Why You Could Need Instant Loans Even If You Have Savings

What do you do when you need money, but you’re an adult and can’t ask for money from your parents? You approach the bank, and they refuse to give you money because, for some reason, you’re not eligible for a loan. When you reach out to a bank, you are more hesitant than you would be; if you were to approach your parents for permission to a night out.

Most of us have savings that we can use in case of emergencies. Sometimes though, your savings are not enough for the kind of money you may need. You think it would be enough, but most of the time, the situation is not in our control, and there is nothing that we can do about it.

There are certain personal emergencies wherein acquiring money immediately is a necessity and not an option. During those times, you may need more money than what is present in your savings. So, you approach any agency that could give you an instant cash loan.

The emergency could be an accident, some of your loved ones who have fallen sick, or even an unforeseen accident that was unavoidable. It could also be an urgent organ operation or the hospital bill after a car accident. Life is unpredictable, and preparation for every circumstance is impossible.

Sometimes a business loan is urgently required, so you search business loan online’ and do your research before going for an agency that will give you an instant loan. When you require a small business loan, Rufilo is an option for you. It is a finance app that provides you a loan ranging from ₹5000 to ₹25,000 for you to develop your business without worrying about the extravagant formalities of approaching a bank.

For a loan amount between ₹1,500 to ₹60,000, you can opt for CashBean. It is an app that loans you money instantly for a tenure of about 3 to 6 months.

The benefit of using agencies that allow you to instant cash loans is that you do not need to show your credit history, and you can get a loan 24×7, no matter where you are. On top of that, you also get a variety of repayment options for most agencies.

The only requirements to get an instant loan are-

  1. You have to be an Indian resident
  2. You have to be between the age of 18-60 (for most apps)
  3. You should have a monthly source of income.

The process is of getting an instant loan is minimal and convenient as compared to traditional bank loans. Another advantage that instant loans have over conventional loans is that there is no collateral involved. Most agencies allow you repayment flexibility as well as freedom in terms of pre-payment or part-payments. This flexibility is especially when you intend on repaying the loan before the end of your loan tenure.

You can obtain a personal loan quickly and conveniently with an instant personal loan. You can apply for a loan online or in person at any time. You will receive the loan amount into your account as soon as your loan application is approved.