Winning Bizness Desk
Mumbai. Quick loans can be a convenient way to get quick funds. If you are in urgent need of funds, have a good credit score and are confident of making repayments in a manageable manner, an Instant loan may be the right option for you as this provides immediate access to funds, timely financial assistance, and require no lengthy approval process or collateral. Instant or Quick loans are usually small online loans that provide quick funding. Some credit providers offer instant personal loans in the form of pre-approved offers. These lenders assess your creditworthiness before providing you with instant loans. Due to this, the loan amount is processed and disbursed within a few hours. It is the best option in case of emergency. For example credit providers like Bajaj Finance offer Insta Personal Loans, which are available for Rs. Available with pre-approved offers up to 10 lakhs. Funds are disbursed in just 30 minutes to 4 hours. This option is suitable in times of need. Let's take a look at some of the features of instant loans:
1. Quick processing
Conventional loan approval processes were very lengthy, filled with a lot of paperwork and credit checks. It used to be a very time consuming affair. The loan you get in the instant loan process is pre-approved. The advance time is reduced to a great extent which gives you instant loans in stressful financial situations.
2. Minimal documentation requirement
The documents required for instant loans are straightforward, unlike regular personal loan requirements. So these loans are available to a large number of people. Some existing customers do not have to submit any documents like income or address proof.
3. Flexible return options:
Instant personal loans are available under various repayment options. The loan repayment period can be chosen as per your convenience. This period can be from a few months to a few years. You get the freedom to manage your financial needs and repay the loan at your own convenience.
4. Collateral-free loans:
Payday loans are often unsecured, very different from secured loans. This means there is no time for the borrower to lose his property if he defaults on the repayments. As these loans are collateral-free, it does not require the individual to pledge any important assets as security.
5. Pre-agreed limitations:
Pre-approved personal loans are made available by loan providers to customers who are their existing customers. Some loan providers like Bajaj Finance offer pre-assigned limits to their new customers.
