When an expected financial crisis comes up, one of the best ways to tackle it is to apply for instant loan. But if you have never applied for an instant loan before, the process can feel confusing. The fact is that using an instant loan platform is as easy as using any other app on your phone. You apply for the loan by filling a simple form, and the money reaches you within a day. On that note, here’s offering you some more guidance in the matter.
Table of Contents
Download The Right App To Apply For An Instant Loan
The first thing you need to apply for an instant loan is a reliable and easy-to-use app. Now there are plenty of such apps in the App Store. But do not go for the first option you see there. Instead, consider the reviews of different apps and assess whether they can offer you the features you want. You can call the company’s customer support number for more details.
Fill Out The Application Form
After selecting the app, downloading it, and registering yourself on the platform, it’s time to apply for an instant loan. You will get a loan application on the app for your loan. Carefully read out the terms and conditions of the loan you’re going for before applying. You can contact the lender for clarification if you have any doubts regarding any regulations.
Choose The Loan Amount And Tenor
Now, you need to take the crucial step of choosing the loan amount and tenor. It’s understandable if you are feeling a bit of a dilemma at this stage. After all, a shorter tenor increases the interest rate, but a longer tenor means paying the EMIs for a long time. As such, it’s essential to remember your credit history when you apply for an instant loan. For that reason, if you keep the tenor longer, the loan might feel like less of a financial burden to you.
Submit The Necessary Documents
You will get a list of necessary documents that you need to upload to complete your loan application. Though it might vary to some extent from one lender to another, you usually need the following documents to apply for an instant loan:
- KYC documents
- Aadhaar card
- Salary slips
It helps to check the documents needed beforehand and keep them on your device. This way, you will not have to stop your loan application midway.
Wait For Loan Disbursal Within Hours
Your work of applying for the loan is now done, and it’s time to wait for loan disbursal. Now, it usually takes not more than a few hours for the money to be credited to your account. At the maximum, you will get the money within 24 hours – the speed and convenience make instant loans so popular.
Hopefully, your confusion about using an instant loan platform has cleared up. So, go ahead and download the app now.