It’s a bright morning you open the paper and see a full page ad of “Redmi” on Flipkart …Dream Phone. Right there in front of you and just for Rs.10k. Ding! Your daily message of account balance comes in and you realize that this may remain a Dream Phone for few months.

It’s a cloudy morning with a nice breeze. As you sip tea your brother who is in college calls you and says that his 5 year old laptop is dead. Ding! The daily message of account balance comes and you realize that your brother will have to wait for laptop for months.

In our lives, quite a few mornings can be spent like these. Sometimes friends, or parents can change these mornings but not beyond a point.

But now things are changing. You can now have an answer to the question “How do I get money urgently?” without relying on friends or parents.

There are bunch of fintech products who, in association with banks/NBFC’s, provide loan in few hours. These loans are usually online loans and can be used to meet various needs. The most common type of these emergency loans are – 

  1. PayDay loans: These loans are typically given for 1-3 month with loan amount being equal to your salary. Best suited for cases where you need a small loan (20-30% of your salary) and you can repay the whole loan in next month.
  2. Short Term Personal Loans: These loans are usually given for 9-24 months on EMI basis. These are best used when you need a larger emergency loan (60K-1.5 lacs) with flexibility of small EMI’s.

So next time when you are stuck in any such situation, remember emergency loans are a few clicks away. These loans not only help you handle your immediate money concerns, but also help you build your credit score for bigger expenses like a house or business loan in future.