Best Instant Personal Loan Apps for Emergency Cash in 2021

A personal loan can be an extremely beneficial financial product in times of an emergency. In the past, the type of loan was only offered by traditional banks and financial institutions. However, this process would generally take a lot of time for disbursal and ultimately defeat the purpose of a quick personal loan. Fortunately, times have changed. Many companies have taken advantage of digitisation to offer personal loans via mobile apps. Personal finance loan apps offer much-needed funds within just a few clicks. This enables borrowers to get funds whenever they are in need within shorter processing periods.

Here are the 8 best instant personal loan apps that you can use to avail emergency cash.

PaySense: Founded in 2015, PaySense is a financial start-up that has quickly grown popular. It offers personal loans of up to?5 lakh post uploading the essential documents. The loans are offered for a duration of 3 to 60 months with a standard processing fee of 2.5% on the loan amount. The borrower must have a salary of more than?18,000 to avail a loan from PaySense.

KreditBee: An instant personal loan app that especially caters to self-employed and salaried persons, KreditBee offers a maximum loan of up to?2 lakh. The interest rate levied is up to 2.49% per month. A processing fee is additionally charged based on the loan amount.

Credy: Credy is a loan finance app that offers different types of loan categories such as personal loans, educational loans, low CIBIL loans, and emergency loans. The interest rate levied on the given loans is up to 30%. Credy enables borrowers to enjoy top-up loans and improve their credit score upon making timely loan repayments.

CashBean: A finance app registered under the Reserve Bank of India, CashBean offers loans to individuals between the age of 21 and 51 years. The loan amount offered ranges from?1,500 to?60,000. The interest rate charged is up to 33% per annum. The borrower must be self-employed or employed with a monthly income.

MoneyView: MoneyView is another personal loan app that is known for providing high-value loans of up to?50 lakh. What is notable is that the loans are offered within hours for a tenure of up to 60 months. The annual applicable interest rate ranges between 16-39%. The processing fee on the other hand varies anywhere from 2-8%.

CASHe: CASHe is the brainchild of V. Raman Kumar, who aimed to introduce a formal credit system that can be availed by young salaried millennials. The financial app especially aims to cater to millennials who are refused credit from traditional banks owing to a low credit score. Loan funds offered range between?10,000 to?3,00,000. One can opt for a loan tenure between two months to 1 year.

These finance apps for personal loans offer lucrative benefits, however, one should be cautious before taking one. Google has flagged several personal loan apps from the Play Store as they do not abide by the safety policies. Thus, you must be sure to choose your personal loan from a reputed finance app.

A financial advisor with vast experience in the investment and financial domain. I share my options based on research and analysis.