Want To Find An Instant Loan Provider Using Personal Loan Apps? It’s Easier Than You Think

Instant loan Provider

Instant loan Provider

Many people often face a financial crunch, and they may face economic issues due to critical illness or other emergencies. Moreover, borrowing money is never easy. Many people look for instant loan providers to get the needed cash in such situations. However, it can be challenging to find a loan provider. Therefore, if you are looking for instant loan providers, the best option is to use personal loan apps. These apps will help you find the best instant loan provider that gives you the lowest interest rates now.

There are many apps available in the market with different features and benefits. Some apps only show the lenders offering instant credit, and others let you compare providers based on the charges and interest rates. They also help you fill out an application form. And once you have filled out your application, the app finds the best lender and offers you a loan. Hence, this is the fastest way to get a personal loan at your fingertips safely.

Read on further, as this blog will give you information on the safest personal loan app that will help you find the best instant loan provider.

But before going further, let us first understand what a personal loan is and how it benefits you. 

What is a Personal Loan?

Banks and NBFIs offer unsecured personal loans to fulfil any financial emergencies. The best part of a personal loan is that you need not submit collateral to get your loan amount. Moreover, you can use it for any purpose, such as relocating to another place, wedding expenses, medical emergencies, home renovation, etc. That said, you must also be aware that lenders bear a higher risk in lending you the money as it’s an unsecured loan. So, when you apply for this loan, lenders first conduct a credit check to know your credit score and verify your monthly income to ensure that you can repay the loan. Therefore, ensure you keep track of your credit health and check your credit score using Buddy Score before applying for the loan.

When Is The Perfect Time to apply for a Personal Loan?

Apply for personal loan

You can opt for a personal loan when you are facing financial difficulties during various scenarios such as:

Debt Consolidation:

When you have past debts unpaid, your credit score is the first thing that will get affected. And having a low score will make it challenging to apply for loans. Therefore, the best solution is to take a personal loan and use it to repay all your pending debts. It will improve your score and increase your payment history, which accounts for 35% of your FICO score.

Home renovation:

Sometimes, your old home may require renovation for any upcoming occasion or festival. Although upgrading or renovating your home will increase the economic value of your house, it can cost your savings as it is pretty expensive. Therefore, instead of spending your savings on renovation, you can get a small personal loan to cover those expenses.

Moving Costs:

Sometimes, you might have to move to another place for an occasion or work. And moving costs such as hiring movers and packers, buying new furniture, transportation of your vehicle, etc., can pressurize your pocket. You can quickly get a personal loan to curb such expenses in such situations.

Medical Emergency:

Medical emergencies can occur to anyone without any forewarning, be it accidents, surgeries, or chronic treatments. And due to the high cost, you may find it difficult to ask your friends and family for instant money. In such cases, the best solution is to get a personal loan to meet all your medical expenses without collateral within 24 to 48 hours.

New appliances:

Sometimes, you might want to purchase your new gadget or an appliance, such as a TV, smartphone, etc., for a long time. As the cost of new electronic devices is very high, it isn’t easy to purchase them in one payment. In such situations, instead of paying in instalments, you can get a small personal loan and buy your dream gadget and appliances at one price without further delaying it.

Wedding expenses:

Every girl has a dream about their wedding. And it is the most traditional ritual followed for years in India. A typical budget wedding can cost around INR 10 lakhs to 15 lakhs, including a selection of venue, catering services, interior decoration, wedding attire, etc. Although you have savings, they may not be sufficient due to high prices. In such cases, you can get a personal loan to cover all your wedding expenses and make your dream wedding a reality.

Travel costs:

Travelling to your dream destination is one of the tops most bucket lists for almost every person. Why keep it a dream when you can take a personal loan at low-interest rates to make your vacation a dream come true.

Also Read: How to Get a Personal Loan: A Complete Guide on Eligibility and Documents

Benefits Of Getting A Personal Loan

Benefits/ Features Description
Multi-Purpose You have the freedom to use a personal loan for various financial needs such as vacation plans, wedding expenses, medical emergencies, business expansion, etc.

 

Flexible Tenure You can choose and repay your loan through EMIs, where the tenure period starts from 6 months to 60 months.

 

Instant disbursal The process of verification is done online with instant sanction. As a result, your loan amount will be disbursed within a few hours.

 

Zero collateral As it is an unsecured loan, submitting any asset as security is unnecessary to get your loan application approved..

 

Minimum documentation Only minimum documents like Aadhar Card, PAN card, and bank statements are required to get your loan approved instantly.

 

Paperless process With digitalization, the process is paperless. Hence, you do not have to visit the banks to apply for a loan.

Eligibility Criteria

Sl.No. Particulars Description
1 Nationality Indian
2 Age 21 to 60
3 Employment Status Employed or Self-Employed
4 Minimum Income INR 20,000 per month
5 Work Experience Min 1 year completed
6 Credit Score Above 750

Documents required

For Salaried Employee:

Sl. No. Particulars Documents required
1 Proof of Identity Aadhar Card, PAN Card, Driving Licence, Passport
2 Proof of Address Electricity Bill, Water Bill, Passport
3 Proof of Income Salaried: Bank statement for the past six months
4 Work experience Employment Certificate for a minimum of 1-year experience

For Self-Employed:

Sl. No. Particulars Documents required
1 Proof of Identity Aadhar Card, PAN Card, Driving Licence, Passport
2 Proof of Address Aadhar Card, Electricity Bill, Water Bill, Passport
3 Proof of Income Bank statement for the past three months
Salary Slips of three months
Income Tax Returns for the last three years
Balance Sheet and Profit & Loss Statements for the last three years audited by a CA.

Which Is The Best Personal Loan App To Find An Instant Loan Provider?

There are several personal loan apps in India, out of which Buddy Loan stands out as one of the best loan aggregators with the highest approval rates. It is a personal loan app that helps you to apply for a personal loan and get your loan instantly with minimum documents. Moreover, you can also check your credit score using Buddy Score and get a full credit report to know your credit history.

Now, let us look deeper at the Buddy Loan app and how you can use it to get personal loan.

What is Buddy Loan?

Buddy loan is an instant personal loan app that helps you experience a hassle-free journey when applying for a loan to meet all your financial needs. It is considered the largest loan aggregator with the highest loan approval rate. You can download the app from Google Play Store and use it to get an instant personal loan online for various requirements such as medical emergencies, travel to your dream vacation, making wedding plans, or growing your business.

Buddy Loan helps get loans from INR 10,000 to INR 15 lakhs with an interest rate of 11.9% per annum. The repayment tenure period is flexible and starts from 6 months to 5 years. Few reasons why Buddy Loan is the best choice are; the online process, trustworthy loan providers, low interest, transparency, flexible repayment, and user-friendly approach. Moreover, you can apply for the loan and access the amount anytime, anywhere. So if you are looking for instant loan providers, Buddy Loan is the right platform.

Steps To Apply For A Personal Loan Using Buddy Loan

Personal Loan

Here is how you can use the Buddy Loan app and find your best instant loan provider to get personal loans at the lowest rates.

  1. Visit the official website or download the Buddy Loan app from Google Play.
  2. Next, select the loan amount, tenure, and mobile number.
  3. Here, you will get options to apply for the loan. And then, you have to fill in the following details to check your eligibility:
    1. Email Address
    2. Employment Type
    3. Company type
    4. Your industry type
    5. Current Company Name
    6. Enter Company address
    7. Year of employment
    8. Monthly in-hand salary
    9. Mode of Salary
    10. PAN Card details
    11. Full Name (as per PAN card)
    12. Current Residence Pin code
    13. Mobile Number
  4. Once you qualify for the required criteria, you will get a list of instant loan providers depending on your profile. And you choose the lenders from the list.
  5. However, when you choose a lender, consider the Interest rates offered, loan amount, and tenure of the loan.
  6. After submitting your application form, the Buddy Loan support team will contact you for cross-verification before sending the application to the lender.
  7. Finally, your loan will get sanctioned, and your amount will be disbursed into your bank account within a few hours.

Also Read: 3 Ways To Get Personal Loan Without Income Proof Instantly

EndNote

Personal loans are boon when you are in a sudden financial crisis. And  Buddy Loan is the safest personal loan app that helps you find your best instant loan provider. You can use this app to get personal loans at the lowest interest rates from top lenders and get your loan within a few hours without hassle.