Looking For A Credit Card? Get An Instant Cash Loan Instead

1. Looking For A Credit Card? Get An Instant Cash Loan Instead ____________________________________________________________________________ Ever since demonetisation, digital payments have been soaring. With the digital push and mounting expenses of living, more people are turning towards credit cards to meet ends. The slow pace of remonetisation coupled with attractive offers and cashback options have successfully turned a large number of young workers towards credit cards. While most experts thought this was a temporary effect to make up for the lack of circulation of cash, the system of credit cards have not died down with more than 45 million credit cards being used by Indian citizens even 2 years after demonetisation. Is using a credit card a wise option? While regular usage of credit cards has never harmed anyone, using them extensively can land you in a vicious cycle of recurring debt. At a time where millennials are barely able to live end to end, borrowing even a small, let alone large, amount of money without paying it back on time can reek up huge and unwanted debts. Moreover, the inability to pay back the money can hit your credit scores, taking them to an all time low. This can potentially bar you from taking very important loans in the future, such a home loan or a car loan. Large amounts of interest charged on money you do not have in the first place takes you down the path to bad financial planning. What is an instant cash loan? With absurd interest rates and bad to non-existent credit scores, there was a definite need for a simple and hassle-free borrowing system in place. Companies and start-ups have started filling this void with instant loan apps. When there is an urgent requirement for money, however large or small, you can apply for a cash loan to get you through the month so that you do not lag on your monetary commitments. The eligibility for most cash loans is very simple, you just need to be a salaried employee. The interest and maximum amount you are eligible to borrow depends on your CBI score and past payroll.

2. Why go for an Instant Cash Loan? Traditional banks can take anywhere between 2 weeks to a month to sanction your loan. Instant cash loans, on the other hand give you cash for all your immediate needs such as a friend’s destination wedding, paying off your college tuition fees, or even a medical emergency. The digitisation of the entire process is what has got people relying on it. Through a simple upload of the required digital documents such as your bank statement, ID proof and salary slips, you can apply got an instant cash loan. The interest charged is based on your CIBIL score. However, certain start-ups do acknowledge that young employees may not have a strong credit score and hence, may also check the social worth score of the applicant. The social worth score is a score awarded to you based on your social media presence.The approval comes within an hour (and sometimes within minutes) after which you can withdraw the money in a flexible manner. The repayment process is as simple as the borrowing process. For instance, EarlySalary, a instant loan app, allows you to customise the time frame within which you intend to pay the loan back. You can arrange a monthly, or bi-monthly frame for 6 to 12 months, so that you pay the money back at regular intervals without too much strain to your finances. They also charge interest only on the amount of money you have used. With the high convenience and easy eligibility criteria, instant cash loans have become an immediate hit amongst millennials. Without the requirement of a collateral or guarantor, instant cash loans are the simplest way to procure cash for a young, independent and employed individuals. With minimum hassle and paperwork, the question is, why not go for an instant Cash loan?