Articles

Tips to Help You to Get an Instant Loan Online

by Prafulla Mishra Freelance Advisor

By its very nature, an emergency doesn’t come announced. And very often, emergencies are accompanied by a big cost. If you are not prepared to deal with a financial situation like this, you will need to avail a quick loan. Thankfully, most lenders today offer emergency loans instantly to help you in difficult situations. And since you can avail the loan online, often using a loan mobile app, money is readily available when you need it the most.

Since a personal loan is a collateral-free loan, you do not need a guarantor to secure it. This helps in the relatively quick disbursal time, often as low as 24 hours.  Online personal loans don't have any hidden charges. The online personal loan will allow you to cope with this kind of financial cash crunch. And with a number of great personal loan app in India today, there are plenty of financing options available.

If you are looking to make an online loan application in India, here are some tips to help you.  

Be aware of your credit score

Your credit score often called your CIBIL score, is a three-digit number that denotes your creditworthiness. It takes into account all your financial transactions, loan repayments, credit card payments and more. Higher the score, better the chances of you getting favorable terms on your loan. So, it’s always better to be aware of your credit score before you apply for an instant loan.

Always compare lenders 

Before you initiate the loan process, it is wise to compare different lenders. Check out different lenders, understand the terms and only select one that offers you a reasonable interest rate and a convenient loan tenor.

Assess all costs  

When you avail a personal loan, there are numerous fees and charges that you should keep in mind.  Think about the interest rate, the processing fee, a prepayment fee, and late payment fee or bounce charge. Always consider the various fees that your lender is likely to charge you and get a clear estimate of the expenses. This will go a long way in ensuring your loan doesn’t become a burden in the future.

Borrow only what you need

When you look for an instant loan, try to borrow only what you need – even you are likely to get great terms on your personal loan. A modest loan principal now will mean a reasonable interest payment later. Therefore, it is important that you manage your loan needs better.

Consider an online lender of repute

It goes without saying that you should only borrow your instant loan from a lender who is known to be reliable and responsible. Online lenders may not incur a big operating cost and are more likely to offer better terms on your personal loan, but make sure you don’t give into marketing gimmicks that seem too good to be true. Choose a trustworthy brand and pick a lender that suits your requirements and meets your needs. You may also look to install the app to get a loan through an online app in India.

Check out personal loan apps

The best thing about availing a loan from a personal loan app in India is that it lets you procure financing from the comfort of your home, or even when you're on the go! You can use an easy online loan calculator to judge how many loans you can avail and plan your repayment better. Personal loan apps like this one offered by Bajaj Finserv are a great way to avail money when you need it the most. Experia – the Bajaj Finserv app – is presented with a simple user interface that is easy to navigate and delivers an excellent user experience. Not only can you avail a personal loan at a reasonable rate of interest, but with convenient features like flexible loans and pre-approved offers, there are plenty of reasons why a loan app in India is your best bet to get a loan.


About Prafulla Mishra Innovator   Freelance Advisor

17 connections, 0 recommendations, 50 honor points.
Joined APSense since, June 8th, 2017, From Pune, India.

Created on Nov 29th 2018 07:09. Viewed 176 times.

Comments

No comment, be the first to comment.
Please sign in before you comment.