Your Guide To Advance Loans
Advance loans, also known as salary loans, are shorter in tenure (ranging from 1 to 60 days) and unsecured in nature. This makes the ideal for individuals that are experiencing a temporary cash crunch and immediately require some money. There is a long list of online lenders that offer these consumer-friendly loans to those in need of urgent cash. Any person with the minimum age of 22 can avail an advance loan to get out of tricky situations.
Here are some things you should know about advance loans:
Easy solution
The basic idea of advance loans is to cover unforeseen expenses at quick pace, which is exactly what many people need. Moreover, they do not have any complications or hidden fees. Differing from app to app, you will receive the money in your account within 15 minutes to 1 hour of approval. However, you should know that interest rates on advance loans are high due to the short tenure of the loan.
Short term
Loan amounts and tenures are directly related to each other. Where traditional lenders provide huge loan amounts and offer lengthy repayment tenures, advance loans offer smaller loans and therefore shorter tenures. Of course, the exact tenure provided can differ from one lender to the next, but most advance loan apps will allow you 2 to 12 months to return the money you’ve borrowed.
Tight spots
While emergencies are a separate thing in itself, advance loans can also help you with unanticipated expenses in your daily life. As unpredictable as life is, it is completely normal to fall short on funds for the most basic requirements. In such a time, these loans can help you arrange for funds quickly. Now cover month-end grocery bills, unexpected vehicle repairs or even sudden travel plans in a snap.
Easy process
Applying for salary advance loans online is much simpler compared to getting a secured term deposit from a bank. These loans require your basic details along with minimal documentation for verification. Once, the verification is complete, you are approved for the loan and receive funds immediately.
No credit checks
As opposed to other types of loans, advance loans do not need to evaluate your credit score for eligibility. Hence, having a high or low credit score does not affect your loan application. This is simply awesome for those who have fumbled on previous loans or credit card bills and for those who have never dabbled with debt before.
Even though advance loans have a high interest rate, they have a much lesser cost compared to the charges you would have to bear for a bounced cheque you have issued. They are also easy to procure with most lenders requiring just scanned copies of your PAN and Aadhaar card to provide you the loan. However, one must remember, while advance loans are the simplest and fastest way of obtaining instant money and is overall a process free of hassles, you should research into your lender and his terms before applying.
