In today’s run-of-the-mill life, the possibility of untoward incidents has increased more. Medical or other emergency can come at any time. At such a time, if you have enough cash or funds, then you can easily deal with this problem.
However, not everyone has enough money to deal with such situations. A sudden medical need or repair of the house can cost a lot of money and sometimes it becomes difficult for people to raise money immediately by using their savings.
Emergency loan apps prove to be very helpful at such a time. There are many such apps in India, which provide instant loans and send money directly to your account. They give instant loans with very low paperwork or easy approval process.
What are emergency loan apps?
Emergency loan apps are digital platforms that allow you to take instant personal loan, especially when money is needed immediately. It requires very little document and the entire process is online.
Moneycontrol also provides the facility of instant emergency loan through 8 lenders. You can take an instant loan up to 50 lakhs online here. Interest rates on these start from 10.5% annually on the basis of your income and credit history.
Benefits of Emergency Loan Apps
These apps can prove to be very beneficial in Emergency:
- convenient: The biggest advantage is that you can arrange money through an app sitting at home. It contains negligible paperwork.
- Fast Fund Transfer: Some apps transfer the loan amount to your account within minutes.
- No physical documentation: The entire process is in digital form, so there is no need to submit a document by going to the bank branch.
- User-friendly interface: These apps are designed in such a way that the common man can easily apply loans.
- Flexible: Loan amount and tenure can be decided according to your needs. Also, the repayment schedule can also be set according to its convenience.
Emergency Loan Apps: Keep these things in mind
Although these apps prove to be very useful in emergency, but it is also very important to take some precautions while using them. As the number of such apps has increased, the cases of online fraud have also increased.
Some important tips that can save you from scam:
- Check interest rates: Emergency loan apps often give loans at high interest rates. Read the terms of the loan carefully and know how much interest you will have to pay.
- Pay attention to hidden charge: Read the nuances of the loan document well and understand all the conditions. See that there is no hidden charge.
- Check the credibility of the loan app: Loan apps are very likely to fraud. Therefore, use only those apps that are RBI-registered or who work in partnership with RBI recognized lenders.
- Apply app verification: Do not download any app like this. Verify the app on Google Play Store or App Store and definitely read the user review. Stay away from the apps which have low ratings or do not have reviews.
- Do not share OTP: App for E-KYC asks for app OTP, but this process is completed within the app itself. If any agent asks for OTP or personal details on the phone, then it can be a sign of fraud.
When there is no other solution left in the emergency, these apps can give a sigh of relief. But it is very important to take care while using them. They definitely have benefits, but do not come under the guise of those fraudsters who can cheat you through loan apps.
Summary
Emergency loan apps transfer instant funds without hassle in your difficult times. Here we are telling their advantages, essential precautions and tips to choose the trusted app.
Top banks/ NBFCs
50 lakhs
Get instant loan up to
Disclaimer
This fraction/article is written by an external partner and does not reflect the work of the editorial team of Moneycontrol. This may include references to products and services offered by Moneycontrol.