Loan in 15 minutes in India- risk involved, pros and cons.
by credit bazzar Instant payday loan in as short as 15 minutesInstant 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.
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Created on Aug 28th 2018 04:19. Viewed 439 times.
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