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In times of financial emergencies, getting access to instant cash loan in 1 hour can be a lifesaver. With the advent of technology and the rise of fintech companies, getting a cash loan in 1 hour has become a reality. In this article, we will discuss how to get an instant cash loan in 1 hour, the apps to use, documents required, eligibility criteria, and other details.
Contents
Apps for Instant Cash Loans
There are various fintech companies that offer instant cash loans in India. Some of the popular apps are:
All these apps offer quick and hassle-free loans with minimal documentation.
Eligibility Criteria
The eligibility criteria for getting an instant cash loan in 1 hour vary from app to app. However, here are some common criteria that you should meet:
- Age: You should be at least 21 years old.
- Employment: You should have a stable source of income.
- Credit Score: A good credit score increases your chances of getting a loan.
- KYC: You should have a valid KYC document like Aadhaar Card, Voter ID, or Passport.
Documents Required
The documentation process for instant cash loans is minimal. Here are the documents that you would require:
- Identity Proof: Aadhaar Card, Voter ID, or Passport.
- Address Proof: Aadhaar Card, Passport, Utility Bill, or Rental Agreement.
- Income Proof: Salary Slip, Bank Statement, or Form 16.
Loan Amount and Repayment
The loan amount that you can avail of varies from app to app. Generally, you can get a loan ranging from Rs. 5,000 to Rs. 2 lakhs. The repayment tenure is also flexible and can range from 3 months to 24 months. You can choose a tenure that suits your repayment capacity.
Interest Rates and Processing Fee
The interest rates for instant cash loans are higher compared to traditional loans. The interest rates vary from app to app and can range from 1.08% to 2.5% per month. Additionally, some apps charge a processing fee ranging from 1% to 3% of the loan amount.
How to Apply for an Instant Cash Loan?
The application process for instant cash loans is simple and hassle-free. Here are the steps to follow:
- Download the app of your choice and create an account.
- Fill in your personal, employment, and financial details.
- Upload the required documents.
- Once your application is approved, the loan amount will be disbursed to your account within 1 hour.
Conclusion
Instant cash loans can be a great option during financial emergencies. However, it is important to use them judiciously and repay them on time to avoid high-interest rates and penalties. Make sure to read the terms and conditions carefully before applying for a loan. Also, compare the interest rates and processing fees of different apps before making a decision.
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