An instant loan is one of the best solutions to your financial needs. However, individuals often require emergency funds and wish to refrain from asking others. This is where these types of loans step in.
There are several applications available on the internet, but it is essential to choose one. Earlier, even I was looking for a loan, so I’ll share my personal experience here so that the readers can easily understand and make the right choice.
What is a personal loan?
As the term implies, a personal loan is a type of loan that an individual can easily avail to fund their personal expenses. Unlike specific-purpose loans, such as a car or home loan, which can only be used to purchase a car or home respectively, a personal loan gives the ultimate freedom to the consumer.
Furthermore, they are typically unsecured as they do not require any collateral and are totally based on the creditworthiness of the borrower and their ability to repay the loan amount. Also, when you avail an instant personal loan, keep in mind that it has a fixed rate of interest that stays the same throughout the loan’s life. However, the repayment period may vary but usually varies from one to five years.
What are its pros?
1. Flexible
Personal loan can be used for a variety of purposes. As mentioned above, it is not a specific-purpose loan and can be used to pay medical bills, home renovation or even consolidate high-interest credit card debt. Surprisingly, you can even plan a vacation with these funds!
2. Minimal and easy documentation
To get personal loan online instantly, minimal documentation is required, which makes it pretty easy to avail when required. Only basic proof of identity, address, and, in some cases, income is required. This helps in the quick processing of applications, ultimately resulting in easier disbursal.
3. Unsecured
One of the significant advantages of this type of loan is that it is unsecured. This means it does not require collateral like a house or a car. So this makes them a good option for borrowers who don’t have assets to put up as collateral.
4. Predictable payments
These types of loans typically have a fixed-repayment term. This means the borrowers know exactly what they’ll be paying each month and when the total loan will be fully paid off.
5. Instant approval
To get instant loan, you have to apply from the right application on your smartphone, which can be availed within a short time. Factually, an individual can complete all the formalities and get the loan sanctioned just within a few hours.
How to get a personal loan?
Getting a personal loan nowadays is as easy as ordering groceries from your smartphone. Around two and a half months ago, I was looking for a personal loan, and one of my colleagues told me about Stashfin. This application helped me a lot with my home renovation, as the amount was disbursed quickly after I applied.
Stashfin has an application and a website and is relatively easy to use. Moreover, they only require minimal documentation, so to avail of an instant personal loan online, you have to submit basic documents.
About Stashfin
Stashfin is a digital lending venture started by a team of former financial services professionals dedicated to disrupting traditional lending in India. The team has worked with reputed firms in the Banking and Financial Services space, such as Bank of America, Merrill Lynch, Citi, Deloitte, Kabbage etc., in India and the USA.
