Your mobile wallet or UPI-enabled budgeting software is likely to have sent you messages enticing you to take their easy credit offer in order to get through the month’s end financial crisis. These short-term, short-term loans have a typical loan length of one to three months, however this may vary (also known as slick cash loans or micro loans).
To put it another way, just because you have easy access to credit doesn’t mean you should borrow money right now. If you want to make an informed decision regarding fast cash loans, consider the following details: how they work, the advantages they provide, the rates and fees they charge, and whether or not you qualify for one.
Why and How Microloans Work
Cash lending companies that have a high level of sophistication use mobile apps to conduct their business. Submitting one of these applications is a simple process. Waiting for your loan to be released after downloading and signing up for the app is required.
Unlike other forms of slick cash loan, short-term loans received using an app may be obtained fast and effortlessly. Taking out a personal loan has a number of benefits, including the following:
Making advantage of it couldn’t be much easier than it is
To be considered, all you have to do is download the app or go to the company website, fill out the application, and send in your most recent pay stub/bank statement along with your name and address.
There is no requirement for paper or the presence of the approver to complete the process of approval and payment.
If your documentation is in order and you’ve been approved for a loan, you may get your money in less than an hour. Background checks for a Slick Cash Loan may be completed in a matter of seconds using the internet to check your credit report and complete your Know Your Customer (KYC) process.
Loan sums that may be changed at any time
This goes from Rs.1,500 to Rs.1,000,000 based on your monthly income and repayment capabilities as well as the product you decide to use.
The ability to do a wide range of tasks
An individual might utilize a microloan to pay off credit card debt before to its due date; aid with a medical emergency; pay for school tuition; and purchase the latest telephones or laptop computers.
Working for a short length of time
Payback periods typically range from one to three months, although they might go as high as six months in certain cases.
Having access to a credit card
Instead of a term loan, some lenders offer you a revolving credit line that you may use anytime you choose with no extra costs. A predetermined amount of money will be available for cash withdrawals, from which you may take as much or as little money as you choose. To maintain your credit line, you must pay on time every month, and you may choose to discontinue it at any time.
Partially paying in advance and prepaying are both free options
If you pay off your loan in full before the term is out, you won’t have to pay a closing charge.
On the list, customer service ranks tenth
Providing exceptional customer service is a top priority for these companies, and they make themselves readily accessible to their clients through live chat or phone.