Apply Now
26 May
  • Editorial Team
  • 0 Comments
  • 6716 Views
Emergencies or sudden financial troubles come unannounced. Your may lose your job, need major home repairs after a natural disaster, or someone in your family may fall sick, requiring money for medical treatment. In times of unanticipated expenditure, every second counts. Taking a loan is not the final solution, since filing the application, its processing, documentation, and finally, disbursal, take time. In such a scenario, you may be left with no option but to fall back on your savings. But then you run the risk of exhausting all your hard-earned money.

You need cash to bail you out of this situation.

Enter the instant personal loan, or emergency cash loans. They provide funds right when you need them, without having to disturb your savings.

Let us take a look at their benefits and how they work:
1. They are enough to tide you over the crisis: The lender is conscious of the urgency of a borrower’s situation, and will try to disburse funds accordingly. However, the loan amount can vary from lender to lender, and depends a lot on the borrower profile — on factors like credit score, eligibility, etc. Check the maximum and minimum loan amount offered, and discuss your requirements with your lender.

2. No collateral: There is no collateral required for instant personal loans, so you do not have to worry about your assets or property. The rate of interest may be higher when compared to secured loans, but urgent loans enable you to address problems much quicker.

3. Online, hassle-free process: You can avail these instant cash loans from the comfort of your home with a few simple clicks. All you need to do is fill in the online form, upload the necessary documents, and press submit. The approval takes about 24 to 48 hours, and the money is disbursed directly to your account, saving both time and effort.

4. No hidden costs: There are no hidden charges or fees involved in personal loans. The interest charges and terms of loan are outlined clearly. You need to pay off only what you borrowed, along with the interest accrued. This ensures complete transparency.

5. Flexible repayment tenure: Again, the repayment tenure can differ from lender to lender, but it normally ranges between 12 to 48 months. You can thus choose the repayment tenure as per your convenience. However, while opting for emergency personal loans, one must also keep a few things in mind:  

Slightly higher rate of interest – Because it involves a high degree of risk to the lender, they may charge higher rates of interest to safeguard their own interests. This may pinch your finances a bit in the long term, but it is the best bet in a crunch.

Lenders can be picky – Although, the application process is quite simple, lenders are a little discerning about certain things like your credit score, credit history, income, and existence of other debts. They want to be absolutely certain of your repayment capacity.

Smaller loan amount – The minimum and maximum amounts that can be borrowed are at the discretion of the lender. If the lender has apprehensions about the borrower’s repayment capacity, they may not want to lend the required amount. The final loan, thus, may end up being smaller than what you required.

Wrapping up
Life can be rough. The most prepared of individuals can encounter sudden crises or turbulent situations where they are in urgent need of funds. While an instant personal loan can have its disadvantages, it is likely the best bet during difficult times. For many, it could be their last resort. Naturally, it is important to understand the terms and conditions thoroughly before applying for these loans. Talk to the company representative if you need any clarifications, and make a responsible borrowing decision for you and your loved ones.
 

Did You Know

Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.

Subscribe to Our Newsletter