Ways to get instant personal loans

When an urgent financial need crops up, getting access to an instant personal loan will be helpful to reduce your financial burden. Traditional personal loans take 7-10 working days for approval and disbursal. There are certain ways for individuals to access personal loans instantly in case of an urgent financial need. Only few trusted apps like Chola One personal loan app provide instant approval and quick loan disbursal through their mobile apps, bypassing lengthy physical documentation. People can also avail instant loans against liquid assets like mutual funds, shares or insurance policies. Employer-tied instant loans offer pre-approved funds within a day by deducting EMIs from paychecks. To avail online personal loans from reputed financiers, you must be prepared with all necessary documents for the loan.

While credit card cash withdrawals deliver funds instantly, the interest charged is extremely high. Payday loan apps provide small 10-15 day loans in a pinch but involve exorbitant costs. Specific NBFCs can disburse personal loans digitally on the same day for those with strong creditworthiness. But convenience comes at a price, so terms must be carefully reviewed.

Digital-Only Financiers

Several fintech companies offer instant personal loans completely online via their mobile apps or websites. They bypass lengthy paperwork and verify income/credit details digitally using data analytics to approve in under an hour. Loan disbursal is instant through bank transfer.

Instant E-Loan Against Securities

A few lenders provide instant personal loans of up to Rs. 5 Lakh against liquid assets like mutual funds, shares, fixed deposits or insurance policies. As security reduces risk, funds are credited quickly through bank transfer on submitting digital documents.

Employer-Tied Instant Loans

Some NBFCs offer pre-approved personal loans to salaried employees. Employees only need to provide basic documents to access 1-2 months’ salary in 1-3 days. Convenient EMIs are deducted from salary.

Credit Card Cash Withdrawals

Some credit cards allow instant access to funds as cash withdrawals. Interest is usually much higher at 3% to 4% per month. Not recommended for long terms but instant access in emergencies for 1-3 billing cycles works.

Payday Loans

Payday loan apps offer very small instant loans of up to Rs. 10,000 for 10-15 days against a post-dated cheque repayment. Costs shoot up but suffice emergencies if repaid on time. This type of loan comes with high interest rates.

A few NBFCs provide loan approval within hours for loans up to Rs. 3 Lakh by expediting paperless verification, document upload, and disbursal directly into bank accounts the same day. Chola One personal loan app offers instant loan disbursal with a 100% paperless loan process. Optimize eligibility to avail quick personal loans from financiers at optimal rates during urgent liquidity crunches.