Instant loans are a kind of unsecured loans where one gets funds without pledging any form of security against the loan amount. It works as the best option when you need instant approval or looking for small loans to meet your immediate expenses. To avail of the benefits of this loan, you are required to have a decent credit score along with a stable source of income. The tenure for this loan ranges between 12 to 24 months. The loan amount for these kinds of loans varies from lender to lender based on your repayment capacity, your income, and other obligations.
Different types of Instant Loan:
Wedding Loan
Everyone has a desire to have a grand celebration at his or her wedding, for this huge amount of funds are required. We need expenses to have a destination wedding, designers’ clothes, and exchanging gifts with friends and family. To make all this possible, lenders are giving wedding loans at an attractive personal loan interest rate. The best part about these loans is that it comes with a one-day approval and can be used to meet all kinds of wedding requirements.
Travel loans
It also falls under the category of small loans which one can avail of to fulfill your desire of traveling to your dream destination without touching your personal savings. Be it is a domestic or foreign location; this loan is offered without any collateral or guarantor. The processing of a personal loan for meeting the travel expenses is comparatively fast and simple. However, the thing required to avail of this loan is- you should fulfill the eligibility criteria and you need to have appropriate documents.
Medical Loans:
When you are having any kind of medical emergency or looking to save the life of your loved ones is at the topmost priority irrespective of the cost. In such a situation when you do not have money the only option left to you is borrowing.
Medical loans are a type of personal loan which are available online. The process is quite simple which includes applying for the loan online through the lender’s website from whom you are willing to apply.
As far as the documentation process is concerned. Online you are required to upload the scanned on their website or sending them through the mail. The approval process is fast as it is done through automated software and algorithms which reduces the time consumption and manual effort.
These are related to:
• Documents for your identity,
• Address proof,
• Income proof,
• Your bank statements along with your last year’s ITR documents.
No paperwork required as the entire loan processing is done using online mode. The personal loan interest rates, terms of the lenders, the maximum amount, and the processing fees may vary but lenders usually want to stay competitive so there will not be too much variation.
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