In this world, there are only two kinds of emergencies- Medical emergency, and the other is a Financial emergency. Both can break any individual’s back. Now, for medical emergencies, we can take out health insurance, but what about financial emergencies? Fret not! We have a solution for this too. Now you can get instant payday loans within 24 hours in India with the help of these apps.
At the time of a short-term financial crisis, one can avail of the high-cost unsecured loan termed as a payday loan. This loan is for those who are earning a monthly salary. These types of loans are very easy to avail as you can apply for them through both the media, online and offline. These loans are very handy and easy to repay but can actually cost you more as they come with a high-interest rate. These are typically short-term loans that have repayment tenure of 2 to 4 weeks and to be paid typically on the day or next day of the salary.
These loans are beneficial in the situation when you are in any emergency and urgent need of money, but you have exhausted all your salary. You can head to these payday loans to rescue you from the emergency. In spite of coming with a high-interest rate, these loans are popular among some individuals as they don’t ask for any collateral or guarantee, and you can finance other household expenses, pay off your regular bills, and even take care of your short term needs.
An individual with poor CIBIL or credit score and bad credit history or missing credit profile can also avail the facility of instant payday loans in the market of lending money.
Table of Content
Instant Payday Loans Within 24 Hours In India
Features of Payday loans
Before involving in this instant payday loan business, you should know it in and out, all its features, advantages, and disadvantages. And all what it will take from you and what you will get from it.
These loans are short-termed loans, which a customer can borrow with a short repayment tenure.
- Always a small amount can be taken; it is not for borrowing a huge amount.
- The customer has to repay the borrowed amount under payday loan on the next day of receiving the salary or getting income in the account from sources like pension, social securities, etc.
- These types of loans have a quick loan processing and approval process. One can apply for these loans through both media online and offline, as it can be done both ways.
- Most of the lenders of payday loans in the market generally don’t check the credit history of the applicant.
- Talking with respect to the requirements for getting these loans, generally, the trend in the market is not to keep the policy regarding these short amount loan, too stringent.
- The delivery of money borrowed under this scheme of loan to the customer is in the form of cash, cheque, a prepaid credit card, or can be deposited in the account of the borrower electronically.
- Normally the due date to repay these loans starts from that very day only, on which the loan is taken and ends between 2 to 4 weeks as per various lenders and their schemes. The agreement of payday loans issued to the borrower by the lender of the loan has clearly mentioned the date of repayment of loan completely on it.
- It is a type of unsecured loan. Hence, the customer doesn’t need to produce any guarantee or collateral for the security or to secure the credit under the scheme.
- As the loans are unsecured and don’t require any security and the risk for lenders associated with these loans are high. So, the rate of interest associated with is loans are also high.
- Generally, the lender does find it crucial to check the borrower’s repayment ability while offering them the loan.
This loan is available for diverse customers as people around the globe do so many different things to earn their livelihood, and they all have different kinds of needs and priorities. So, their requirement for loans also varies widely. People with different jobs have different eligibility criteria as per the work they into. But there are few common terms that all of the lenders have to fulfill compulsorily.
Here is the list of these common eligibility criteria for these instant payday loans.
- The borrower should be necessarily a citizen of India.
- The minimum age of the customer should be 18 or above.
- The applicant should have a definite and regular source of income with full-time employment.
- The borrower should have a permanent phone number on which he can be contacted in an emergency.
- The customer should possess a current account that is active.
- We should have all the required documentation about his salary and income.
The list of documents required isn’t so big. You need to submit some basic documents in order to get the loan.
The list of documents is:
- Identity proof (PAN card, Aadhaar Card, Driving License, Voters ID, Passport, etc.)
- Age proof (birth certificate, tenth mark sheet, etc.)
- Income proof (salary slip, income certificate, etc.)
- Photographs (Passport-size)
- Employer organization’s letter
- Address proof (Aadhaar card, Passport, Voters ID, Driving License, Ration card, Utility bills, etc.)
How to Apply
Here we are, equipping you with a complete step by step guide to apply for instant payday loans with ease and comfort and have maximum chances to get it.
Follow the steps as mentioned below:
Step 1: Enquire for the payday loan thoroughly and get the application from the nearest branch of the bank or financial institution. You can also visit their official online portal for the same.
Step 2: Read the form and fill it very carefully to avoid the mistakes and give all the credible details about you in the form and then crosscheck it before submitting it to the lender.
Step 3: Attach all the requisite documents with the form carefully as it is asked by the leading financial organization.
Step 4: You need to wait until the processing period of the loan as sometimes it takes time to get the loan approved from the lending organization.
Step 5: Once the application is processed and the loan is approved, the lending party will ask you to provide them further documents they need for verification.
Step 6: Submit all the crucial documents asked by the lender for verification like identity proof, age proof, address proof, income proof, and not forget to submit the letter from the organization where you work.
Step 7: After they verify your document, they will release your borrowed money through the channel you opted in the application form.
Advantages and disadvantages
If you are in need of an instant payday loan, the thing that you definitely need to know is the advantages and the disadvantages of the loan. Knowing the pros and cons will give you clarity about the loan as then you can decide confidently about getting into this loan business or avoid it.
- The mode of applying for the loan, processing of the loan, and all the procedure is very simple and hassle-free in compression to other loans applied from any bank or any other financial institution.
- If you are ready with all the required documents and manage to pass the quick verification process conducted by your lender, then sometimes these loans get disbursed in less than 24 hours from the time of your application submission. Hence, these loans are referred to as quick cash loans sometimes.
- If you repay these loans on time, then they turn out to be one of the cheapest forms of loan for the long run in comparison with any other traditional bank loan format in spite of the fact that payday loans have one of the highest APR ( annual percentage rate) in all the different kinds of loans.
- You can avail of this loan even to pay your smallest bill and any other household expenses. These loans save you from paying so many hefty penalties such as late mortgage fees, the penalty for delay in credit card payment, bounced cheque fee, etc.
- A person with a bad credit score and poor credit history can also avail of the facility of instant payday loans in the market.
- It would be best if you produced any collateral or guarantee to get these loans.
- These kinds of loans give you instant cash when you are running out of money and help you remain independent and rescue you in inevitable emergencies.
- They equip you to fulfill all kinds of financial crises that come into your life to disturb the peace.
- A person can get these loans even if he already has multiple loans without the fear of any risk of impacting their CIBIL score.
- You can apply for these loans through both the media online and offline. They are open to accepting applications in both ways.
Recommended: 10 Ways to Improve your Credit Score
As every coin has two sides, head, and tail. This financing plan also has some demerits, and before availing these loans, one should get to know the worst face of these loans too.
Here are some disadvantages that come with instant payday loans;
- As these loans are short term loans, they are not beneficial for a financial crisis expected to live longer than a certain period of time or just ask for a big amount of money.
- Only those individuals are eligible for instant payday loans who have a continuous and permanent source of income with full-time employment. A person working somewhere as a part-timer and receiving any of the unemployment benefits, then there are huge changes that he is not eligible for the loan, and his application will get rejected.
- A person applying for these loans must have a current bank account for the security of these loans. There is a huge chance that your application will be rejected if you don’t have any current bank account.
- The rates of interest and charges associated with these loans are generally very high, and if you fail to repay these loans on time (by its due date), then there are chances that the charges associated with this loan might get double. And they can prove itself costlier to you.
- Customers of these loans always end up paying a high rate of interest, as these loans have the highest APR (annual percentage rate).
- As the loans are unsecured and don’t require any security and the risk for lenders associated with these loans are high. So, the rate of interest associated with these loans is also high, and such loans always end up costing more than traditional loans if not paid before the due date.
- If you are applying for an instant payday loan online, then there is a huge chance of you to get trapped in several frauds as there are so many fraudulent are waiting online to trap such applicants. Hence it becomes very crucial to choose a lender that is credible and trustworthy and who gives you the security about your data that you are providing them for the loan.
Can You Get Online Loan Without Salary Slips?
It is not that easy to get instant cash in India. You need to so much paperwork to get a payday kind of loan online as the case for fraud in India is very high. There are so many cases where the borrower does not repay the loan, and the lenders had to do a very intensive track down to get these small amounts.
Since tracking down borrower is very intense work, and lenders don’t have that much time, so they prefer not to give these kinds of loans to them who doesn’t have adequate income source and documents to prove their permanent income. So, in another way, one can say that you can’t get an instant payday loan without your salary slip.
Here is the list of four companies which gives such loan instantly:
1. Early Salary
Their application process is concise and takes only 3 minutes to complete it. It gives you cash ranging from 10,000 to 75,000 anytime you need.
All you need to do is to download their mobile app and fill the application through it. This is because they will get access to your phone to analyze your call history and get information about the financial condition of your family and friends. They will give a social score after analyzing this information. Once your loan is approved, they will ask you for your account information, and then they will send an executive to your doorstep to verify and take your signature on the important documents. After everything is completed smoothly, your loan is approved, and you will get the amount in your account.
2. Insta Paisa
The application processing procedure of this company is very fast, and if all goes by their rule, you can get your loan processed in just 2 minutes. It can be considered as an interface that connects the borrower to so many money lenders in the market. You can get a loan of Rs 6,000 to as big as 1.5 crores for the short term. The company is also known for offering the scheme of lowest EMIs in the market and all this because of its network with NBFC loan lending institutions in India. It takes only 24 -72 hours to them to receive your application, processes it, and collects all the physical documents related to your request. If you are a salaried employee, then you can get up to Rs 30,000 just by giving your PAN details.
It is a company which finances customer purchase from online websites like Flipkart, Amazon, Pepperfry, and hundreds of other e-commerce websites. You just need to select the product and copy-paste the link of the selected product that you want to get financed on their website. They will then evaluate it and pay the bill of the product and ship it to your billing address.
All you have to submit is an auto-debit request from your salaried account to your bank. It will make it deduct the monthly installment on time.
It is a company which analyses your Facebook account details before giving you a loan. To take a loan from this company, you need to sign in on their website with your Facebook account. You will get the loan amount in your account the same day, and you need not get involved in any paperwork, you can get it through your mobile, you just have to download their app and install it to apply for the loan. It analyses your social media account and then decides your eligibility for their loan.
If you have an Aadhaar card, then it becomes much easier to apply and get the loan as your identity gets verified instantly.
You need to be very careful while managing your social media account and accepting friends as it might affect you in the long run while applying for such loans.
These kinds of loans are really helpful in situations of emergency and any kind of financial emergency but the loan can cost you more, too, if you aren’t alert about the repayment of these loans.