Dream weddings, long-awaited vacation plans, the desire to study abroad, and unfortunate medical emergencies come with hefty financial burdens. Whether your need for money is expected or unexpected, the common factor that remains unchanged is the need to borrow money for your financial requirements.
When seeking financial help during such situations, an instant loan can be a great relief to you. A cash loan is one such emergency aid you can avail of without any end-use restrictions.
If you’re someone who is planning to get a cash loan but is confused about the what, where, and hows, let this article guide you through the process!
What is a Cash Loan and How Do They Help You During a Financial Crunch?
A cash loan is a personal loan that has become widely significant since the pandemic and is still a great comfort post-pandemic due to its easy accessibility and application process. Thanks to technological advancements, you can benefit from these loans from the comfort of your home without standing in long queues at banks or submitting never-ending documentation.
If you’re asking how, then here are some advantages that will help you understand cash loans better:
- Quick Application and Disbursement: These loans take away the nuisance of the back and forth to conventional banks and minimise the duration of the entire application process. The application takes less time for approval, and the amount usually gets disbursed within a few hours of approval.
- Easy Access to Funds: Cash loans offer fast and easy access to money. Contrary to traditional banks, cash loans provided by instant loan apps offer a streamlined application process through just a few clicks on the mobile.
- Flexible Usage: These unsecured loans do not require any collateral and have no restrictions for the intent of use. You can use it for various purposes, including weddings, education expenses, medical bills, or debt consolidation.
- Optional Credit History: Credit score determines your creditworthiness and can affect your loan approval and interest rates. However, despite your less-than-perfect credit history, lenders may still consider you eligible for cash loans.
- Flexible Loan Amount and Repayment Term: Cash loans often come with customisable loan amounts and repayment terms. This allows you to choose a repayment option that best suits your situation.
Who can Apply for a Cash Loan?
The loan eligibility differs depending on the lender and the type of loan. Here are some general requirements to be applicable for cash loans:
- You must meet the minimum age requirements
- You must have a stable job and a regular income source
- Must have a bank account and relevant documentation
- You need to provide identification and residential proof
How to Get an Instant Cash Loan?
There are several loan apps that offer users instant loans. To get a cash loan apply online through the following steps:
- Research and choose a reputable loan app with positive customer testimonials.
- After downloading the app, register and create an account by providing your personal information.
- You must submit the required documents like proof of identity, bank statement, and address proof.
- After the loan app has been determined and you are considered eligible, select your loan amount and repayment term based on your needs and situation.
- Carefully review the application for any errors and submit it.
- Wait for the loan application approval and receive the amount directly into your account.
Cash loans are a great way to access instant funds when needed. Remember to carefully read and understand the terms and conditions of the loan before accepting it. Consider factors like interest rates, hidden fees, and affordability of loans.
True Balance is an instant loan app that provides cash loans at affordable interest rates. Its seamless application takes less than an hour, and disbursements take just a few minutes post-approval. Its loan amount and repayment tenure are customisable to suit your needs. You can check their app on Google Play Store to get a cash loan conveniently.
True Balance stands out as the best loan app for individuals who require fast access to funds during urgent situations. With its streamlined application process, borrowers can expect a seamless experience that takes only a few hours to complete, and the approved loan amount is disbursed within minutes. It also protects user data and offers loans through RBI-licensed NBFCs.