5 types of instant loans to cater to your different needs

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Updated: August 21, 2019 6:23:15 PM

Most of these new-age lending models target millennials and are catering to their demands with instant money, at a competitive rate, along with improved customer experience, and streamlined processes.

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Find out what all types of specifically crafted loans are available for grab:

Today, with apps and tech determining how businesses are run, lenders have also taken a new approach to provide loans. Millennials or people in general today do not wait for long, saving bit by bit, before making a big purchase or expense, unlike earlier generations. With digital lending platforms and NBFCs such as Bajaj Finance, LoanTap, PaySense, MoneyTap, Qbera, and EarlySalary, people are now looking for instantly available easy and fast loans.

Most of these new-age lending models target millennials and are catering to their demands with instant money, at a competitive rate, along with improved customer experience, and streamlined processes. These specially crafted loans are also offered in different types, catering to one’s needs. For instance, starting from advance salary loan to holiday loan and wedding loan, you can get it all.

Find out what all types of specifically crafted loans are available for grab:

Advance Salary: As the name suggests advanced salary loan, are advance salaries that are given to individuals in need. The loan approvals are fast and the money is paid off within a matter of a few minutes. These loans are generally for a short period of time. Digital lenders including LoanTap, PaySense, MoneyTap, EarlySalary, and Qbera, extend loans to individuals for short-term expenses. The instant credit providers offer loan up to a certain percentage of the borrower’s salary. These loans come with a tenure ranging from 1 to 12 months.
Experts say, borrowers especially who are turned down by banks because of poor credit score or no credit score at all, can opt for a loan from these platforms. People, with a credit score as low as 600 or who are new to credit and have no score at all, are also given loan by these instant credit platforms.

Vacation Loan: According to a recent study, millennials take around 2-5 trips in a year. Often these people opt for travel and holiday loans. These loans are generally sanctioned within 24-36 hours of application and cover all the expense on a holiday. Few platforms also offer up to 3-month interest-only payment option to its customers. Travel and holiday loan are offered by most of the leading institutes.

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Rental loan: Not only limited to millennials but most working professionals are now seen moving to a new city for work or looking for a better place to stay. These places generally come with high-security deposit. These instant lending platforms, catering to such individuals, offer rental deposit loans. On rental loan, the interest on the loan amount can be paid on a monthly basis for the tenure of the lease agreement. With this type of instantly accessible loan, individual’s does not have to disrupt his/her savings.

Wedding Loan: Everybody wishes to have a lavish wedding and hence, needs to shell out a huge amount of money. Also, the trend of extravagant weddings has also recently uplifted the idea of wedding décor in India. However, to make things easy, various lenders have come up with offering finances specific to wedding requirements. Starting with a destination wedding to designer clothes, borrowers can opt for it all with this specially crafted loan.
Some loan providers also tie up with other service providers needed for the wedding to make the whole thing easy for the borrower. Making it easy for the borrower, few lenders offer this loan with interest-only payment for the first 5 months.

High-end two-wheeler loan: Owning high-end two-wheelers, besides luxury cars, has also gained popularity in India. Industry experts say this is mostly because of the increasing trend in two-wheeler road trips. These two-wheeler road trips are not only limited to domestic tours but often seen two-wheeler road trips also go all the way to Thailand nowadays. Hence, if you are planning to purchase a high-end bike, there are many digital lending platforms that offer premium bike loans.

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