Are you looking for getting an instant loan without a credit check, well then you have landed in the right place. But even before that, are you clear with what are instant loans? If not, let us analyze and have a brief look at what this loan is. As the name suggests an instant loan is a kind of loan which does not require any long list of documentation or you might take this loan as that kind of loan which gets approval very easily. Not only this but, the process to apply for the loan is also very simple and easy. You can apply for this loan online without visiting any bank or filling out any long application forms. There are times in life when one feels stuck with some kind of emergency situation and we might not have enough funds to meet that situation with ease and in such times one thinks of getting an instant loan. This can be the right option in such situations and times. There are several types of instant loans, let us have a look at them.
Kinds of personal loans
- Short term personal loans
These loans are named or called short-term personal loans because these loans can be paid in a time span of 1 or 2 years. This loan is a kind of unsecured loan, thus there is no need for an asset or collateral to get this loan. The funds for the loan are quickly credited to your account or are handed to you as soon as the loan gets approved.
2. Personal loans
This loan also falls under the category of instant loans. It is the amount of money that you can borrow to use for several purposes. This loan can be offered by banks and other money lending institutions. The money that you get from this loan has to be repaid in the time span given by the lender with typical interest rates.
3. Top-up loan
This loan takes over and above an already existing loan. The existing loan could be a home loan, personal loan, or any other form of a loan. This loan is known for low interest rates. One of the reasons to get this loan is low interest rates and another is that one can get this loan instantly.
4. Loan against credit card
It is a type of unsecured loan which has a very low processing fee. You can get this loan instantly and also you can repay this loan in monthly installments. The monthly EMIs would be billed to your credit card every month. This loan is usually sanctioned for a maximum tenure period of 24 months.
5. Loan against savings and insurance
Several banks and other money lending institutions offer this loan against your small savings, for instance, insurance policies, FD, and national savings certificate. This loan is also known by another name i.e. demand loan. The loan amount that you get depends on the maturity value of your policy against which you get the loan.
These are the different kinds of instant loans. Now, you must be wondering what are the perks of getting this loan? Well, there are several reasons why people opt for this loan and get this loan. Let us have a look at the same.
Benefits of getting an instant loan
1.Paperless approval
With this loan, you will not be required to submit any paperwork to the lender by hand. While applying for the loan online unlike other loans you will be required to submit a list of few documents online.
2. No asset
While applying for this loan or getting this loan you will not be required to present any kind of collateral or asset. You will be able to get this loan without the need for collateral. It is a kind of unsecured loan thus no collateral is required for the loan.
3. Minimal processing time
The processing time to get this loan is very minimal than any other kind of regular loan.
4. Customized loan tenure
When you apply for an instant loan you get an opportunity for flexible loan tenure. Thus, you can choose a loan tenure according to your wish which makes it easier for you to collect the funds and pay back the loan amount.
5. Competitive interest rates
If you have a good credit score then you will be offered the loan at reasonable and low-interest rates. This will help you to keep the overall interest rates for the loan quite low.
These are the benefits that you can enjoy by getting an instant loan. Now, coming to the question of how to get an instant loan with no credit check.
Well, there has been a lot of progress in the banking sector in the last 5 years. Several people wonder if they can get a loan without a credit check or not. The answer to the same is no! The documentation gives a sense of security to the lenders, thus they make sure that they check the documents before approving the loan. If you have a low credit score or if you are struggling with this issue then also you can apply for the loan online and get approved for instant loans. The lenders might charge you a high-interest rate but you will be anyway capable of getting the loan no matter what!