Cash Loan: Know all that you need to know about Cash Loan

Cash Loan

Cash Loan

A personal cash loan comes as a rescue to you whenever you run short of funds for any reason. Naturally, emergencies can arrive at any time, and that’s where personal loans save you. More so, amidst this pandemic, a lot of you might have run into a myriad of emergencies where loans seemed to be the only recourse. The skyrocketing price hikes, pandemic hit, salary cuts, inflating medical expenses, and many other situations have impacted most ordinary people of this country. 

The disposable income at hand has become insufficient to make ends meet. We desperately run in the quest of finding sources that assure the availability of immediate funds. In the wake of such emergencies, personal loans come as a life-saver. This is instrumental in offering the much-needed financial cushion to many people. What if you need to plan a spontaneous holiday and make some bookings? Will you miss out on these true small pleasures of life because of some fund crisis? Easy cash loans are introduced to ensure that you meet your expenses without compromising on such desires of life.

Cash loan to solve long-tailed documentation of bank loan

Bank loans are one such which involves a lot of documentation and obligations to be fulfilled. This is often a hitch to you if you have an unavoidable financial crunch. Often, amidst such personal crises, running around for legalities and following up with officers now and then become a daunting task.

If you are finding out a loan that will require a minimum documentation process, yet will release immediate cash to your account, then here is a respite for you. Have you heard of cash loans? Of course, you would have but might be perplexed about its nitty-gritty. By the end of this read, you will get a fair idea of all you need to know about easy cash loans.

Receive cash credit loan in instant cash

Cash Credit Loans

This is a sort of personal loan which involves minimal documentation, and you can receive the amount in your account. This sets it apart from installment loans, overdrafts, and leases. If you are an individual in need of cash funds, you can receive cash loans online in the form of a personal loan. If you are a business wanting immediate cash flow to fulfill business commitments, then you can receive it as a business loan.

Much to your relief, the approval process is simple and speedy. Compared to traditional bank loans, where you have to hurry around the desks to follow up for your loan approval status, the method for easy cash loans is minimal. Cash loans are also considered easy cash loans, personal loans, quick cash loans, or money loans. The best part is, you can receive an urgent cash loan without documents in hard copy.

Also Read : Tips to Get Your First Personal Loan From Banks

Why are easy cash loans so popular?

In today’s day, you have a few leading and trustworthy loan providers where you can apply for cash loans just with a simple click online. Thus, it saves you hordes of time amidst your necessity. What’s interesting is that fast cash loans are gaining popularity among working professionals as this helps to mitigate day-to-day requirements along with emergency needs. Usually, the range for cash loans varies from Rs 10,000 to Rs 15,00,000, and the period varies between 12 months to 60 months.

Let’s see how you can avail of such an instant loan online through a leading cash loan provider, viz. Buddy Loan

Applying for cash loans online through the Buddy Loan app

So, how do you apply for these immediate cash loans online?

  • Download the Buddy Loan app or visit their website
  • Register using your credentials or using your Google account
  • Enter the amount
  • Choose the payment period
  • You need to share your valid identification documents by uploading scanned copies of these
  • Select the lender from the dashboard
  • Submit loan application
  • Once approved, get cash transferred to your account within hours

What are the documents needed?

Loan Documentation

For availing of quick cash loans, you need to have the following documents:

  • Proof of Identity which can include Aadhaar, Voter ID, Passport, or Pan card
  • Income which contains a recent bank statement of 3 months where your money got credits
  • Proof of residence can be Passport, Utility Bill, or Leave and License Agreement
  • For a quick instant loan, you can submit a Pan card and Aadhaar Card. 

Benefits of cash loan

Quick cash loans are comparatively a newer concept than traditional bank loans in India. Since these are unsecured, you do not have to worry about any collateral. This concept is advancing since it helps borrowers meet short-term financial promises. Let’s check out some of the benefits of a cash loan.

These are quick collateral-free funds with flexible payment tenures. You do not need to mortgage any of your assets for approval. Details of borrower and lender are aggregated for a transparent process. 

Since a mortgage is not required, you are free from foreclosure hassles.

With the right set of documents, this is possibly the quickest loan approval process. The documentation might marginally differ from lender to lender.

You can choose your repayment tenure from a flexible range (from 3 months to 5 years).

If you can share a recent credit history that is decent enough, you can get the loan at a low-interest rate.

Your data and documents will be safe with online lenders as they carry out a secured process.

You need to upload documents that are readily available to you

The online lenders will have access to only read the bank statements. If you do not have adequate funds in your account, the cash loan-providing company will not auto-debit the money. 

Advantages of applying for this loan online or through an app

You might need an urgent cash loan to pay an investment opportunity or repay a loan. As an aftermath of such situations, you really will not have time to go to the loan provider’s office and apply. Applying for a cash loan online comes forth with a bunch of benefits. 

  • You do not have any limitation on your physical location; you can apply it anywhere in India. 
  • The loan application remains completely private yet transparent. 
  • You can apply anytime round the clock, and the procedure takes just a few minutes
  • You can have different lenders available on a cash loan providing platform
  • Irrespective of whether you are a salaried individual or a self-employed person, you can apply for quick cash loans if you meet a minimum earning criterion

Also Read : Long Term Personal Loans vs Short Term Personal Loans

Know if you are eligible

If you are not foreseeing any paycheck in your near vicinity, these fast cash loans can boost your financial freedom to fulfill financial obligations. 

  • It would help if you were an Indian citizen
  • You can qualify if you have a basic income of Rs 18,000
  • Any group can apply, but the preferred age group is 23 to 57
  • You can be employed in a private or public company. You can be self-employed as well.

Some common types of fast cash loans available

Quick cash loans are an instant recourse to any financial need. However, there are a variety of such loans available to you. Sneak a peek into those:

Mini Cash Loan: This involves a small cash loan where both the amount and tenure are small. This is a pocket-size loan of around Rs 10,000 to Rs 50,000.

Fast Cash Loans: A cash loan goes through an easy and speedy disbursal process which can be a couple of hours. This is beneficial for those in need of instant funds. 

Same-day loans: Here, the loan amount is transferred to you on the same day of application/approval. It can be within a few minutes to a few hours.

Quick Cash Loans: This is a quick fix to your financial needs, and you get the loan disbursed with minimal documentation in just a few hours.

Emergency Loan: In times of financial contingencies, you can apply for emergency cash loans as a solution to your monetary woes.

How do you get a small cash loan on an Aadhaar card?

Cash Loan on Aadhar Card

Well, the Aadhaar card has become a one-stop document for any personal verification in India. Having bio metric data, the Aadhaar card makes quick verification possible. So, you must have a valid Aadhaar card with the correct details. This identity card simplified the worries of borrowers in India to apply for an Aadhaar cash loan. Since it is linked with a mobile number, it makes KYC verification in the blink of an eye.

Thus, Aadhaar documentation simplifies the application of urgent cash loans without documents in hard copies. Also, it takes less time for approval of a small cash loan on an Aadhaar card. In India, where instant loan apps have gained immense popularity, the Aadhaar card made the loan-verification process quick. You just have to enter the ID number or upload a soft copy of the Aadhaar cash loan paperless documentation. 

Lenders verify your Aadhaar card details linked with UIDAI biometrics. Also, an authentic card improves the borrower’s credibility, thus increasing Aadhaar cash instant loan approval chances. Even if your credit score is high, you will need an Aadhaar card for easy and quick verification of fast cash loans.

However, if there is any duplicity in information, the borrower will be subject to rejection of an urgent cash loan without documents along with a penalty. 

Reasons for rejection of fast cash loans 

Though cash credit loans are widely available in India via authentic loan apps, you need to know why you stand a loan rejection chance.

  •     Incorrect applications

If you do not upload authentic and valid documents, you might face rejection. Also, if you submit incomplete details while applying for a loan, lenders can reject your application during KYC verification.

  •     Low credit score

If you have a low credit score, lenders might find it difficult to trust your repayment capacity. You need to improve your creditworthiness.

  •     Not meet eligibility

If you do not meet any of your eligibility criteria for the specific loan app you are applying to, cash loan rejection might occur. 

  •     Unstable work

If you are in unstable business or have an inconsistent work profile, lenders can be dubious about your authenticity

  •     High liabilities

If you have high liabilities or other loan repayments going in, lenders can choose to reject your application considering your repayment incapability.

  •     Multiple loan requests

Suppose you have filed multiple loan requests within a short period. This shows your credit hunger and desperation wherein loan approval can be rejected.

With chances of rejection across multiple platforms, Buddy Loan can help you handle rejection. 

  • Buddy Loan customer support can suggest you improve your credit score.
  • This app will just ask for the only valid document you have instead of multiple papers.
  • Unlike many other loan apps, Buddy Loan can guarantee you a cash loan even if you are not a salaried individual.
  • It will also let you contact your lender directly so that you can have better clarity about your loan approval process.
  • Buddy Loan lets you apply for a pocket-size amount which can be as little as Rs 10000 to a maximum of 15 Lakhs.

Things to consider while choosing a cash loan provider

You need to ask your friend or a family member for a genuine reference of a cash loan online provider. Word of mouth can work best when identifying which loan-providing app to trust. If you are exploring the apps in Google Play or scanning the Internet results to find the best one, then ensure that you go through the website in detail. Ensure that the cash loans online app meets the below features:

  • Complete transparency and no hidden charges
  • Instant loan approval
  • The approval rate with the cash loan app should be at least 80%
  • Involve minimal documentation
  • The process is entirely online
  • Fast disbursal
  • No prepayment and foreclosure charges
  • Convenient repayment structure
  • Top-notch customer service

After a thorough exploration across multiple loan apps, Buddy Loan is among the ones which fulfill all of the above criteria. So, check out the website of Buddy Loan to know more.

Ways to know the status of your cash loans online application

You can log in to your portal to see the quality of the application. You can also contact customer support with your reference ID to follow up on the level of cash loan disbursal. 

Also Read: You Can Get Tax Benefits On Personal Loans For These 3 Reasons

Conclusion

Cash loans online are indeed a lifesaver for many people to meet short-term financial needs. Financial tragedies can come anytime where you need to arrange instant cash, thanks to these cash credit loan providers and apps that have come to the rescue of many Indians. Explore well to select your favorite app which matches your eligibility criteria and requirements.