From Crisis To Convenience: Small Loan Apps For Instant Financial Assistance 

Financial emergencies don’t look for a time or opportunity to strike. Even with careful consideration, unexpected expenses, rising cost of living and disproportionate income growth make it difficult to plan ahead for it And even with meticulous financial planning, there might be sudden big-ticket expenses which the limited savings might not cover.This makes it necessary to look for different methods to finance these expenses. 


But fret not, with the advent of digitisation, India has a booming easy lending industry offering hassle-free instant loans making it a lot more convenient than traditional lending options which might not be accessible or beneficial to all. 

What is an instant loan, and why should one opt for it?

An instant loan is a type of unsecured loan which requires no collateral in exchange for the borrowed sum. Depending on the particular lender, the features of this type of loan such as no interest rate if the sum is paid back in 30 days, and being beneficial to build up a good credit score, it offers an excellent way to cover unexpected expenses. 


Picture this, you are suddenly met with an accident and have to bear the cost of treatment beyond what the insurance provider has paid. This puts up an unexpected burden and requires you to take a loan. You take a loan from a small loan app like Stashfin to instantly get the money credited into your account and pay the treatment fees. Now, within a month, you have paid back the loan and thus, don’t have to pay any interest on this loan. Allowing you to counter this crisis by utilising the convenience offered by easy lending options. 

What are some requirements to get an instant loan?

When applying for an instant loan, there are several requirements which are assessed by a lender before granting a loan. Here are some of the requirements which you need to consider when applying for a loan. 

A proof of identity is important for KYC and you can use any government recognised document like Aadhar or PAN card.

A proof of residence is important for KYC and you can use any government recognised document like Voter ID or passport.

All lending institutions require proof of stable income to assess the borrower’s ability to payback a loan. They can include salary slips for salaries individuals and income statements for self-employed individuals.

Metrics like credit score from CIBIL and credit history are an essential requirement set up by the RBI before lending money to a potential borrower.

DTI ratio is a measure of a borrowers ability to pay back a particular loan. It is determined by comparing monthly income subtracted by monthly expenses to the expected monthly interest rate.

What are the top instant loan app?


In my experience Stashfin offers a simple to use and easy to understand interface. They offer instant personal loan ranging from Rs. 1000 to Rs. 5,00,000 offering enough capital for most situations. And most of all, they charge 0% interest rate until after a month of lending the sum.


PayTM is a leading UPI and financial services application offering several features like buy now, pay later and easy loans. The borrowable amount ranges from Rs. 10,000 to Rs. 3,00,000


LazyPay also offers loans upto Rs. 5,00,000, and features an option to pay back a a loan in easy installments. The interest rate for LazyPay however is higher than the competition and might be important to check.

Conclusion

Quick personal loan offers the opportunity to turn the crisis of being unable to pay unexpected expenses into an opportunity to instead improve your credit scores and better your credit history. Lending apps like Stashfin offer a convenient solution to these problems in a way that is beneficial to everyone. So turn the crisis into an opportunity and live confidently with the instant financial assistance of small loan apps.