Instant Loan Or Personal Loan ?

Both instant loans and personal loans are utilized by people when they are in dire need of cash. With these loans, you can solve all your needs that arise unexpectedly such as paying for your car repairs, paying for your medical expenses which require immediate attention or booking for any urgent trip abroad. Though both instant and personal loans are available in the market and provide financial assistance during emergencies; instant loans have more additional advantages over a personal loan.

Though instant loan and a personal loan work the same, there are still a few differences between them. This blog provides you with information about both instant loans as well as a personal loan to help you make a better decision. Then, why wait! Let us check out the additional advantages of an instant loan:

●     Instant disbursal - Instant loans are disbursed quickly i.e., it takes only a few hours from applying to fund disbursal. Unlike the other conventional loans, this is the best advantage of applying for an instant loan. So during any monetary crisis if there is a delay in disbursal of your loan amount, applying for an online instant loan is the best solution.

●     Complete online process - The online loan application process is continuously being streamlined because lenders like banks, NBFCs (Non-Banking Finance Companies) have digitized their lending process and the processing time is very quick. Because of this reason, instant loan is chosen over a personal loan. Right from applying to the disbursal of your loan amount, everything is carried out online and completed within a few hours.

This can be considered as the best option for those who are in immediate need of money and also for those who don’t prefer to visit banks again and again.

●     Easy access to information - With the advancement in the Internet and Technology, you can just Google any information, you want. The same applies for a loan as well. Every lender has their online portals, where you can find information about their products. This information includes loan types, interest rates, processing charges, loan tenure, loan eligibility and documents required etc., So based on your requirements, you can search a loan and apply with ease.

●     Hassle-free application - The online application process for an instant loan in India is much easier when compared to conventional personal loans.

○     You can apply for an instant loan with a few taps on your smartphone from the comfort of your home.

○     The documentation process for an instant loan is easy as you need to just upload the scanned copies of mandatory documents which are requested.

○     You can simply calculate your EMI using an online EMI calculator.

○     Your loan gets approved within no time and the loan amount will be disbursed into your bank account immediately.

●     No paperwork required - With paperless application and minimal documentation, applying for an instant loan is very easy these days. Instead of submitting a pile of documents such as ID proof, residential proof and income proof manually, you can submit only the scanned copies of these documents for an instant loan. Just upload the above-mentioned documents and based on the lender chosen, you may even get approved with an instant loan within an hour.

●     Security & Privacy - The loan application process for an instant loan is carried out online, hence every lender will ensure the safety of your personal data. All online lenders follow their privacy policies to secure your privacy. Although your details remain a secret, all your financial activities will be reported to CIBIL to get a credit score.

●     24X7 at your service - Financial emergencies are always unexpected! So, fight these unplanned emergencies with an instant loan even when there is a bank holiday or during non-working hours of your lender. You can apply for an instant loan 24X7.

I hope that you have attained a clear understanding of the advantages of an instant loan over a personal loan. Hence, based on the above information, we can tell that instant loans are easy to access, swift to disburse and readily available online. So, it is always advisable to go through the details of the loan you choose and make a better decision.

If you are in dire need of cash, apply for an instant loan. To get approved on the same day you have applied choose lenders such as FlexSalary. You can get approved from a minimum of INR 4,000 to a maximum of INR 2,00,000. Also, there is no prepayment penalty and you can repay the borrowed funds in flexible payments.