In the 21st century, our lifestyle expenses are almost irregular, and pretty often, we lag in terms of financial aspects. Our requirement for money in order to rent a flat or study at a university abroad becomes a headache for us.
In these times, either you can go to your friends, family or relatives. But if you are one of those independent souls, then the option of an instant loan app might prove an angel for you.
Best Instant Loan Apps in 2020
Instant personal loan apps have become the need of the hour in contemporary times. Now, people don’t have to worry about their financial needs or to ask someone else to fulfill them.
We have come up with some best loan apps for you which will aid your search for the same:
Year of Origination: 2015
Loan Amount: Min INR 5000 – Max INR 5,00,000
PaySense is one of the best personal loan apps in the country. It has an app plus a website too. Using either of the interfaces, salaried individuals and self-employed people can apply to avail an instant personal loan.
The eligibility criteria to borrow from PaySense depends upon the income of the borrower. For Salaried professionals, it is INR 12,000 per month and INR 15,000 per month for self-employed ones.
PaySense was created by Sayali Karanjkar and Prashanth Ranganathan in Mumbai. The company has two partners namely Fullerton and IIFIL for the disbursal of personal loans.
PaySense gives a reasonable EMI calculator to assist borrowers to evaluate the EMI they will have to pay every month. After installing PaySense, just have a check about eligibility and upload the required documents.
This app allows the borrowers to select their tenure to pay back the loan which ranges between 3 months to 5 years. The best thing about this personal loan app is that you don’t have to submit any kind of collateral or security.
Having a high credit score is neither a necessity in order to avail loan from this easy loan app.
Year of Origination: 2016
Loan Amount: Min INR 5000 – Max INR 2,00,000
CASHe comes at 2nd rank in our list of instant loan apps. CASHe is an incredible and one of the best instant loan apps in India to secure funds for an emergency situation or times of financial problems.
You are just required to download the CASHe app on your mobile phone from the Google Play Store ( Android users ) and the Apple store (iPhone users). Then, you will be asked to upload the important documents on the app.
Once the documents are verified and approved, this instant loan app transfers the loan amount to your account in a few minutes.
CASHe gives you the facility of transferring a part of your loan amount to your Paytm wallet. A reminder for you that approval of loans by CASHe is based upon your social profile, credibility, and income.
In order to evaluate these, This personal loan app makes use of a proprietary algorithm that is based upon a machine learning mechanism.
Year of Origination: 2000 ( Indiabulls); App launch: 2017
Loan Amount: Min INR 1000 – Max INR15,00,000
Dhani ranks third in the list of instant loan apps in contemporary times. This instant personal loan app is backed up by Indiabulls Ventures.
Dhani allows you to apply for a personal loan anytime from any place in the world and for any purpose. This easy loan app doesn’t follow any procedure of physical documentation and you are provided with an unsecured loan in no time.
This is one of the best loan apps in India for this reason. You are just required to download it from the app market and provide your Aadhar number, PAN number, and address for the verification process.
Once the verifications are done, your loan amount is credited into your account in a few minutes. This personal loan app allows you to repay the loan amount within three months to six years.
Year of Origination: 2016
Loan Amount: Min N.A. – Max INR 2,00,000
Flexsalary ranks fourth in our list of the best loan apps in India. It is an instant loan app that is created especially for salaried professionals.
Founded in Hyderabad, this instant loan app is a great lending platform for salaried professionals who are in the requirement of urgent cash during situations of the financial crisis.
Along with the one-time approval process, this instant personal loan app offers the facility of instant disbursals and provides its borrowers with credit access anytime.
Flexsalary allows the borrowers to decide the loan amount to repay in a flexible way.
This easy loan app functions as an advanced salary app with no fixed EMI for borrowers. You are required to download the app from the Internet. While signing up, you will be asked to upload the necessary documents.
Once approved, the loan amount will be credited to your account.
Year of Origination: 2016
Loan Amount: Min INR 500. – Max No limit
Running out of funds for college students is a pretty common thing. So, if you are one of those students who are left with zero balance in the second half of every month. In order to resolve this problem, mPokket app is there in the market for you.
Last but not the least, mPokket ranks fifth on this list. This student loan app helps students to avail funds so that they don’t have to ask for money from their friends.
This easy loan app is specially created for college going students aimed at solving the problem of pocket money for them.
All you have to do is to download the app from the app market. While signing up, you will be asked to fill the necessary details. Upon approval of the application, the loan amount will be credited to your bank account or Paytm Wallet.
Initially, you are credited with an amount of INR 500 which keeps increasing if you use the app regularly and repay timely. The tenure for repaying in this student loan app ranges from one to three months.
So, this was our collection of some best instant loan apps available nowadays. Hopefully, you find this helpful.
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