06 Dec 2018: #FinancialBytes: Need cash urgently? These 5 companies provide instant loans
The Internet has revolutionized the way we live and almost everything we do, including borrowing money at the click of a button.
There are times when we need money urgently and approaching banks for loans can be a time-consuming process.
To address this, several fintech companies are now offering fast and easy instant loans in India.
Here are 5 companies that provide quick loans.
MoneyView: With MoneyView, get loans quickly and with ease
MoneyView is one of the most popular platforms for instant loans. Customers can get loan offers within minutes after filling their details; they can upload required documents through the MoneyView mobile app.
They can get a loan of Rs. 10,000-5,00,000 disbursed in a few hours.
The loan tenure ranges from 3-36 months with the interest rate varying from 16-24% and a 2.5-6% processing fee.
Finance Buddha: Finance Buddha disburses online personal loans in 24 hours
Finance Buddha, a DSA (direct selling agent) for major banks and NBFCs, provides quick personal loans called "Insta Loans".
Those interested only need to submit KYC details online to get eApproval after which loans are disbursed within 24 hours.
The loan amount ranges between Rs. 50,000-15,00,000 with a 1.5-2% processing fee and 12-24 months' repayment tenure. The interest rate varies from 11.99% to 24%.
Monexo: Monexo connects individuals who want to borrow and lend cash
Monexo is an online peer-to-peer lending marketplace that connects borrowers and lenders.
Borrowers must first register themselves, upload required documents, and submit their loan application, which can be approved within a minute.
Loans are disbursed once they are funded by lenders. The loan amount can range between Rs. 50,000-5,00,000.
The repayment tenure can range between 6-36 months and the interest rate is 12-30% pa.
Indiabulls Dhani: Indiabulls Dhani provides instant personal loans up to Rs. 15L
India's leading business group, Indiabulls, provides instant and easy personal loans through its Dhani platform.
Customers only need to download the app, apply for the loan, submit their details and required documents on Dhani mobile app to get the funds transferred to their account instantly.
They can get loans starting from Rs. 1,000-15,00,000 with a 3-24 months' repayment tenure; interest rates start from 11.99%.
RupeeLend: RupeeLend approves loan applications in minutes, transfers funds quickly
RupeeLend is another online money lending platform that provides Quick Loans and Same-day Loans.
Eligible customers should first register themselves before selecting the loan amount and tenure. Next, they need to submit personal details, employment proof, bank account details, and other documents.
The loan amount can be between Rs. 10,000-1,00,000; RupeeLend charges 30% interest for a 30-day loan and there are no hidden costs.