Over the past few years, rapid digitization has been witnessed in almost every part of our lives. Anything that we want to do no matter how small or big it is, there is an app for it - this includes ordering something online, booking a doctor’s appointment or checking the number of steps you have walked in a day.
If such is the case, then could the financial world we left behind?
Certainly not.
This is why today we have what is known as a loan app which is very useful when opting for any kind of instant loans which can help you manage any kind of financial emergencies.
What are Instant Loans?
- It refers to a financial transaction which involves an agreement between the lender and the borrower. Here the lender is the financial institution from whom the loan is being opted for. The loan is the same as any other loan, but the process is different.
- Regular loans such as home loans, personal loans, and business loans are opted for a longer period and have larger amounts. An instant loan, on the other hand, has a shorter loan amount and repayment period. This way it can be applied for using for an instant loan app. If you satisfy the eligibility criteria, then the loan gets deposited in your bank account very quickly. There is no lengthy paperwork involved and you can apply it from the convenience of your home.
What is the Eligibility?
- Employment history for a minimum of 3 years
- Must have a decent salary
What is the Repayment Period
Owing to the small size of instant loans, the repayment period is also small - usually a few months depending on the lender.
Additional Read: Instant Loans Now at Your Fingertips! Here's How
