Best instant loan app for salaried & self-employed individual’s

In the current Covid-19 pandemic situation, where people are still facing the financial crunch due to loss in job and business, instant loan app is a boon and most sought digital source for salaried and self-employed individuals helping them to overcome the financial imbalance.

Personal loans for salaried and self-employed fulfill multiple purposes including expenses for vacations, weddings, luxury, etc. Immediate expenses are also covered under personal loans such as paying medical bills, overheads, or unexpected repairs.

How do you find the best instant loan app for salaried and self-employed individuals?

You know the best, which is the right personal loan for your financial need. So, continue your search on the same parameters to shortlist a suitable instant loan app that would help you or your company to face financial urgencies.

Being salaried or self-employed, if you are looking for low-interest rates, then compare the lone apps offering lower interest rates and processing fees. This will reduce the overall installments to be repaid.

For your convenience here are some of the best loan apps that offer affordable interest rates:

  • SimplyCash – 25% per annum
  • India Lends – 25% per annum
  • Money Loan – 28% per annum
  • Early Salary – 30% per annum

The above-mentioned interest rate is some of the best instant cash loan apps that offer an attractive and reasonable interest rate for salaried and self-employed individuals.

Besides many more features lead to the best instant loan cash apps apart from interest rates for salaried and self-employed individuals.

The best in the industry loan apps highlight the following features:

 User-friendly A user-friendly interface, one that is easy to navigate is the best one, additionally with a simple sign-in and login method. When the start is easy, the loan application and processing are quick.

Collateral-free – Traditional ways of lending may ask to pledge your assets against the loan, but instant loans are collateral-free and no security is required against the loan.

Quick approval & disbursal – Instant loan app approves the loan within seconds and disbursal is done immediately after the approval is completed, this means in few hours your instant loan gets sanctioned.

Flexible repayment tenure – Instant loan app generally has a repayment tenure between 6 – 24 months. The borrower gets an option to repay the loan in a short-term period or make the repayment in a longer duration. Based on your monthly budget and flexible tenure, you can decide upon the repayment option.

No physical documentation – Paperless & minimal documentation makes the instant loan process convenient and hassle-free. No stress of collating all the physical documents.

Loan EMI calculator – The EMI calculator gives you the option to evaluate and calculate your loan amount, tenure & Emi based on your mothy budget and plan it accordingly.

Eligibility criteria for Salaried and self-employed individuals using the best instant loan app

The best instant loan app follows simple eligibility criteria for both salaried & self-employed individuals that should meet the lender’s expectations and policy as mentioned below:

  • You should fall under the age between 21 – 58 years
  • Your minimum income should be Rs.15,000 monthly
  • Six months bank statement is mandatory for both salaried and self-employed individuals
  • Stable job & business whether private job, public job or joint business
  • Credit score – some lenders may analyze your credit report to evaluate your creditworthiness to repay the instant loan amount.

How do you know whether the app is the best or fraudster?

Since instant loan apps are on increase, you can become a victim of fraudulent apps. So, beware of downloading fake apps with the following factors:

  • Before downloading any loan app check the reviews
  • Check date of release and update frequency
  • Read permissions agreement before you proceed
  • Check whether they have an official website

Ultimately, if you are an alert borrower, you can easily come across the best instant loan app with seamless features, beneficial for salaried and self-employed individuals, and also prevent yourself from falling prey to fake instant loan apps.

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