Loan in 15 minutes in India- risk involved, pros and cons.by credit bazzar Instant payday loan in as short as 15 minutes
Instant loans, which are mostly payday loans, are becoming more and more popular nowadays. These loans are being considered as the most reliable source of money when people are in financial emergency. As we all are aware, banks and traditional sources take several days to sanction the loans and they cannot be approached when there is urgency. In such scenario, there are money lenders who even provide loan in 15 minutes in India. They have an online process, which makes things easy and quick. You just need to fill in online form and with minimum paperwork your loan is sanctioned. Therefore, these loans have gained importance over past few years. Although, these loans have several advantages, there are certain risks involved and few drawbacks also. So, let’s have a look at them.
What are the risks involved and how to avoid them?
When we are in urgent need of money and realise that traditional financial source may not come to the rescue, we turn towards organizations which can provide us the quick loan. These organizations conduct the entire procedure online and hence there are certain risks involved in it. When you are selecting the lender, you have to make sure, it is the reliable one. You must check things like their terms and conditions, reviews written by previous clients, etc. You also have to see in how many states they are registered, do they have their office and call centre in order to attend your queries and problems if any.
This is required to be done because if you select a wrong financier who are not reliable enough you can land into trouble. While applying for the loan, you have to submit your identity proof and this is where the risk starts. There is always a possibility of identity theft and hence you have to be careful. Additionally, they promise you of low interest rates but end up charging you more on small amount also.
Therefore, in order to avoid this, you have to make a wise choice by going through every single detail carefully and doing thorough research. Also, you must get written statement from them about interest rates and repayment terms.
Pros and cons of emergency online loans
The pros of the loan in 15 minutes in India are pretty obvious.
1. Your time and efforts are saved as you don’t need to go the office of the lender.
2. The process is very quick. It can be completed in 15 minutes also. Once you apply, you can get the approval instantly.
3. There is no lengthy paperwork. The application procedure is completed with no hassle and minimum paperwork.
4. Bad credit history does not affect the approval.
Now, let’s have a look at some cons.
1. Interest rates are higher on small amounts also.
2. If the choice of lender is not done carefully, there can be certain issues like identity theft.
However, these loans prove really helpful in emergency situations or when you don’t have an impressive credit history. Hence, they are being seen as an obvious option when situations don’t allow to wait for long approval procedure of traditional financial sources to complete.
Created on Aug 28th 2018 04:19. Viewed 224 times.
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