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Quick loans are those loans which are processed within hours of applying to meet your instant need for funds. They come with minimal documentation and their application process is completely online.
Some of the quick personal loans available are short-term loans, salary advances, and lines of credit. You can select the best option according to the needs of your smartphone.Top Lenders of Quick Loans 2023
Lender Name | Interest Rate | Minimum Loan amount | Maximum loan amount | Benefits |
|---|---|---|---|---|
Nira Finance | 2.0% per month to 3.0% per month or 24% per annum to 36% per annum | Rs. 5000 | Rs. 1 lakh |
|
Loan Circle | Starts from 8% | Rs. 10,000 | Rs. 1 crore |
|
Quick Loan | Starts from 10.45% | Rs. 25,000 | Rs. 25 lakhs |
|
Eborrow | 36% p.a. | Rs. 1000 | Rs.10,000 |
|
MoneyTap | 1.08% p.m. | Rs. 30,000 | Rs. 5 lakhs |
|
KreditBee | 0% p.m. to 2.49% p.m. | Rs. 1000 | Rs. 2 lakhs |
|
Eligibility Criteria For Quick Loans
Parameter | Notes |
|---|---|
Age | 23 years and above |
Occupation |
|
Income |
|
Repayment history | The repayment history should be good. If the applicant has been a defaulter at any point of time in the past, he/she may find it difficult to qualify for a quick loan |
Nationality | The applicant should be a resident of India |
Documents Required for Quick Loans
- Identity Proof: PAN card, Aadhaar card, Voter’s ID, Passport, Driving License, etc.
- Address Proof: Aadhaar, Voter’s ID, Passport, driving license, utility bill, rental agreement, etc.
- Bank statement: Up to 6 months
- Payslips: Up to 6 months
- Income Tax Returns: For self-employed applicants
- Signature Proof: Specimen signatures
- Passport size photographs: 3 to 5 numbers
How to Apply For Quick Loans?
1. Go to the lender’s website
2. Create an account on the official website of the lender
3. You can now register for the loan - You will be required to enter your personal details, employment details, previous credit details, and income details. You must also load the supporting documents.
4. The lender will check the supporting documents and the information provided
5. If you qualify for the loan, the lender will disburse the loan to your account.
Features of Quick Loans
- Most of the quick loan providers levy processing fees on their loans
- The processing fees could be in the range of 1% to 5% based upon the company and the loan amount.
- Most quick loan lenders charge nominal foreclosure fees.
- There are also other quick loan lenders who do not charge any foreclosure fee.
Benefits of Quick Loans
- User friendlinessThe application process for quick loans is simple and quite quick. Most lenders just take a few minutes to approve.
- PaperlessQuick loans ask for very minimal documentation like proofs for identification, address, and income. Since the physical submission of documents is not required, and documents are uploaded online, the process is very fast.
- No credit history is requiredQuick loans are given even to individuals without a credit score.
- Short term cash advancesShort term cash advances ranging between Rs. 5000 to Rs. 5 lakhs are available on instant online apps. You can get a loan depending on your needs and qualifications.
- The loan duration and the amount are flexible The loan amount ranges from Rs. 5000 to Rs. 5 lakhs and you can choose one based on your needs. The duration is also flexible and you can pick a tenure as per your needs.
- Easy disbursement processSince the approval and disbursal of quick loans is completely online and fast, the amount gets credited to your account within a few hours. Sometimes, disbursal takes place on the same day you submit the application.
- Fair interest ratesThe personal loan interest rates on these quick loans are often lower than those on credit cards.
Important Factors to Keep in Mind Before Taking A Quick Loan
- When you take a quick loan, you must choose a trustworthy lender. There are many unlawful lenders in the market. So, be cautious and do enough research before you choose a lender.
- Some hidden fees may come with the loan. Before you take a quick loan, read the terms and conditions of the loan carefully and enquire about the fees and charges associated with taking the loan.
- You should evaluate your repayment capacity before you take a loan. If you cannot pay your EMIs on time, you will be charged a late penalty. The late penalty on quick loans is much higher than the late penalty on normal loans.
Conclusion
Quick loans are very easy to apply to, and you can also use the amount for anything. However, be cautious about the lender. Choose trustworthy lenders who provide excellent customer service.
FAQs Of Quick Loans:
1. Is there any kind of collateral necessary to get a quick loan?
No collateral is needed to get a quick loan.
2. Is it possible for self-employed people to get quick loans?
There are some lenders in the market that offer quick loans to self-employed individuals. They use the income tax returns of individuals to evaluate their creditworthiness and repayment capacity.
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