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The list of basic human needs has increased substantially from where it was 50 years ago. This also means that the need for money to fulfil these needs has also increased by the same rate, if not more
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Tips to Select the Right Cash Loans Apps The list of basic human needs has increased substantially from where it was 50 years ago. This also means that the need for money to fulfil these needs has also increased by the same rate, if not more. Apart from paying for essential needs, everyone feels the need to have a little extra money for emergencies or unforeseen expenses. Whether it is paying medical bills or making a large purchase, anyone could need a sudden inflow of cash. This is where cash loans apps enter into the picture. Cash loans apps help in getting a loan online with minimum documentation. The tenure of the loan is comparatively short to that of traditional loans. Moreover, the application process does not take as much time as traditional bank loans. For these reasons, among many others, cash loans apps have become extremely popular among borrowers, especially among young working professionals. Here are few tips to select right amongst the ever-increasing number of cash loans apps: Check eligibility The first thing to do is to ensure that you can borrow money from the app. This means that you should make sure that you fit the app’s eligibility criteria. Most cash loans apps need you to be of ages between 22 and 59 years. Moreover, they ask you to show proof of having a minimum Rs. 10,000 of monthly income from an authentic source. Loan amount The amount you can borrow is different across different cash loans apps. Many apps start their range from INR 1,000 and go all the way up to INR 2 lakhs. If you want a wider range, you should check different cash loans apps.
Documents Providing documents is uniform across all cash loan app. The required documents include proof of address and proof of identity. Documents matching this description include Aadhaar card, PAN card, driving license, and passport. While some apps may ask all of these documents for verification, some will ask as mini mum as possible. You can choose your cash loans apps based on your document availability. Competitive interest rate The interest rate on the loan you have taken depends on the total amount you have borrowed. However, the base rate differs across different apps to begin with. Check each app that you are aware of for the basic interest they offer. Special features In traditional bank loans, your credit score is of paramount importance. If your credit history includes unfavourable behaviour, it affects your credit score. In such a situation borrowing money from cash loans apps would be a better option as they do not evaluate your credit score for approval. Disbursal Simply put, if you are on the search for a quick cash loan online, you would want to get the funds as soon as possible. The reason for this would be that you need it to cover some immediate expense. In such a situation, waiting for approval from banks on loans is something you cannot afford. While most cash loans apps are known for their quick disbursal, if it is not as quick as you need it be then you should look for other options.
