4 Situations Where an Instant Cash Loan Can Help You
Most of us are left with only little cash by the end of the month. This is because a major part of our monthly salary goes towards payment of utility bills, house rent, mobile and television recharges, payment toward child’s education fee, purchase grocery for daily life, manage expense for regular commute to work, entertainment, leisure, and a lot more. In such situations, a lack of funds well before the next pay date is expected and obvious. You may already have a monthly budget chalked out so that all the expenses are managed without any problems.
Why Take an Instant Cash Loan?
But, what if a financial emergency comes in? How do you plan to manage the crisis then? It is simple. In case of financial assistance during urgent or planned needs, you can simply choose an instant cash loan. This is an unsecured and short-term loan which is available for salaried individuals. This funding option is not available at regular banks and NBFCs.
However, several Fintech companies provide such funding. All you need is identity proof, address proof, income proof, latest bank statement and passport-sized photograph to apply for the funds. While an instant loan can help in fulfilling monetary needs, it also has other benefits. The funds can be used to build credit, consolidate debts, help in medical emergencies and purchase of gadgets, etc.
- Improve Your Credit Score
When taking a traditional loan or a loan from a bank or NBFC, your credit score establishes your creditworthiness. For home loans, car loans, etc, your credit score needs to be quite high to get the best offer and interest rate. Many times, loan applications are rejected because the applicants do not meet the requirement of the credit score. These applicants may have a good income and repayment capacity, but may fall short of the required CIBIL score.
This is why it is important to establish an excellent credit history so that later in life it gets simpler to access traditional loans. An instant cash loan can help in improvement of your credit score. As the tenure of this loan is up to 9 months only with a loan amount up to Rs. 75,000, you can repay the amount comfortably through EMIs. There is no prepayment penalty as well. So, you can foreclose or prepay the loan anytime.
Regular payments on this loan will help build your credit score. As timely payments impact your credit score positively, you can use this borrowing facility to establish a good credit score. As your creditworthiness increases, banks and NBFCs will consider you as a good candidate to lend a loan amount.
- Purchase of Electronics or Gadgets
Latest and advanced electronic products and gadgets come at a high price. Most of you may want to keep updated with such gadgets, like get the latest model of a smartphone or laptop. But, not always you may have enough funds to make a purchase. If you need a gadget or electronic product, then you do not have to wait for your monthly salary to arrive or break into your monetary savings. All you have to do is drop an application for an instant cash loan and get funds in just a day.
Thus, you can get the cash without burdening your monthly expenses. Moreover, you can make the purchase anytime without the worry of going through a cash crunch. As the repayment structure of this borrowing facility is based on your disposable income and repayment capacity, you will feel financially liberated instead.
- Medical Emergencies
There could be times when you have to deal with a major health concern of your dear ones or yourself. In such scenarios, a shortage of funds can create more than just a monetary crisis. Your medical insurance policy may partly pay for the treatment. Or the policy conditions could be such that you have to pay for the treatment first and then claim a reimbursement. But what if you do not have enough funds for the initial payment on the treatment? If your health insurance coverage is not sufficient and emergency funds too are less to fulfil the need, you can apply for an instant cash loan.
You will get the funds in your bank account within 2 hours and 24 hours. There will be no questions asked as to how you wish to use the funds. The process of loan application will be online. Thus, you do not even have to move out of your comfort zone. Just drop the loan application on the lender’s website of the mobile app. After approval, get the money deposited in your bank account in a jiffy.
- Debt Consolidation
If you have several small loans ongoing, the amount of total EMI you pay per month is likely to be high. Also, you have to keep a track of principal amount remaining for each and every loan. The process of keeping track of all the ongoing loans itself is complicated and time consuming. It is easier to forget the payment on a loan in such a case, than remembering the payment on a single loan.
Thus, in this scenario, it is best to choose an instant cash loan and consolidate your debt. It is then you need to pay only fixed EMI every month till the end of the tenure, based on a single rate of interest. So, this may bring down the overall expenses on the total EMI outgo on several loans against a single loan. Debt consolidation will help in streamlining your monthly expenses and offer you a sense of stability with your budget.
So why worry when you can get cash in a bank account within as less as 2 hours with an instant cash loan? You can plan for any expense that you may have with these funds. Be it an emergency or a thought out expense, the borrowing facility will provide you the right monetary assistance that too quickly. You can apply on the internet without having to sweat it out at the lender’s branch office. You can even get doorstep service for signing the loan agreement.