As the name suggests, quick cash loans are loans that are offered quickly, with minimal documentation and verification. The turnaround time for quick cash loans can be as low as a couple of hours, which makes it an ideal choice for emergencies. You can avail quick cash loans from banks, NBFCs, and Peer-2-Peer Lenders. Generally, the registration and application process for quick cash loans are simple and take very little time.
Fast cash personal loans, otherwise known as payday loans are loans that are meant to help you tide you through financially tight times, particularly at the end of the month. Depending on your financial needs and your repayment capacity, you can avail a 10,000 loan, 1 Lakh loan, or even a 3 Lakh loan.
One thing to keep in mind while availing fast cash loans is that the repayment period for this type of loan is generally around 30 days and the interest rate charged on these loans is higher than the interest rates charged on personal loans.
Features and Benefits of Quick Cash Personal Loans
Here are some of the features and benefits of quick cash personal loans:
Instant Approvals
With more and more NBFCs and banks relying heavily on technology, there are now smart algorithms in place that can instantly approve loan applications after thoroughly analysing the applicant’s credit profile. This makes the entire process very simple and time-efficient.
Quick Fund Transfer
Staying true to its name, quick cash loans are credited rather quickly. Once all the paperwork is in order and the application is approved, the loan amount is credited to your bank account instantly.
Fully Online Process
If you’re in urgent need of money, the idea of going to a bank branch and going through the entire process may seem impossible. To make things more efficient, lenders now offer a fully digital loan application and disbursal process which means you do all of this from the comfort of your home.
Collateral-Free Loans
Quick cash loans are collateral-free loans, which means that you don’t have to offer any securities to get started with your loan application.
Speedy Transactions
One of the biggest advantages that a quick cash loan has over any other type of loan is the speed at which a quick cash loan is processed. If you need some money immediately for one reason or another and don’t have the time to wait till a personal loan can get processed, a quick cash loan is a no-brainer option. A quick cash loan can be availed in as little as a few hours.
Credit History
If your credit score is not very favourable but you need a loan immediately, a quick cash loan might be for you. Since a quick cash loan is processed rather quickly and is generally offered as small ticket loans, many lenders don’t go through the process of hard enquiries. This means that your credit score has very little impact on your loan application process.
Minimal Documentation
Since quick cash loans are processed very quickly, lenders keep their documentation requirements to a minimum.
Eligibility Criteria
Here are the eligibility criteria for availing of a quick cash loan. Although bear in mind that the eligibility criteria may vary depending on the lender you choose, so it’s always best to get in touch with your lender.
- You must be between the ages of 21 and 60
- You must be self-employed or a salaried employee
- You must be a resident citizen of India
- You must have a monthly income of at least ₹15,000 per month
- Employees who are employed in large MNCs, PSUs, or the government sector may get an advantage as lenders believe that their job security is high
- Some lenders may also require you to have a good credit score
Interest Rates and Other Charges
One thing to keep in mind before availing of a quick cash personal loan is that since these loans are extremely convenient and quick, the interest rate and other charges associated with quick cash loans can be quite high. The interest rates charged on quick cash loans are generally higher than the interest rates charged on other types of unsecured loans such as personal loans, professional loans, or business loans.
While sometimes, we are okay with taking up more expensive loans because of an emergency situation or for the sake of convenience, it’s crucial that we understand the debt that we are about to take on. The interest rates charged on quick cash loans can vary largely depending on the lender, the borrower’s credit history, loan amount, loan tenure, etc. However, generally, the interest rates on these loans can range from 11.5% to 22%.
There are also a number of other costs associated with quick cash loans such as processing charges, loan cancellation charges, late payment charges, prepayment charges, amortisation schedule change charges, etc. When applying for your quick cash loan, always make sure to talk to your lending partner regarding the charges involved and be smart about your repayments so you never fall victim to unnecessary fees and charges.
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