A business loan can help you in various ways, including expanding your business, boosting production, buying new equipment, and even switching to the online mode. They also help pump cash into the organization to ensure that it runs as smoothly and efficiently as possible.
There are different kinds of loans that you can get in an instant. Four such prominent ones include:
Types Of Loans
Same Day Loans
Same-day business loans help cover the business costs when there is an urgent need for funds. These loans help keep the business afloat during tough times.
You have various same-day business loans, including Line of Credit, invoice factoring, merchant cash advance, unsecured business loans, and business credit cards.
These loans come with features that help entrepreneurs run their businesses efficiently when there is little sales or revenue generated. For instance, the interest rates of these loans are as little as 1%. Likewise, many such loans also have daily or weekly repayment schedules.
So, same-day loans come in handy when business is bad and there is a desperate need for cash.
Also Read: 5 Best And Fast Small-Business Loans
Instant Cash Loans
You can also get instant cash loans, which are short-term loans processed within an hour or so. The primary advantage of instant cash loans is that you can get the loans sanctioned when you need them. These loans are best-suited when there is an immediate need for funds.
The other advantage of instant cash loans is that you don’t need to state a purpose for getting them.
However, read and understand all the terms and conditions. You should also note that the interest rates are higher than other traditional loans because of the increased risks and Annual Percentage Rate (APR).
You can repay your instant cash loan within a couple of weeks or months, depending on the schedule.
Also Read: Role of Balance Sheets In Acquiring A Business Loan
Instant Personal Loans
Personal loans are unsecured loans. So, you can use them for anything, including covering medical costs, home improvement, travel, and weddings.
You can also get a personal loan processed within no time. Typically, you can get your loan processed in four hours or less. There are other instances where you can get a loan approved within a day of submitting all the documents.
However, you must be between 21 and 60 years to get an instant personal loan. Also, you must have a job for at least two years and one year with your current employer. Your income should be no less than INR 25,000 per month to get a personal loan instantly.
Also Read: 5 Tips To Improve Your Odds of Getting A Small Business Loan
Instant Top-up Loans
With top-up loans, you can borrow money over and above the one you already have. Top-up loans allow you to borrow additional money on top of your existing loan. So, you don’t need to take out another loan altogether.
You can get these loans disbursed faster since you borrow them over and above your existing ones.
To be eligible for topping-up your loans, you must first have a loan. You need to qualify for a top-up loan because you must have a clean repayment record with no outstanding balances.
How to Get Loans in an Instant?
There are many ways to get instant loans, including personal loans, cash loans, or top-up loans. To get your loan sanctioned in an instant, you can follow these four steps.
1. Apply for a Loan Online
The first step towards getting an instant loan is to apply for one, preferably through the online mode. However, before you do that, you must check whether you are eligible for one. Different providers have different criteria for disbursing loans in an instant. Also, when it comes to instant loans, most providers approve them between a few hours and a day. So, you don’t need to wait to get your loan approved.
2. Get Advice on the Offers
It would also help if you knew about the different offers on instant business loans. For this, you can consult financial advisors and other such experts and get their inputs about the prevailing interest rates and other such factors.
3. Complete the Formalities
Once you have done your research and zeroed in on a provider, it is time to complete the formalities for processing your loan application. These days, most providers have paperless processes to approve and disburse loans. Also, you don’t need collateral for instant loans as they are unsecured.
The tenures are flexible and customizable, and the interest rates are nominal. So, you don’t need to worry about paying hefty EMIs every month.
4. Get your Loan Disbursed Instantly!
Once you complete the registration process and other formalities, you will get your loans sanctioned and credited to your account within a day at most.
Also Read: Importance of Accessibility In Getting Quick Business Loans
Using an Instant Personal Loan Application
You can also use instant personal loan apps that will help you to get personal loans within a few hours. Applications like PaySense, Rupeeland, and CASHe, even sanction and credit personal loans to your accounts within seconds, are available across Android and iOS. Also, the interest rates are as low as 1% per month.
However, be sure to check the ratings of these applications before you avail of a personal or business loan so that you can verify their credibility.
Beware of Fraudsters and Fraudulent Lending Practices
Since getting an instant loan is easy, many scams have popped up. So, be careful when getting an instant loan. Scamsters primarily target those people looking for loans with low-interest rates that can be approved quickly.
Do a thorough background check on your provider or the application when you decide to get an instant loan so that you do not get duped.
Also Read: All You Need To Know About Business Loans And Taxes
Get your Instant Loan
It is much easier to get an instant loan these days, as compared to earlier. Most personal or other loans are available instantly and at nominal interest rates and flexible tenures and repayment schedules, which is rather convenient. So, getting a business loan in an instant is much more flexible and convenient than it has ever been.