Table of Contents
How to Get an Instant Cash Loan in 1 Hour? Eligibility, Benefits & Interest Rate?
As much as possible, we plan our future, considering anticipated expenses like investing for our children’s higher studies, securing our loved ones by purchasing life insurance, or buying a mediclaim to cover hospitalisation expenses.
But what about unexpected expenses?
We all know that problems never come knocking on the door. There may be times when we may have a cash emergency. In that situation, you should have all the details about managing an instant cash loan in 1 hour, such as,
- Where can you borrow instant cash loans?
- Who will provide you with quick cash loans?
- How much money can you get from a 1-hour loan?
- Are you eligible for an online instant cash loan?
It is essential to have answers to the above questions since they differ from person to person. Before providing instant cash loans, every lender considers a few standard attributes to assure your eligibility for the specific amount. By learning about them, you can secure even your unexpected expenses, if any, in future.
Here, the goal is to assist you in determining your eligibility and how you can receive an instant cash loan with a considerable repayment period at the lowest interest rate.
What is an instant cash loan, and how does it work for the borrower?
An instant cash loan is a short-term loan usually for a small amount and comes with applicable fees and interest rates.
The process of applying for a 1-hour loan is simple compared to traditional bank loans. A borrower has the advantage of providing minimum documents without showing their assets.
Required documents are the Aadhaar card, PAN card, address proof, bank statement of the last six months, salary slips if applicable, and a photograph, which is easy to submit for every person.
Applying for an instant cash loan is digital. You need to go to the company’s website, which offers quick loans, and create your profile there.
Upload documents the lender asks for and select the amount and tenure of repayment. After reviewing your records, your bank account will immediately disburse the loan amount if the company finds it perfect.
Depending on the length of the repayment period you choose, the interest amount you pay may be higher or lower.
Generally, companies that offer an instant cash loan online keep the interest rates lower to encourage the borrower to pay the loan faster. The benefit is that you can quickly be free from debt by paying minimum interest.
Why is eligibility crucial for an approval of an instant cash loan in 1 hour?
The first consideration of any company in making a loan decision is determining the borrower’s willingness to repay the loan amount.
To verify the borrower’s capacity to repay the 1-hour loan, companies consider certain factors of an individual. After evaluating all elements, a company decides whether a person is eligible for an instant cash loan or not.
Anyone can quickly check eligibility by checking all the following boxes.
Age: The minimum age of the borrower must be 21 years and not older than 55 years at the time of applying for an instant cash loan online.
Income: You must be a salaried professional, and your income should be
- Rs. 18000 if you live in the metro cities like Mumbai, Delhi, Kolkata, Chennai, Hyderabad or Bangalore.
- Rs. 15000 if you live in non-metro cities in India
- You must have been employed for six months at least.
Citizenship: You must be an Indian resident.
Credit score: It must be a minimum of 600.
Financial liabilities: You should have cleared all your dues in the last two years
How to avail instant cash loan in 1 hour in India?
1) Quick loans through a bank:
Based on their relationship, all banks facilitate their existing clients with an instant loan in 1-hour. If you hold a savings account or a salary account or own a company credit card and have good transaction history, then there are high chances of getting a preapproved instant cash loan.
Here, you don’t need to submit any documents as the bank already has all the details in its database.
The best part is that you may not need to visit the bank for a small amount; the amount is disbursed in your bank account.
You can get an instant cash loan of the amount starting from Rs. 50000 for 1 to 5 years, with the interest rate starting from 10.25% per year.
You can apply for a quick cash loan through your net banking portal or bank’s mobile app.
2) 1-hour loan through app-based lenders:
An app-based instant loan is convenient for people with low credit scores. Its eligibility criteria are lenient compared with commercial banks. Loan disbursement is faster, and documentation is minimal.
App-based lenders give flexibility in repayment. A client can take an instant cash loan for a few days to a few months. Best of all, they don’t charge extra for prepayment as commercial banks do, so young professionals prefer it. The interest rate is minimum – varies from 1% to 2%.
3) Secured loans:
Due to Covid-19, many are going through financial disruptions. If you are one of them looking for an instant cash loan with a minimum burden of repayment, then this is the best option. Options in secured loans are,
- Gold loan
- Loan against fixed deposit
- Top-up loan on your house or pre-owned car
As these are collateralised loans, there is a quick disbursement of loans with attractive interest rates. Like app-based lenders, there are no prepayment charges. Therefore, opting for this option will have the least repayment stress.
There are pros and cons with every option through which you can get an instant cash loan online. Before jumping into an opportunity, it’s wise to consult a professional to seek advice and make an informed approach.
Thorough market comparison is necessary.
For that, you can also contact an online loan marketplace to get an instant loan in 1-hour from the right lender for the right amount.
Personalised advice may help you with the best offer for your 1-hour loan.