5 Types of Instant Loans to Meet Your Different Needs

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Most of these new-era lending models target millennials and meet their demands with instant cash, at a competitive rate, along with an improved customer experience and streamlined processes.

Discover all the types of specially designed loans available to you:

Today, with applications and technology driving how businesses operate, lenders have also taken a new approach to lending. Millennials or people in general today don’t wait long, saving little by little, before making a big purchase or 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-era lending 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, suiting one’s needs. For example, from advance payday loan to holiday loan and wedding loan, you can get it all.

Discover all the types of specially designed loans available to you:

Payday advance: As the name suggests, salary advances are salary advances that are given to people in need. Loan approvals are quick and the money is repaid 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 loans up to a certain percentage of the borrower’s salary. These loans come with a term ranging from 1 to 12 months.
Experts say that borrowers, especially those who are turned down by banks due to bad credit or no credit, 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 granted a loan by these instant credit platforms.

holiday loan: According to a recent study, millennials take about 2 to 5 trips a year. Often these people opt for travel and vacation loans. These loans are usually sanctioned within 24 to 36 hours of application and cover all vacation expenses. Few platforms also offer their clients a 3-month interest-only payment option. Travel and holiday loans are offered by most 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 to work or looking for a better place to stay. These places usually come with a security deposit. These instant loan platforms, intended for these people, offer loans on rental security. 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 wishes to have a lavish wedding and therefore have to shell out a huge amount of money. Furthermore, the trend of extravagant weddings has also recently raised the idea of ​​wedding décor in India. However, to make things easier, various lenders have offered financing specific to wedding needs. From a destination wedding to designer clothes, borrowers can opt for anything with this specially designed loan.
Some loan providers also partner with other wedding service providers to make everything easier for the borrower. To make it easier 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, in addition to luxury cars, has also gained popularity in India. Industry experts say this is mainly due to the growing trend of two-wheeled commuting. These two-wheeled road trips are not just limited to domestic tours, but often seen two-wheeled road trips also go as far as Thailand these days. 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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