If you are in a grave financial crisis and require money to pay your bills or meet other expenses; you need a loan in a hurry. You must act fast and get instant cash loan at best possible interest rates. Here are some ways you can avail instant cash loans in bad times.
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You can ask your close family members or friends for help. You can borrow money from a relative or a friend who can spare some cash for a quick loan. Make sure to discuss the terms of the loan like the time you need for repayment, mode of payment like a lump sum, and whether you are expected to pay interest on the borrowed amounts.
Have an agreement or a promissory note signed while taking such loans as it helps protect your finances as well as saves the relationship. If you require small amounts then you can ask your friends or relatives for loans and repay them right away at the end of the month.
See Also: Types of Personal Loans
Get an instant personal loan to tide over a financial crisis. However, banks usually take a week to process the application, verify the documents and then sanction personal loans. You will need a good credit score as these are unsecured loans. To avail loans fast, you can opt for an online personal loan where the loan is approved within 2 days and the amounts disbursed directly to the bank account within 4-5 days provided the bank is satisfied with the borrower’s profile.
Bank loans are the best way to ensure you get personal loans at the cheapest interest rates. All public and private sector banks offer personal loans after proper verification of documents. You don’t need to disclose the reasons for availing the loan.
The personal loan interest rates vary from 10-15% a year. Most of the lenders also charge a processing fee when the loan is disbursed which is 1-2% of the loan amount. Before applying for the loan, make sure to keep certain documents like proof of income, identification documents handy for a quick submission.
See Also: Personal loan in India
A credit card is the best way to secure instant cash when in need. If you are a credit card user there are two ways to avail quick loans. The first option is to get a cash advance. You can go to an ATM or bank and get cash up to your credit limit and in return, the bank will charge an interest on the money borrowed.
The second way is to apply for a credit card loan. You must only apply for credit card loans on lower amounts. For instance, if you require Rs 2 Lakh, you can apply for a credit card loan as you can easily pay it off even at a high interest rate. However, if you require a loan of Rs 5 Lakh and above, it’s better to avail a personal loan. Credit card loans usually charge a high interest and any missed payments would impact credit score.
A secured loan helps avail loans at a lower interest rate as you pledge an asset as security. A secured loan involves verification and evaluation of the collateral. You also run the risk of losing the asset on a default. But, if you have a poor credit score, this is the easiest and cheapest way to avail a quick personal loan.
A payday loan is a short-term loan that you can avail at a high interest rate. In India, many Fintech firms like EarlySalary, RupeeLend, MoneyTap and so on are offering payday loans. These loans are sanctioned within a day.
A Payday loan is a great deal as you can avail instant cash online without any hassles. Given the high interest rates and short-tenure on payday loan, it is advisable that these loans should be your last option as they may lead to the debt trap.
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