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Weu2019ve all heard of personal loans, but cash loan? Not everyone is aware of those! However, the latter are gaining in popularity, especially amongst younger borrowers. Their sudden appearance on the scene has also caused a lot of confusion amongst borrowers u2013 how are they different from personal loans - most people ask confusedly! Well, this article will go over the differences to ensure you have a clearer idea of both these financial solutions.
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We’ve all heard of personal loans, but cash loan? Not everyone is aware of those! However, the latter are gaining in popularity, especially amongst younger borrowers. Their sudden appearance on the scene has also caused a lot of confusion amongst borrowers – how are they different from personal loans - most people ask confusedly! Well, this article will go over the differences to ensure you have a clearer idea of both these financial solutions.
Loan amounts. This first and most stark difference between personal loans and cash loans is that they offer very different loan amounts. Where personal loans offer anything from Rs. 20,000 to Rs. 20 lakhs, cash loans are way more conservative and usually offer loan amounts ranging from Rs. 1,000 to Rs. 60,000. So as you can see, both serve completely different needs.
Documentation. The most significant difference between personal loans and cash loans is the documentation involved. Getting a personal loan, which usually involves a lot more money, requires a stack of documents ranging from all sorts of identity proof documents to a stack of financial documents. All in all, the documentation process of a personal loan can get quite tiresome. Cash loans on the other hand make light work of the documentation process. You can get a cash loan with nothing more than a copy of your Aadhaar Card and your PAN card.
Eligibility. This is another area where the two loans are poles apart. Personal loans have way more stringent norms that a borrower needs to satisfy in order to qualify for the loan. The might need a salary upwards of Rs. 20,000. In addition to that, they also need to have a credit above 700. Combined, these two eligibility criteria can shut the door on numerous borrowers. Cash loans, on the other hand, as way more relaxed when it comes to eligibility criteria. They do not require you to have a very high monthly income; you should find lenders who will accept applications even if they have a monthly salary as low as Rs. 10,000 per month. The real kicker is that some lenders will completely overlook credit scores allowing first time borrowers into the fray!
Ease of application. Most cash loans are made available through smartphone apps. These apps ensure that applying is a complete breeze. Once you download the app, you finish the application in 3 simple steps without any physical paperwork. In fact, the entire process once you download the app will last only 30 minutes, within which you should have the money in your account.
Uses. Based on the loan amounts, it’s easy to spot that both personal loans and cash loans have completely different uses. Personal loans are reserved for much larger financial needs whereas cash loans are designed to suit the everyday financial needs of the middleclass.
Hope this article helps you see the different between personal loans and cash loans, good luck and all the best. Happy borrowing!
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