There are many times when a person has to face some unexpected expenses in their life. They can easily handle unexpected expenses if they are financially stable and have some savings.
But what happens if they do not have savings or are not financially stable? In such cases, people often take an instant loan to handle unexpected expenses. Instant loan is one of the best options for those who want to deal with emergencies.
It is easy to apply for an instant loans online, with short tenure that consists the quick processing. The best thing is that the instant loan needs less documentation and is disbursed the loan quickly.
Types of instant loans
Here are some common types of instant loans available.
- Short-term personal loan
Short-term personal loans are very popular among people. This loan has come in the form of a loan amount of less than Rs.1000. Online lenders provide short-term personal loans. This loan is ideal if you want to only deal with the financial crisis at the end of the month.
Suppose you want to avail of this loan. In that case, you must apply for a short-term personal loan through the app or official website, fill in the necessary information, submit the important documents, and get the instant money into your account.
- Personal loan
A personal loan is the most common type of instant loan, which is an unsecured loan. These loans are offered by online lenders that lie from Rs 30,000 to Rs. 40,000. This loan is only provided based on your eligibility.
Remember that the interest loan applicable on a personal loan is generally higher than the secured loan. But the tenure of personal loans is flexible. It means you can easily repay the loan with the interest rate, according to your convenience.
- Top up loan
A person can use this loan to get the top-up loan and extra access funds than their existing loans.
If you take any other loan from the bank, and now you will take the top-up loan from the same bank, you can easily take the loan instantly without involving any paperwork or documentation again.
- Loan against the credit card
If you have your credit card, then your credit card provider offers this instant loan. This loan is issued to you based on your credit card limit and repayment history.
- Loan against the insurance and savings
Many banks provide this instant loan against your savings instruments, such as insurance plans, FD, etc. Loans against savings and instruments are also known as a demand loans.