Instant loans are a must for meeting the bigger expenses in life like medical emergencies, going out on a trip, buying gifts for friends and relatives, wedding parties. You can’t just overlook the real benefits of these online loans when you’re under a financial emergency. At the same time, you must understand why these loans have gained popularity and succeeded in helping you cope with challenges of late.
INSTANT LOANS ARE MORE ADVANTAGEOUS THAN TRADITIONAL LOANS:
1. HASSLE-FREE APPLICATION
There’s a very strong reason why so many people have started applying for online loans. The digital application doesn’t require you to leave your desk at the office or the comfort of your own home. Instant loans can be applied very easily by visiting the mobile app or the website of your preferred lender; it saves you many hassles besides saving much of your time. You may fill out the application form and upload your documents online.
2. LOWER RATE OF INTEREST
Instant loans that you achieve over the internet are often calculated on your income level. Lenders usually charge you interest of up to 29% for these loans. You don’t need to show any collateral for these loans as they’re not secured. The credit card is another great instance of unsecured credit. However, a much higher rate of interest (worth up to 40%) is charged with the credit cards. That’s one good reason, why so many of the borrowers prefer going for instant loans over credit cards.
3. INSTALLMENT CALCULATOR
This is certainly a way out for those individuals that aren’t very good at math. You’re usually shown through a certain EMI amount after the loan office calculates it by applying some algorithm. Online lenders have a loan EMI calculator that helps applicants achieve a personalized quote by entering their recent EMIs, income, and the amount of loan.
4. LITTLE OR NO DOCUMENTATION
You may find it easier to upload all documents in support of your loan application online. This online application process helps in saving much of your valuable time, efforts, and paperwork. On the contrary, while applying for personal loans from a bank, you may have to visit the bank with your documents or hand it over to a collection executive.
5. EASY REPAYMENT PROCEDURES
Instant loans can now be repaid online, which is a big relief as compared to the time when loans were repaid through checks. A custom payment system has been incorporated by a vast majority of online lenders, which enables you to schedule an automated debiting of your EMI. These systems enable users to get their EMIs scheduled in advance. These systems are also good for other financial organizations and banks to manage their recurring transactions worth a higher value.
Your personal information is mostly used by the online lenders for the purpose of loan assessment. This information isn’t shared with third parties. An SSL encryption worth 128 bit is used for ensuring data security, so there’s nothing much to worry about. Keeping your personal information from being misused and protecting it from hackers is one of the top most priorities of these online lenders.
7. SIMPLE QUOTE COMPARISON
You must find lenders bearing a positive influence in the online market while applying for instant loans. Comparing the best of lending institutions and banks is a good way of finding offers that meet your financial requirements. It has become a lot easier for you to compare all lending options and pick the most suitable quote since all lenders have a strong online presence nowadays.
Instant personal loans yield a few great advantages for one and all. But you must read through the fine print and clarify your doubts while signing up.