FAST CASH LOANS 

A Guest Article by  Tanvi Kaushik 

This is   guest article written by Ms Tanvi Kaushik  . Tanvi Kaushik specializes in Content Marketing and works with the Digital Team at KreditBee - India's fastest online personal loan platform where self-employed and salaried professionals can easily avail of loans in just a few minutes when in need of quick funds. Tanvi writes to-the-point articles on Fast finance and budgeting which are truly appreciated by her readers. She is committed to making money matters easy to understand even for the layman. Her commitment to her work doesn't stop her from pursuing her hobbies of hiking, trekking and going on adventurous trips.

The  information and  views  expressed in the article is of the author  .  PLAN N PROGRESS     does not take any responsibility  for any action taken by the readers based on the content of this  article . 

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Editorial Note : Fast  loans    are easy way of obtaining loans in times of emergency   and   many banks and financial  institutions  extend the same to public . But in recent times , there  are complaints  against some app based lenders  with regard to   the , charges levied and harsh  recovery  tactics  . Hence readers are advised to be extremely selective in choosing   a  lender and for applying   a loan .  We also caution readers about unscrupulous   recovery action of some financiers including web based   loan APP  OPERATORS . 

What is a Fast Loan?

Banks and financial institutions offer Personal loans and flexible cash loans to meet unexpected  expenses and financial emergencies and to refinance old loans. These are unsecured loans that can be availed of without pledging any collateral. These loans are usually granted quickly, and you can use the funds as per your flexibility and requirement. Some cash loans can also help in tax savings.

How Can Fast cash loans Help You During a Cash Crunch?

We always pray that our loved ones or we should not land in an emergency. And yet, life brings us  the most unexpected circumstances – and we must stay prepared. A car accident, an urgent need for home repairs, or a medical emergency can stress your savings. You may need to borrow if you don’t have enough savings to meet the expenditure. But procuring a large amount of funds in a short time can be a challenge.

In the past few years, the BFSI industry has come up with many different financial instruments that enable you to get the cash you need when you need it. One of the most popular sources of obtaining credit is an online fast cash loans. It is a hassle-free financial instrument that can help tide you over an emergency.

How Can Fast cash loans Help You in a Liquidity Crisis?

Online fast cash loans can help improve your liquidity to help you meet an unexpected expense. The  simplicity of the borrowing process, the absence of collateral, and the instant approval make a Fast  loan the best source of funds in an emergency. Here’s a look at how a Fast loan can help you in a  liquidity crisis –

1. Ease of Access – These loans have a simple application process that can be completed  digitally if needed. Many banks and NBFCs offer the facility to complete the loan application online and submit digital copies of your KYC documents from the comfort of your home. This
convenience benefits those struggling with an emergency who don’t have the time to go to the bank and complete a lengthy application process.

2. Instant Loan Approval – Once the loan application process is completed, the loan approval is almost instantly, provided the applicant is eligible. Many banks offer loans that promise to get the funds into your bank account within a few working hours.

3. Zero Collateral – Almost every other type of loan calls for collateral from the applicant.  Submitting an asset as a collateral can be challenging and time-taking for most people. For  this, you don’t need collateral. 

4. Hassle-free Documentation – Cash loans require minimal documentation, and most loan applications are processed digitally. A paperless documentation procedure allows loan applicants to complete the KYC process even if they can’t visit the bank branch.

5. Innovative Repayment Plans – Anyone who has suffered a financial setback will tell you how difficult it is to bounce back. Paying high EMIs for loans during the recuperation period can stress your finances. Fast loan benefits include innovative repayment plans. Most financial
institutions are happy to customize your repayment plan as per your financial health and  budget.

6. Competitive Interest Rates – As an unsecured financial instrument, these loans tend to have  higher interest rates than secured loans. However, with many banks and NBFCs offering  unsecured fast cash loans online, the interest rates are beginning to get competitive – even
lower than credit cards in some cases.

BE SELECTIVE WHILE CHOOSING A LENDER

 Before applying for a fast loan, it IS important to be careful when choosing a lender

1. Make sure the lender is licensed to operate in your area.
2. Read the loan agreement carefully before signing.
 3. Compare rates and fees from different lenders.
 4. Check the lender's  reputation online.
 5. Don't  pay any upfront fees.
 6. Understand the consequences of not paying the loan back on time.

What are consequences of delayed payment of EMI?

           If you  don't pay your EMI on time, there can be some negative consequences. These include extra fees, more interest charges, a lower credit score, legal action from the lender, and additional  penalties. It's important to pay your EMI on time to avoid these problems.
If you' re having trouble  paying, talk to your lender to see if they can help you find a solution.

  Fast cash loans are an ideal finance source that enables you to meet unexpected expenses without  straining your savings. But Fast loan benefits don’t end here. Banks and NBFCs have various formats  of loans, including flexible loans wherein you need to repay only the portion of the amount you use.

DISCLAIMER :  We are not SEBI  registered advisor and the the articles contained in the website , including this page , is not an investment   or any financial advice .  We do not recommend any lender , banker or any other financial institution for your   financial needs .  In case if you are interested in  taking any loan , you  may contact your Financial Advisor  or independently  chose  a  lender at your risk .  We  cannot be held for any  loss , risk or disputes  arising out  of your loan choice  . 

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