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Surprising features of an instant money loan app.
Instant money loan apps have taken borrowers by storm. It seems like only yesterday that they were introduced but they have already made a huge impact on the Indian market. In fact, some apps have already clocked as many as 8 million downloads, over 6 lakh loan sanctions amounting to upwards of Rs. 1000 crore in loan amounts disbursed.
The popularity of these apps can be traced back to some of the surprising benefits these apps provide, some of which have been highlighted below.
- Eligibility without credit scores.
Eligibility for most other traditional forms of debt depends heavily on credit scores. Most lenders will not offer finance solutions to borrowers with a credit score below 700. Those who do not have a credit score can all but forget about getting a loan.
However, this is not the case with an instant money loan app. This is because many of these apps ditch credit ratings when it comes to eligibility criteria. Some of the more forward thinking lenders depend on something known as the social worth score to determine your loan worthiness. This is determined by your presence on social media platforms. This is great for those who do not have a very impressive credit rating and even better for this who have never taken credit before!
- Eligibility with lower monthly incomes.
For a personal loan, one would be required to have a minimum monthly salary of around Rs. 25,000 or Rs. 30,000. This presents a huge obstacle to youngsters who have just started working. However, with an instant money loan, you can expect your application to go through with a minimum salary of just 18K per month, great isn’t it?
- Loan amounts as low as Rs. 3,000.
Usually, personal loans start from 30 or 40 thousand. This makes them suited for bigger, slightly rarer financial needs. On the other hand, with an instant money loan app, you can get loans with ticket size as small as Rs. 3,000. This is perfectly suited for frequent financial needs that can be just as urgent as any larger financial needs. However, this does not mean that instant money loans are reserved for small needs, most apps will have an upper limit of Rs. 2 lakh as well!
- No prepayment charges.
This is another surprising yet amazing feature you can enjoy with an instant money loan app. That’s because most lenders waive off prepayment charges allowing you to repay your loan before the date at no cost and enjoy the full benefit of doing so. It’s quite unique and almost unheard of with normal personal loans today!
- Instant approvals & sanctions.
Getting approvals in seconds can be surprising and if that isn’t, getting the money in your account within 10 minutes is! Successfully repay your first loan, and you can expect instant turnaround on approvals & sanctions on your next application.
So if you have never used an instant money loan app, maybe these features will convince you to do so the next time you need money! We hope this has been helpful, good luck and happy borrowing!
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