Gone are the days of long lines and stack of documents for getting a loan. It is a digital age, and the finance sector has also seen some major changes. Now loans can also be availed and used by individuals for emergency purposes by using personal loan apps.
If you are not sure what we are talking about, then go through the features and benefits of the personal loans apps mentioned below. These instant loan apps will be of great help to you, not just today but also in the future when you need funds for your business, wedding, medical emergency or for any other purpose.
Top five instant cash loan apps in India
Instant cash does not mean any documentation or application. Instead, it refers to swift processing and disbursal of the loan through a digital platform. Some of the online loan apps offering instant cash in India are:
1. Fullerton India InstaLoan App
Fullerton India Personal Loan App is available on Play Store and Apple Store. You can borrow a loan amount up to 25 lakhs and calculate your monthly payoff with the EMI calculator online. Individuals seeking a loan can directly download the app. All you have to do is fill all the required information in the application form and upload the necessary documents to apply for an instant cash loan.
Your form is reviewed through an algorithm, and a customer executive will get in touch with you to explain the loan terms such as loan amount, interest rate and repayment tenure. Once the request is approved, the loan will be disbursed into your account.
The entire process takes just 24 hours or less. So if you fulfil the eligibility criteria, you can get your loan sanctioned easily. The app is currently available for salaried individuals only.
2. PaySense App
An instant money app, PaySense was founded by Sayali Karanjkar and Prashanth Ranganathan, to offer instant cash loans online. With the use of your mobile device, you can check their loan eligibility, submit the KYC details, and apply for the loan through their app.
The approval only takes five hours. Paysense offers loans online up to Rs 5 lakhs. The borrower can use any amount over Rs 5,000 at one time. It also offers an EMI calculator helping you check the amount you are due to pay for a month.
3. Early Salary App
As the name suggests, this app allows you to get an early salary if you face some financial crunch by the mid or end of a month. It is a FinTech start-up in Prune, which offers instant personal loans in an easy and straightforward manner. It offers a loan amount of up to Rs 2 lakhs at an interest starting from 2% per month.
4. Anytime Loan App
It is an instant loan app offering on-demand, instant, 24×7 loans to salaried individuals and self-employed professionals. The entire loan procedure is completely paperless, contactless and frictionless. It offers unsecured loans for education, business, vacation, etc., in just a minute without any collateral or security.
5. MPocket App
An instant loan app for college students, MPocket acts like pocket money for students. One has to fill in the required details, and if the loan is approved, then the loan amount is disbursed into the borrower’s bank account or Paytm wallet.
While the lending starts from Rs 500, the limit keeps on increasing over time with good usage. The borrower has to return the amount within one to three months in the form of small EMIs.
These are some personal loan apps in India that have changed the entire financial sector by offering funds with just a click. While the digital age has exposed us to some security threats, it has also made everything easily accessible. All you need to ensure is that you choose the right lenders by keeping some points in mind.
- Know your fund requirements and accordingly borrow money.
- Make sure to calculate the monthly EMI before borrowing. It will ensure that you do not miss out on any EMI, which can otherwise adversely affect your credit score.
- Most of the lenders offer special services like no processing fee, no extra charges for prepayment of the loan amount. Be sure to find out the same before finalising loan terms.
Conclusion
Instant loan apps are a great tool to avoid any financial emergencies. However, there are also many fake instant Loan apps, so be careful before applying for one. Do check their reviews online and consult for the same with financial experts.
