Small Cash Loans – What Makes it Worthy of Your Choice?

Since digitization took off, many instant loan apps were launched for securing personal loans online with ease. These personal loan apps are instant as small cash loans starting from 50,000 up to a couple of lakhs are offered in few hours. What is better than getting instant money during an emergency or a financial shortage! Asking for money is a matter of dignity and small cash loans are a worthy choice to raise urgent finance independently.

Small cash loans are also worthy as these are short-term loans that are easier to repay in smaller EMIs. Comparatively, long-term loans have a higher loan amount and repayment becomes prolonged. The chances of defaulting the loan account are also less with small cash loans as EMIs are cleared mostly in a year.

Features of Small Cash Loans Making it a Worthy Choice

Unsecured loans: small cash loans or mini cash loans are unsecured in nature. It saves the borrower’s time from entering into a formality of mortgaging assets against the loan.

Transparency: The steps to acquire small cash loans are clearly defined on the cash app. Besides minimal processing fees, there are no hidden charges levied on small loans.

Paperless Documentation: As the small cash loan processing is digital via loan apps, the documentation is minimal in a paperless format. Aadhar card and PAN card are basic KYC details used for document verification.

Quick Approval: Instant loan apps operate on a per-day basis that is loan application, verification, and approval all happen on the same day. Even disbursal is done within a single working day after approval in real-time.

Easy Loan management: small cash loan apps give a personalised dashboard from where borrowers can apply for loans, complete legal formalities, and check the loan status, all from their smartphones.

Eligibility Criteria to Get Small Cash Loans

Age criteria: Borrower should be between 21 - 58 years

Minimum monthly income for salaried and self-employed: Borrower should at least earn a minimum amount of Rs.15,000 monthly

Income proof: 6 months bank statement of the frequently used bank account

Documents Required for Small Cash Loans

The online paperless documentation procedure reduces the stress of physical loan applications. Mandatory documents for mini cash loans require:

• Aadhar card and PAN card details for E-KYC verification
• Smart card driving license is also a personal identity proof that can be submitted optionally.
• Other important documents include your professional and financial details inclusive of income statements.

Apply for Small Cash Loans via Instant Personal Loan Apps

1. Install Instant loan app of your choice from Google Play Store
2. Register with basic details – mobile number and email address
3. Set the desired EMI using the loan EMI calculator
4. Paperless verification of KYC details using a security code
5. Real-time verification speeds up the approval process
6. Disbursal of the loan amount in a single working day directly in the borrower’s bank account.

Digital Marketer, Seo Executive, Seo Analyst, Senior Media Marketing