The Best Instant Loans Apps_ Compared

1. The Best Instant Loans Apps: Compared.

2. With our fast paced lifestyles and increasing number of essentials, it is understandably difficult to run our lives on a strict monthly budget. This is where the concept of an instant loan comes in to our rescue. Traditional banks still take a long time to process the application for a personal loan, and credit cards come with high interest rates, which is feasible only for a small amount of money.

3. In the midst of all these challenges, instant personal loan apps have jumped in to offer borrowers a safe and hassle-free set up that allows them to get the cash they require immediately. You don’t need to be physically present (as is the case for personal loans sanctioned from banks) anywhere in order to get a loan approved from an instant loan app. You can get a quick cash loan from the comfort of your home.

4. MoneyTap • MoneyTap was amongst the earlier apps to initiate the concept of borrowing credit through an app. Users can borrow uptoRs 5,00,000 and pay the borrowed amount with interest back in unequal EMIs as well. Depending on how much you are able to spare every month, you can pay the money back. The application is paperless with documents taken digitally. It takes a small amount of time to confirm the eligibility of the customer. MoneyTap is currently available in more than 30 cities in India.

5. FlexSalary FlexSalary requires a one-time application to set up your account. For each personal loan you take, you don’t need to fill in separate application forms. FlexSalary also allows its users to decide on the tenure and the repayment scheme of the loan. The installments need not be equal or fixed, and disbursals are quick so that customers can access their credit anytime. FlexSalary allows you to take an instant cash loan of uptoRs 2,00,000. An EBV (Electronic Bank Verification) needs to be completed so that the loan can be approved.

6. Timely Repayment: When it comes to repayment of dues, you have to be disciplined, whether it is a short term debt like paying your credit card bills or long term debt. Just make sure that you don’t skip or miss any repayment because missing an EMI or delaying in payment is among the key factors which affect your credit score. Hence, it can hinder your chances of taking personal loans in the future for other needs in life.

7. Don’t borrow to invest: - this is the thumb rule of investing, that never use the borrowed money for investment, why? Because your safe investments like fixed and recurring deposits won’t be able to match the rate of interest you pay for the loan amount. In addition to all this, don’t use your loan amount to invest in the financial market such as stocks as it is highly volatile in nature. The moment market crash or declines, and if you suffer losses, you would be strapped with a EMIs as well.

8. LazyPay LazyPay is powered by PayU, the payment technology company that provides solutions to online merchants. It offers personal loans uptoRs 1,00,000 through a simple digital process with quick documental verification. LazyPay also offer BNPL (Buy Now Pay Later) and can be used at a host of services including Swiggy, BookMyShow, ZAP Subscribe, Zomato and HungerBox. You can also take a personal loan as low as Rs 10,000 if you want to use it for some immediate shopping or a new mobile phone. Interest rates are between 15% to 28% and a processing fee of 2% is levied on the amount withdrawn.

9. PaySense PaySense is a digital lender that serves micro loans to customers. It operates with IndianInfoLine (IIFL) which acts as the lender. Its interest rates range from 1.4% to 2.3% per month which, while fairly highly, allows easy monthly installments for the user. You can check your eligibility by submitting your KYC details. Users with no credit score can also apply for a loan with PaySense, and so if you are taking a loan for the first time, this could be an application to turn to. With its easy documentation and quick disbursal of money, PaySense is a quick and hassle-free option.

10. EarlySalary EarlySalary has revolutionised the instant loans sector through a host of plans and services. From its Salary Advance, to Buy-Now-Pay-Later and even partnerships with major retailers, EarlySalary has covered all possible options for borrowers, and all this can be done without the dread of paperwork. EarlySalary offers personal loans uptoRs 2,00,000, whileyou are charged based on the number of days you use the money. The clincher? EarlySalary does not rely heavily on your credit score, and instead, they consider multiple other factors including new age ones such as a social worth score to determine your eligibility. A social worth score is determined based on your social media activity. Many young salaried individuals often do not possess a high credit score, hence the social worth score acts as an alternative. If you’re a young salaried individual looking for some credit, you can always use a salary advance from EarlySalary instead of a credit card or a loan.

11. With an increasing number of instant personal loan apps, a myriad of options are now available to potential borrowers for their urgent cash needs. With digitization and improved accessibility, anyone can now apply for a personal loan, without the month-long wait and the extreme logistical challenges. Get started with EarlySalary here.

12. To Read More on:- Instant loan apps Visit us https://www.evernote.com/shard/s473/client/snv?noteGuid=e7a87ec4-751a-4394-8fe8- For Instant loan apps Click Here