Ever come across a situation where you were just a tad bit short on funds to make a purchase? Maybe, you had to cover some unexpected expenses and were left with less than you had anticipated. Whatever the case, an instant loan could have helped you in that situation.
These are short-term loans that are processed faster, require significantly less paperwork and are approved without any collateral.
But how can you tell you need one? More importantly, what does the process entail? Let’s go through it all, step by step.
An instant loan is a short-term loan that's processed quickly and doesn't require collateral or extensive paperwork. Benefits include zero collateral, paperless and hassle-free processing, instant disbursal, flexible amounts and tenures, and quicker processing.
To get an instant loan, check if you meet the lender's eligibility criteria and keep in mind that interest rates vary.
Instant loans work by providing borrowers with quick access to a small amount of money for a short period, typically until their next paycheck.
Here's how they work in short:
Unlike traditional personal banking, an instant loan offers multiple benefits. Some of these include:
While the specifics differ based on the lender, the general process of how to get instant loan is quite simple. You only need to visit the official website of the bank or the financial institution to check if you meet their eligibility criteria.
There are a few things you need to keep in mind here, including the following:
Apart from that, a good credit score is always helpful in keeping interest rates low. Prospective borrowers may also need to fall within a specific age range, depending on whether they are self-employed or salaried employees.
Remember, there are many lender-specific factors in play too.
With all the available options, deciding which financial institution is your best bet when opting for an instant loan can be challenging. That’s where Fi Money steps in.
Fi Money provides instant loans that arrive directly in your savings account. These are pre-approved personal loans made available to select users with good credit scores. On Fi, this process is 100% paperless, and the loans are provided at competitive interest rates — where each user remains in control with complete visibility of all details.
Plus, you can avoid EMI late fees by setting up automatic in-app payments. Our licensed partner bank assigns an eligible loan amount to each user (up to ₹5 lakh).
In addition to Fi Money, almost all National and State-level banks offer instant loans. However, the interest at these institutions may be relatively high compared to Fi Money's rates.
Most instant loans are processed, approved and disbursed in under 10 minutes. With Fi Money, you can expect the loan to reflect in your account in under 5 minutes or less.