Fastest Instant Loan App

A personal loan is a kind of an emergency funding which has no end-use restrictions and requires minimal documentations. The funds generated through personal loans can be used for varied purposes like weddings, vacations, medical expenses etc.

Thanks to the technological advances, nowadays not only banks and NBFCs provide loans but there are many mobile applications that provide instant loans. Traditional banks and NBFCs take longer time to process loan applications than these mobile apps.

In India, these instant loan apps are a means of getting loans instantly in a paperless and hassle free manner. These loan apps do not solely depend on the customer’s credit history and CIBIL score but also consider the customer’s social credibility score. After a quick registration or sign-up by the customers, these apps share the available credit facility for the customer. This is calculated on the basis of the details shared by the customer. The request is approved immediately within 5 minutes to maximum of two days of completing the KYC and giving consent for terms and conditions. The process is 100% digital and contactless.

Fastest Instant Loan Apps

Money lending apps are becoming popular in India due to their faster and easy application and processing terms. They also provide platform/app based benefits of customised loans, low interest rate loans and 24x7 tracking. Following is the list of fastest instant loan apps:

• PaySense –

This app provides loans to both salaried as well as a self-employed person. The minimum salary to get an instant loan is Rs. 18,000 per month. A self-employed person having a minimum earning of Rs. 20,000 per month can easily avail a loan through this app. The interest rate varies from 16% to 36% (APR) on reducing balance basis. The loan amount ranges from RS. 5,000 to Rs. 5,00,000 and the app lets you choose a repay tenure from 3 months to 60 months. PaySense provides a collateral free loan even to those who do not have a high credit score.

Pros – Loans can be expedited to be approved quickly. The borrowers having no credit history can also avail the loan. Documentation process is simple and easy. It provides an EMI calculator and has pocket friendly EMI plans.

Cons – Documents need to be verified before you can proceed. The maximum limit of availing a loan is capped at Rs. 5,00,000.

• LazyPay –

It is one of the top finance apps that provide fast loans in India. It is powered by PayU. This mobile app provides the feature of knowing your loan eligibility by just entering your mobile number. It offers a safe online loan application process for loans up to Rs. 1,00,000. The minimum loan amount offered is Rs. 1,000.

Pros – LazyPay offers longer repay periods thus enabling you to adhere to the agreed pay-off schedule. LazyPay also allows you to improve your digital credit record. It assigns you a credit score on the basis of the data collected on your borrowing habits.

Cons – The repayment links often do not work. This may result in a late repayment from your end. The app charges a high late fee of up to 50% of the amount borrowed.

• Bajaj Finserv –

It has been present in the country for over a decade resulting in building a prominent and trusted brand name for itself. It provides one of the best instant loan app. The loan amount they offer varies from Rs. 30,000 to Rs. 25,00,000.

Pros – They offer a zero – interest EMI card to finance your purchases. You can also pay your monthly bills through their loan app. They offer a collateral free loan. They disburse the loans shortly and also aid in overall portfolio management.

Cons – The user might face login issues with OTP generation and it may get tedious to pay monthly bills via the app.

• IDFC First Bank –

This loan app allows you to avail a loan of significant amount. The loan amount ranging from Rs. 20,000 to Rs. 40,00,000 gets instantly approved within minutes. The repayment terms allow you to repay the loan in easy EMIs within the period of 1 to 5 years.

Pros – It has flexible repayment terms. It lets you have access to loan account details, statement details, outstanding balance, payment dates and lets you raise service requests.
Since you have access to all the details of your loan, your dependency on any external support to resolve your queries is reduced.

Cons – The app has certain bugs which may not let you have a pleasurable experience. The customer support takes time to resolve your issues.

• ZestMoney –

ZestMoney offer you an instant loan in a faster way without you having a credit score. It just takes a few minutes for you to apply a loan through the app. It lets you pay the EMIs digitally and earn a cashback of 100% on the EMIs paid.

Pros – The app converts your purchases to easy EMIs automatically.

Cons – The app may not disclose all the information regarding the EMIs in advance. The app is less user friendly due to bugs present in it. The loan amount ranges from Rs. 1,000 to Rs. 10 lakhs.

• Dhani -

Dhani is backed by Indiabulls Ventures and lets you avail a loan of amount Rs. 1,000 to Rs. 15 Lakhs. This app offers you an unsecured loan by verifying your PAN, Aadhar number and address. The loan amount is disbursed withnin short time and credited to your bank account. You can repay the loan within 3 to 36 months.

• HomeCredit –

This is one of the oldest money lending app available in India. It has its presence in over 10 countries in Asia and Europe. The loan can be availed from its seamlessly working app. The minimum loan amount is Rs. 10,000. The maximum amount that can be availed as loan is Rs. 2,40,000. The repayment terms include easy EMIs for over a period of 6 to 51 months.

• CASHe –

This app lets you avail a loan of amount up to Rs. 4,00,000. The app disburses the loan after approving the necessary documents uploaded by the customer. The loan is credited to your bank account within short time of getting approval. It allows you to transfer a part of your loan amount to your Paytm wallet directly. CASHe approves loans using a proprietary algorithm which considers social profile, merit and earning potential of the borrower.

• KreditBee –

It is one of the best online app to provide instant loans. You may borrow as little as Rs. 1000 and as much as Rs. 2 lakhs. The eligibility criteria includes that the borrower must be of an age of 18 years and has an earning of Rs. 10,000 per month. The app is popular amongst youngsters who avail loan to purchase mobile phone, laptop or camera. Since all the processes to avail the loan happens online, there is no need for physical verification. You need to upload the necessary documents for approvals and verification. Once verification is done, the loan amount is credited in your bank account directly.

Conclusion

With growing awareness, popularity and adoption of instant loans, there is a sudden increase in the number of instant loan apps with many new players trying to make a space for themselves. Availing a loan has become easier and is accessible to most of the loan applicants. However, as a consumer, you should read the terms and conditions carefully.

IIFL Finance is one of the largest and most reputed lenders in India. IIFL Finance provides personal loans at an affordable rate of interest. IIFL ensures better liquidity of your money with its easy and flexible EMIs. The loan application is processed within five minutes and requires minimal documentation.