5 types of instant loans to meet your different needs


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Check out all the types of specially designed loans that are available for sale:

Today, with applications and technologies determining how businesses are run, lenders have also taken a new approach to providing loans. Millennials or people in general today don’t wait long, saving little by little, before making a big purchase or a big expense, unlike previous generations. With digital lending platforms and NBFCs such as Bajaj Finance, LoanTap, PaySense, MoneyTap, Qbera and EarlySalary, people are now looking for easy and fast loans available instantly.

Most of these new age loan models target millennials and meet their demands with instant cash, at a competitive rate, along with an improved customer experience and streamlined processes. These specially designed loans are also offered in different types, meeting everyone’s needs. For example, from an early payday loan to a vacation loan to a wedding loan, you can get it all.

Check out all the types of specially designed loans that are available for sale:

Payday advance: As the name suggests, payday advances are payroll advances that are paid to people in need. Loan approvals are fast and the money is paid back within minutes. These loans are generally of short duration. Digital lenders, including LoanTap, PaySense, MoneyTap, EarlySalary, and Qbera, provide loans to individuals for short-term expenses. Instant credit providers offer a loan up to a certain percentage of the borrower’s salary. These loans have terms ranging from 1 to 12 months.
Experts say borrowers, especially those who are turned down by banks due to bad credit or no credit rating, 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, also benefit from a loan through these instant credit platforms.

Vacation loan: According to a recent study, millennials take about 2 to 5 trips per year. Often these people opt for travel and vacation loans. These loans are generally sanctioned within 24-36 hours of application and cover all the expenses of a holiday. Few platforms also offer their customers a payment option of up to 3 months interest only. Travel and vacation loans are offered by most of the major 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 in search of a better place to stay. These places usually come with a high security deposit. These instant loan platforms, intended for these people, offer rental deposit loans. On the rental loan, interest on the loan amount can be paid monthly during the term of the rental agreement. With this type of loan available instantly, the individual does not have to disrupt his savings.

Wedding loan: Everyone wants to have a lavish wedding and therefore has to shell out a huge amount of money. Besides, the trend of extravagant weddings has also recently raised the idea of ​​wedding decor in India. However, to make matters easier, various lenders have offered financing specific to the marriage requirements. Starting with a wedding destination for designer clothes, borrowers can have it all with this specially designed loan.
Some loan providers also partner with other providers of necessary marriage services to make it easier for the borrower. To facilitate the borrower’s task, few lenders offer this loan with interest payment only for the first 5 months.

High-end two-wheeler loan: Owning high-end two-wheelers, in addition to luxury cars, has also gained popularity in India. Industry experts claim that this is mainly due to the growing trend of road travel by two-wheelers. These two-wheeled road trips are not only confined to national tours, but the often-seen two-wheeled road trips also go all the way to Thailand nowadays. Therefore, if you are planning to buy a premium bike, there are many digital lending platforms that offer premium bike loans.

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About Brandon A. Hood

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