Urgent loans can be your life saviour. Urgent loans are the loans that help you in an emergency situation where you immediately need cash. Banks, NBFCs, and many online loan apps offer urgent loans. Your loan application often gets approved on the same day you apply.

You can avail of an emergency loan for various reasons like urgent car or home repair, having a dream wedding, paying your medical bills, etc. Whatever be the purpose, you can apply for a loan on urgent loan apps in India.

Also, instant loan apps offer a flexible repayment option with which you can comfortably repay your loan.

When can you avail of urgent loans

Urgent loans are designed to assist you financially in emergencies. Below are a few examples of when you can use urgent loans:

  • To pay medical bills: Unexpected injuries or illnesses can be costly with many medicines, treatments, and procedures. In such cases, instead of using money from your savings, you can apply for an emergency loan.
  • For home repair: Home is one of the major living expenses. Maintaining a home can get expensive when unexpected damage occurs like pipe damage, water leakage, etc. You must fix the repairs of this kind immediately. An urgent loan can quickly help you pay for the services and buy raw material.
  • Towards other unexpected expenses: Some other unexpected expenses include complete home renovation, urgent travel plans, etc. Applying for an urgent loan in such situations is the best solution.

Advantages of an urgent loan

  • Your credit score does not matter much for urgent loans: Not much attention is given to check your credit score by the lender while approving an urgent loan. However, your credit score is used to decide the interest rates that will be offered to you. You can improve your credit score by making consistent timely payments. This can be helpful for you, especially when you have a low credit score, to get loans in the future.
  • Convenient loan process: Everything from loan application to processing is done online. Also, there is no restriction on usage areas with an urgent loan. You can pay for your electricity bills, repair your car, pay your premiums, etc., with an urgent loan.
  • Quick processing: As the loans are processed quickly, they are reliable in times of crises. An urgent loan is the most helpful during emergencies such as paying for medical bills.

Avail for an urgent loan even when you have a low income

An exciting feature in availing of urgent loans is that you can qualify for the loan even when your income is low. Most personal loan apps prefer to offer loans only when your monthly income is at least Rs. 25,000. But urgent loan apps approve a loan even when your monthly income is low.

Basic eligibility conditions required to avail of an instant loan

To be eligible to avail of an urgent online loan, you need to qualify for certain conditions as follows:

  • You must be a resident of India
  • You must be equal to or above 21 years of age
  • You must be a salaried employee with a certain minimum monthly income

When you are in a financial crunch and immediately need cash, you can apply for an urgent loan online.

Documents required to avail of an urgent loan

The application process to avail of an urgent loan is simple. You are required to submit only a few documents mandated. Make sure that you only upload valid and legal documents for quick loan approval. The documents required to be submitted include:

  • Identity proof: Aadhar card/PAN card/Passport/Driving license
  • Income proof: Salary slips of 3 to 6 months along with bank statements
  • Address proof: Rental agreement/Passport/Utility bills such as landline, electricity, or water
  • Upload photo: Upload a selfie with your face visible

5 reasons why you must apply for an emergency loan from an urgent loan app

  • Quick loan processing and disbursal: When you have an urgent requirement for cash, it does no good to wait. This is where an urgent loan app can help you out. As long as you meet the above-mentioned simple eligibility criteria, you can get qualified for the urgent loan the very same day of applying for it.
  • No interest on unused amount: If your lender is offering you a line of credit when you take an urgent loan, the interest is levied only on the amount withdrawn and not on the total amount approved to you.
  • Easy repayment options: Your EMI repayment dates are set close to your payday. So that you can pay your EMIs that are due right when you can.
  • Small loan amounts can be availed: If you are looking to loan just a part of the payment and not the entire loan amount, you can borrow smaller amounts with urgent loan apps and repay them quickly. Generally, you can borrow urgent loan amounts as low as Rs. 5000.
  • Flexible and convenient: You can conveniently repay your urgent loan as you can make flexible payments when you are out of enough cash to pay the total EMI.

Conclusion

Urgent loans are available for salaried as well as self-employed professionals. Thus, you can easily qualify for an urgent loan from an urgent loan app with simple eligibility criteria.