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The title of this article is inspired by popular movie Fantastic Beasts and Where to Find Them. Fortunately, unlike the creatures in the movie, cash loans in India are easier to procure, and to make things easier, this article even tell you how!
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The title of this article is inspired by popular movie Fantastic Beasts and Where to Find Them. Fortunately, unlike the creatures in the movie, cash loans in India are easier to procure, and to make things easier, this article even tell you how!
1. First head to the app store on your smart phone.That’s rights! These days, most lenders including renowned banks and non-banking finance companies now provide cash loans in India through their mobile applications. So, all you have to do is reach for your mobile phone and type loan apps in the search box – you should stumble upon pages and pages of application that provide you with quick finance solutions!
2. Okay, but how do I choose between all the options?It’s only natural to be confused with all the options before you. However, it is important you choose a good lender and application. This will ensure you have a good experience with the lender and a smooth journey through debt! Here are some good points you can keep in mind to help you select the right app your loan.
i) Compare via rating: The first thing you should do is compare the various lenders based on their rating. You should shortlist options that have a rating higher than 4. You can even go a little lower, say higher 3s. ii) Check the loan amounts: Different apps will provide cash loans in India with varying amounts. Some will offer loan only above 1 lakh, other will more flexible loans ranging from Rs. 1,000 to Rs. 60,000. You need to select the app that best satisfied your requirement.
iii) Eligibility: There is no point of good ratings and suitable financing if you are not eligible to borrow from the app. Some lenders are extra-careful when it comes to their borrowers. They will only provide finance to those with high monthly income & high credit scores. However, the good news here is that there several lenders that are a little more lenient when it comes to eligibility criteria. They will provide you with cash loans in India, even if you are without a credit score and have a modest income that is above 10K a month.iv) Easier documentation: You don’t want to uploading one document after another to get a loan, do you? Well, in that case, you should look for lenders that provide cash loans in India sans the tiring documentation. Believe it or not, some of these apps will offer loans with only 2 documents – your Aadhaar & PAN card! Even better, some won’t even ask you to upload a photo, they’ll just ask you to take a selfie, how cool is that?
v) Longer repayment tenures: Also, you should look for cash loans in India that come with longer tenures, to ensure you are able to repay the loan in relative ease. Some lenders will offer tenures up 12 months!vi) Lower cost: Last but not the least, look for cash loans in India that are affordable in terms of interest rates and processing fees. Also, if the loan app demands upfront payments or membership fees better not to use it, could be a scam.
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