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astha swamy
by on May 20, 2021
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Many people nowadays experience financial shortfalls in meeting their expenses. These people consider instant loans or top-up loans from their existing loan lenders. These borrowers need a personal loan for fulfilling their lifestyle expenses such as home improvement or innovation, vehicle purchase, personal travels, higher education of children or their weddings, medical emergencies, etc. To meet these shortfalls, they consider availing instant loans from loan lenders.

In today's time and age, getting a personal loan instantly and that too online was never as easy as as of now. Earlier people had to visit banks, stand in lines to submit applications and documents and wait for days at end to get their loan approved. But now with a lot of personal loan apps available an individual can get an instant loan online in a matter of minutes. These loan apps have an easy-to-use interface helping the customers to apply for a loan without a hassle.

Since the entire process is digital these instant loan apps cut down the time required and paperwork involved in a typical loan approval process. However, one should remember that every personal loan app has its own loan disbursal time. So, check that out before applying for an instant loan online. 

What are the advantages of these instant loans? Let us have a look at it.

The instant loan comes with many advantages such as :

@ The funds that are borrowed as a loan have no restriction on their end-use. The borrowers can use them to meet any expense or pay any debt of the borrower. Therefore, borrowers can easily convert them into personal loans.

@ Instant loans have a lower rate of interest. The personal loan interest rates range from 9% to 24% per annum based on the borrower’s credit profile. However, the interest rates for loans borrowed against credit cards are usually slightly higher than the personal loan interest rates, even if borrowed from the same lender. However, the top-up personal loans are available either at the same or a little bit higher interest rate of the existing loan.  

@ These instant loans are available with a longer repayment tenor. The repayment tenor can range from 5 years to 15 years leading to lower EMI and a less burden on the borrower.

@ Personal loans or instant loans are available for a higher amount to go up to ₹50 lacs or more. In personal loans, the loan amount is available anywhere between ₹50,000 to ₹40 lacs based on the borrower’s income and their repayment capacity.

@ Faster loan processing and documentation are the chief advantages of such instant loans. The instant loans are usually dispersed within the same day of the loan application if all the preconditions are fulfilled, and the documents are submitted and verified.

Instant loans online from LazyPay

One of the best personal loan apps available today is LazyPay.

LazyPay offers an instant loan online up to ₹ 1 lac. The following are the highlights of LazyPay instant loan online:

@ Online process

@ Minimal approval time

@ Minimum disbursal time

@ Less paperwork

@ Affordable rate of interest

@ Interest to be paid only on the amount withdrawn and not on the amount approved@ No visit to the bank

@ No collateral required

@ One time approval for a lifetime usage

@ Good digital support are given below for you to choose from for that instant loan requirement 

Download the LazyPay app, get your credit limit and enjoy making those purchases like you never have !!!

Posted in: Finance
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