Apart from ordering your favorite apparel, food items, or electronics from your smartphone while sitting at your home, the trend of availing an instant personal loan is quite popular nowadays. Without visiting any financial institution or bank, you can easily avail this facility by simply downloading the right application on your device.
Long gone are the days when potential borrowers used to visit financial institutions to avail of such loans to stabilize their financial health. These old school methods are way too time and energy consuming.
What is an instant loan? Why is it trending?
As the term implies, this type of loan is basically a financial product providing quick access to funds with a streamlined application process, which is often accessible via mobile applications. These loans offer rapid approval and disbursal, usually within a day, and help individuals cater to their urgent financial needs, ranging from unforeseen medical expenses to short-term cash shortages.
In the current fast-paced world, changing lifestyles and unpredictable financial circumstances drive the demand for such loans. The prime reason they are trending is that they are the most swift financial solution without any kind of hassle of lengthy paperwork or traditional processes.
Advantages of personal loans
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Flexible
These types of loans offer endless flexibility in how you can utilize the available funds. Unlike your car or home loan, where you are bound to purchase a particular item, these loans offer freedom in spending. From consolidating your debt to planning a vacation to education costs, you are free to use it for various purposes.
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Potential for debt consolidation
Personal loan serve as an effective tool for consolidating high-interest debts into a single and much more manageable payment. By availing of this loan facility in order to pay off multiple debts, borrowers can easily sort their finances and even secure a lower rate of interest than what they were paying earlier.
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Instant access
Known for their speedy approvals, these loans don’t let you wait and offer you to fulfill your emergency needs. Online lenders like Stashfin offer quick approvals, sometimes within a day after applying, enabling you to access funds in no time. Remember that timely financial assistance helps a lot during urgent situations.
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No Collateral
These loans are totally insecure, which is quite a good thing for those who are not ready to put down their valuable assets. As a potential borrower, you need not pledge assets like a home or car to secure the loan. This ultimately reduces the risk for borrowers who might need more valuable assets to offer as security.
How to get an instant loan online and secure funds within minutes?
It totally depends on the platform you plan to use. Around a month back, I was planning to avail of this type of loan in order to plan my trip to Thailand. I believe that Stashfin is the only app which offers such loans without charging any interest. This means you have to pay back the exact amount you avail from them without paying any extra interest.
- Download the app from the Play Store/App Store
- Sign up using your mobile number
- Add your personal details to check your credit limit
- Complete KYC
Conclusion
If you are planning to avail instant loan online, then you need not go anywhere. Just sit back, download the right application, and you need not worry about a single thing! Technology has undoubtedly transformed the way we avail financial services.