash Loan:
Listed below are the documents required to apply for an instant cash loan:
- PAN card.
- Valid Mobile number that must be linked with Aadhaar.
- KYC documents: Aadhaar card
- Photographs of office ID card
- Workplace email ID
- salary slip
- salary account details
Steps to Apply:
In order to apply for instant personal loan, you can either download the instant loan app from Google Play Store and Apple app store, or visit their official website and fill the form by entering the required details.
You can check eligibility and proceed to fill up the application form online. The process of documentation is simple, as you only need to upload scanned copies of KYC documents for the loan processing. On approval of your documents, the loan amount is transferred directly to your bank account in minutes. You don’t have to worry on repayment schedules, as they are flexible and can be set, based on your repayment capacity.
SEE ALSO; How to Get Cash Loan
Top 10 Fast Cash Loans:
- EarlySalary: EarlySalary is an online platform that offers loans of short tenure to young professionals. The amounts are quickly disbursed and directly transferred to the bank accounts of the borrowers. This start-up has also launched a mobile app that helps borrowers seek instant loans online, easily.
- PaySense: PaySense is a Mumbai based start-up, that helps borrowers avail instant loans with minimum documentation and without hassles. This online platform helps borrowers get loans in a few simple steps. The borrower can install the PaySense app on their smart phones to avail instant cash.
- CrediFiable: This is an online lending platform that helps borrowers get instant loans with quick disbursals. The borrower can avail instant loan with an easy EMI option. This app provides loans to individuals with no credit history at best rates of interest.
- CASHe: CASHe is a Mumbai based Fintech start-up, launched in the year 2016. CASHe loan app provides instant personal loans at attractive rates of interest to salaried professionals. CASHe works through simple, swift and seamless processes to disburse cash easily into the customer’s bank account.
- Flex Salary: Flex Salary is an online lending platform based in Hyderabad. Flex Salary is an employee financial benefit program, that provides emergency cash assistance to salaried employees. The user needs to sign in on the Flex Salary App through a user name and password to avail instant cash and easy loans.
- MoneyTap: MoneyTap is a Fintech start-up which was launched in the year 2016. The borrowers can avail instant personal loans of up to Rs 5 lakhs through the MoneyTap app. The loans can be repaid through easy EMI option within a time period ranging from 2 to 36 months.
- Kredit Bee: Kredit Bee is one of the best instant loan Apps. An individual above 18 years of age can get an instant loan from Kredit Bee. The disbursement may take anywhere between 5 minutes to 24 hours. The money is directly transferred to your bank account.
- Money View: MoneyView is a personal loan app that allows customers to apply for a loan through the app without any collateral. All you have to do is upload relevant documents and the loan gets approved within a few hours.
- Money in minutes: Money In Minutes is an online lending platform. It is a specialized app, disbursing instant payday loans to people with low credit score at a moderate interest rate. The company rewards loyal customers with cashbacks, interest discounts and an increase in loan tenure.
- OptaCredit: OptaCredit is an online lending platform based in Chennai, which disburses loans to individuals and employees of companies it has tie-ups with. It follows its own system of metrics to assess the credit worthiness of the borrower. The company was launched in the year 2016 and facilitates data driven lending to young professionals.
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