How to get quick short term personal loan?
If you are having a temporary financial crisis and are in need of cash, short-term personal loans can come to the rescue. Be it your monthly bills, an upcoming birthday party, or even a medical emergency, and these quick small loans are an ideal solution for meeting your short-term cash needs. Small instant loans are especially attractive, given that their disbursal time is short. Moreover, they are easy to get and do not require any collateral. A lot of us wonder how to get a personal loan quickly. These loans are easily available on instant loan online apps and offer funds in just a matter of a few days.
Reasons why we need short-term personal loans?
Short-term personal loans and instant loans for students and young professionals can particularly come in handy as both segments lack credit history and have limited or no income.
For college students, it is hard to fund their expenses while they are studying, considering that they are juggling between academics, extracurriculars, and also social life. Quick personal loans make it easy for college students to sail through their academic journey by funding expenses that they may be unable to cover. This includes monthly bills, gym fees, going to the movies, booking a train ticket, buying books and so on.
Young professionals looking to meet personal needs can also apply for small loans. Reasons for applying for a small instant loan could be funding a vacation, buying an appliance, and even paying for emergency medical expenses, among others.
For both students and young professionals, quick personal loans are an ideal option because most of these loans are available on instant cash loan apps. Further, personal loan documentation through this route is hassle-free and minimal. At the same time, personal loan instant approval can be availed, and you could get money directly in your bank account or online wallet.
Another important advantage with instant personal loans for students and young professionals is that they are collateral-free. This means that students who do not have personal assets to pledge to find it convenient to borrow using this method. In the early years of their career, when their income levels are low, young professionals can avail this option as well.
Quick disbursal, along with flexible duration, makes short-term personal loans an attractive option for students and young professionals. Also, when paid on time, these loans help improve one’s credit score.
Ways to get quick cash!
Banks are a great avenue for availing personal loans; however, they often require one to have a credit history and a good credit score. In this case, since many college students are still building up their credit, they are not eligible for a bank loan.
Further, these loans may require backed by collateral, which can be taken away by the bank if you default on the loan. Hence, personal loans from banks may not be an option for many students and even young professionals.
Credit Card Advance
One can use one’s credit card to get a short-term cash loan from a bank or institution. Although convenient, the interest rates on these advances tend to be higher. Further, you may have to pay cash advance fees. The most important thing, however, is to have a credit card. College students may not qualify for a credit card because they do not have a source of income.
Although the concept of payday loans is relatively new to India, it is a type of unsecured loan, which means it does not require collateral. It is typically to be repaid on the borrower’s next salary day (payday), that’s why the name. This can be an option for young professionals who have a regular salary. However, it is not an option for college students.
Also, these loans are short-term, high-interest and risky as most borrowers tend to get trapped in a debt cycle with these loans due to high-interest costs.
These loans are for those who have less or no credit history and who may not qualify for a loan on their own. Thus, a co-signer is required for this loan. The co-signer promises to repay the loan if the borrower fails to do so.
Hence, you would need to take the help of someone else as a co-signer.
Online loan apps
Online lenders are an ideal option for personal loans because the application process is much quicker and simpler than borrowing from a bank. Further, most students and young professionals are eligible for these loans. In an instant small loan online, the loan amount is directly deposited into your bank account or payment wallet, giving you full control on how you want to spend the loan.
Thus, online lenders maybe your best option to avail a quick small personal loan if you are a student or working professional.
The quickest way to get a short term loan!
Now that we have seen ways in which ways you can get quick cash, the quickest way to get a short-term personal loan is perhaps through mPokket. mPokket loans are super-convenient because they come with a flexible loan amount, and the entire process of loan application is online and completely paperless. In addition, these loans do not require collateral, which is great for students and young professionals. mPokket, through its instant loan online app, offers 24/7 support and has already been used by 5+ million users.
The eligibility criteria for availing the instant personal loan is as follows: If you are a college student, you should have attained the age of 18, have a college ID card, and valid address proof (such as your voter ID, driving licence, passport, or Aadhar). A working professional would need to furnish his/her ID, Address Proof (Voter ID Card, Driving License, or Passport, Salary slips, and a bank statement.
So, if you’re bogged down by urgent cash needs and are wondering how to get an instant personal loan, look no further! Simply download the mPokket app, the best app for an instant loan.
Take advantage of mPokket’s convenient terms such as repayment up to three months with a nominal interest rate of 1 to 6% per month. Download the mPokket app, the best personal loan app in India.