All About Instant Cash Loan Online - PowerPoint PPT Presentation

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All About Instant Cash Loan Online

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A Payday loan or instant cash loan is given in a few hours from loan approval. To know more about eligibility and factors considered before applying for cash loan. – PowerPoint PPT presentation

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Date added: 7 March 2019
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Title: All About Instant Cash Loan Online


1
CASH LOAN
2
What is a Cash Loan?
  • Small assistance to an individual at the time of
    need.
  • Easy approval disbursal with flexible
    repayments .
  • Given out to individuals with capacity to repay
    in a short duration.
  • Unsecured loans for the amount to be repaid.

3
Cash Loan Vs Personal Loan
  • Amount Cash loans are smaller, Personal loans
    are available upto 15-20 lacs.
  • Loan duration Cash loans have shorter duration
    of repayment Personal loans can last upto 10
    years.
  •  
  • Credit score Cash loans are available to people
    with bad credit scores also, Personal loans for
    good credit scores is relevant.
  •  
  • Process Cash loan is easy and fully online.
    Personal loans have a long drawn process
  •  
  • Documentation Cash loans work on minimum
    documentation. Only an ID proof along with the
    address proof. Typically, personal loans require
    extensive documentation depending on the loan
    provider.
  •  
  • Security Cash loans are unsecured whereas
    personal loans take charge of valuable assets
  •  
  • Interest rates Interest rates on cash loans are
    high whereas personal loans are relatively lower.

4
Eligibility of Cash Loan
  • Cash loans are not subject to strict eligibility
    and therefore are human-friendly. Yet, cash loans
    have basic necessities that need to be fulfilled.
  • Source of Income The borrower must have a
    minimal source of income. The amount of the
    monthly income required to get the loan varies
    from bank to bank. Some even offer a loan to a
    person earning 5000 a month. The borrower must be
    able to justify his/her income with supporting
    documents.
  • Age A borrower should fulfil the minimum age
    requirement that is again variable from 19-21
    years.
  • Supporting documents To get cash loan one has to
    fulfil the minimum documents required that can be
    limited to Aadhar and PAN card.
  • Duration of employment The borrower must be able
    to justify the minimum tenure of his employment
    required by the lender.

5
Factors to be Considered before taking a Cash
Loan
  • Interest rate
  • It is the most important parameter to be
    thoroughly analyzed before taking a cash loan.
    Since cash loan is offered for a shorter
    duration, the interest rates are usually higher
    than other loans, therefore, it is important to
    compare the best available offers and choose the
    one that offers minimum interest rate. Interest
    rates are variable and go up to 30 also,
    therefore, it is wise if you choose wisely by
    making a detailed research.
  • Duration of loan
  • Cash loans are offered for a short span of time
    that can be limited to a month also. It is always
    better to choose a mid-way because too short
    duration of loan has the highest interest rates
    that make it an expensive deal, therefore, it is
    better to choose the duration where you dont
    feel burdened or end up paying extra instead you
    comfortably pay the amount.
  • Amount of loan
  • Cash loan brackets vary for different banks. Some
    banks cater to the lower middle-class sections of
    the society, some target the middle-class. The
    section targeting the lower middle class usually
    have small amount bracket ranging from 20,000 or
    even less to 50,000 or more. You are the best to
    decide upon the loan amount as per your needs.
    Take it only when you need it since you have the
    sole responsibility to repay it.
  • Security of platform
  • Security of the platform from where you avail the
    loan plays an important role. It is important to
    thoroughly research on the credibility and
    security of the platform you wish to avail the
    loan from. Since cash loans are small amount and
    instant, the entire process can happen online. Be
    aware yet!

6
Summary
  • Cash loans are the friendliest options available
    provided you repay the amount on time and avail
    the option only when you need it because inviting
    unwanted liabilities can make you feel burdened
    and you would feel the weight of it every month.
    Make your life free from such instalments and
    live a life of freedom on your hard earnings.

7
THANK YOU !!
To Know More Visit www.purposeloan.in
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