Loan & Finance

5 Advantages Of Instant Personal Loans That Make Them A Popular Pick

personal loan

Suppose you live in a metro city and work a 9 to 5 job with new deadlines and weekend holidays. Your daily routine is damn hectic and keeps you busy all the time. Suddenly, one day a sudden financial need and requirement arises, you search for a personal loan, but you won’t feel like getting it. Not because you don’t have a strong credit score or sufficient income to repay the personal loan, but it is just that you don’t have enough time to wander from bank to bank searching about the loan terms and negotiate a lucrative deal. 

Now, this can be a big problem, isn’t it? 

Well, you are not alone facing such difficulties. A majority of the population living in metro cities is familiar with it. Thus, they are opting for unconventional personal loan options rather than going with the older process.

But before we talk more about instant personal loans, let’s comprehend what it is. 

What is an instant personal loan?

The personal loan application process was tedious and boring a few years ago. But gradually, things started to change dramatically, as the penetration of the internet deepened. This also laid the foundation for modern-day banking and digital lending. The instant personal loan became a reality with fintech start-ups and lending institutions’ partnership in simple words. Further, it paved the way for app-based lending, including instant application processing and quick loan disbursal. 

But instant processing and quick access to funds aren’t the only benefits of instant personal loan. Actually, there are some other advantages too, which make them unique. If you want to know about them, then keep reading this article.

5 Advantages of Instant Personal Loans That Make Them a Popular Pick 

Take what you want:

You can borrow any amount ranging from as low as ₹5000 to as high as ₹5 lacs, with the advent of new-age apps. Different lenders offer different limits when it comes to lending, but the service that follows your disbursement or even during it remains smooth.

Borrower first: 

Putting borrowers at the forefront is the prime focus of the new digital age. Digital lending allows borrowers to apply for credit at their leisure. For instance, you can do it with ease if you want to apply for a personal loan at midnight. You can apply for it if you have a smartphone and you’re travelling. In short, you can have access to funds that too in a matter of hours, without disturbing your regular daily routine. 

Free access to the premium toolkit:

There are several and various tools which are only made for you. They help you make the correct decision even if you are a beginner in the credit system. For instance, with an EMI calculator, you can picture a whole repayment strategy scenario by trying different variations. And the best part about these tools is that they are free. In simple words, you can use them as much as you want for free. Other useful tools include:

  • Eligible calculator 
  • Interest calculator 
  • Tenure calculator 
  • Informative blogs

Real-time support: 

You experience real-time support, as you make your loan application online. That means, the lender immediately assesses your application if you apply for a loan. Moreover, the documentation, loan approval, and sanction happen in real-time. For example, if you want to submit your documents, you can do it simply by clicking and uploading your documents’ pictures. Besides this, they also assist you in things like:

  • Picking up the documents from your place (if required)
  • Tracking loan application status
  • Assisting you for balance transfer in future
  • Resolving problems through AI-enabled chatbots

Covert operation:

Your personal information gets stolen by some people, when you make a loan application offline, which ultimately results in unwanted calls, emails, messages, or you can say uninvited stress. Hence, many of the smart borrowers prefer to make their application online because it closes all the possible doors for anyone to steal your personal information.

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Adam Smith
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