The Coronavirus pandemic has not just disrupted the order in our lives, but its second wave is getting out of hand day by day. Coronavirus has made life difficult, with the hospitals functioning at total capacity and a shortage of life-saving medicines and equipment. Businesses are facing a hard time as well. Many people have lost their jobs, and many others are working at a lesser salary. For many people, making ends meet has become difficult as their finances are facing the brunt.

In times of such a cash crunch, it is natural to look at your savings or investments. But after a year of unpredictable pandemic months, many have depleted their saving funds as well. This is where an instant personal loan comes into the picture. An instant loan from a trusted lender can help you financially if you, too, are facing a cash crunch.

Instant personal loans can be a beneficial solution to managing your cash crunch. Let us first see what they are and how they work.

How instant personal loans are the best option

Digital lenders like banks, non-banking finance companies, and DSAs offer instant personal loans as unsecured loan products. An unsecured loan is a loan that is not secured by any collateral. So, you don’t have to promise any collateral against the money you borrow. Being an unsecured loan offering, instant personal loans are pretty popular in the market today. Unlike other forms of loans like secured financing, getting an instant personal loan is relatively easy and fast.

Getting an instant personal loan is fast because of the short turnaround time from loan application to disbursal. You can avail of the funds and use them to meet various expenses, planned or unplanned. 

Instant personal loans are beneficial when you need money for an emergency. The documentation involved in getting instant personal loans is straightforward, and hence you get your funds on time just when you need them. 

Get your hands on instant personal loan, as only with them is your loan approved in minutes and disbursed in a quick time of all the lending products. You can apply for them on an online personal loan app. 

Features of instant personal loan 

Below are some of the attractive features of instant personal loans: 

  • Instant personal loans are generally paperless 

The finance industry has been up to date with the advancements in technology. It is now commonplace to get a personal loan without any physical paperwork. When you apply for an online personal loan, you can upload soft copies of all the required documents online on your lender’s web portal or online personal loan app. 

Hence, there is zero to minimal paperwork involved with taking instant personal loans. 

  • Instant personal loans are disbursed in record time and without hassles 

On the approval of your instant loan, it gets disbursed into your account within 24 to 72 hours. So, not only can you apply for the loan from the comfort of your home, but you also get the fastest possible disbursement with instant personal loans. 

  • Instant personal loans are processed without collateral 

As mentioned earlier, getting an instant loan do not need you to pledge any collateral with your lender. There is no need to pledge any guarantee against the loan issued. The instant personal loan is offered based on your financial standing and credit history. 

As the loan is unsecured, there is less paperwork involved with it. Also, the time taken to approve your loan application is reduced because of the loan’s collateral-free nature.

  • Instant personal loans are offered with easy repayment tenures 

So, you know that you can get the funds transferred to your account instantly in an emergency, but what’s even more important is by when you have to repay back. There is no need for any worry here as instant personal loans offer convenience towards loan repayment. With a repayment tenure as long as 60 months and other flexible loan options, you can repay easily as per your wish. 

You can fix the tenure as you want. You have the option to choose a term between 12 months and 60 months. You can select whichever tenure and EMI fit your bill best. But you got to know that the higher your loan tenure, the higher will be your interest on the loan. So, to pay less interest towards your instant personal loan, repay it as quickly as possible. You can hit a sweet spot between 12 months and 60 months to repay your loan. 

You can even check the EMI of your instant personal loan using an online personal loan calculator. The calculator can help you quickly assess your monthly outgo before you even apply for the instant loan. With the calculator, plan the most affordable EMI plan with the best tenure for your desired loan amount. 

Conclusion

Whether it is an emergency or a planned expense, an instant personal loan can be a handy source of financing for you. You can get your hands on the money whenever you want without touching your savings by simply applying for it from the comfort of your home. 

So, apply for an instant personal loan for any of your financial need in this lockdown. Check the instant personal loans offered by PaySense.