Cash Loans - Funds That You Need Urgently in Few Hours
Whenever there’s a shortage of cash
troubling you, the next step is to reach out for help through your friends or
relatives. But it isn't the right solution many a times. Since they might also
not be in a good financial state to lend you money and getting a negative
response from them would be quite embarrassing. Therefore, many of
them wish to take a different way of approaching an online money lending
agency, who could offer cash loans on the same day where you wouldn't face much
obstacles in borrowing some cash immediately which is usually derived against
your salary.
The main advantage of cash loans is, their
faster availability without consuming much of your time. The borrower gives a
post-dated cheque to the Leander to make the approvals faster and quickly. On
the repayment date, the lender can redeem the cheque and get back the released loan
and interest charges amount from the borrower's bank account. You do not have
to waste time visiting a bank to repaying the loan. Applying for
these loans is a matter of seconds. Just install the lender’s App and open the
loan application page, fill your personal information like your name, cash
amount you need, and employment status, and so on. Then you could
submit the application online along with proves of your eligibility for
the loan to get approved. And there you go, in a few hours; you have the cash digitally
dispersed into your bank account.
However, only adult Indian citizens
who are working professionals and drawing a standard salary every month
are eligible for cash loans and the cash loan amount is decided based on the
Salary scale. For proving your nationality, the lending agency would require
soft copies of identity documents such as Aadhaar card, Voter card,
and PAN card. In addition, for Signing up you will require an active social
profile either in Facebook or LinkedIn.
Those who qualify all the
eligibility and successfully complete the verifications would get cash loans
dispersed to their respective bank account on the same day of applying.
Generally, the lenders approve any amount of money ranging from Rs 2000 to Rs
200000, depending on your monthly salary and repayment ability. But they can
offer you the highest amount in the range as you give them a post-dated cheque,
which secures the lender's risks.
Another feature of cash
loans is that you can repay the borrowed amount as per your convenience,
in a span of 15 days to 180 days and the late repayment should be avoided as it
would subject you to face additional charges. However, you should agree to the
repayment schedule carefully considering your monthly earnings.
But, also note that these cash loans are
unsecured cash loans which is for a short period. Therefore, these types of
loans come with a high-interest charges. You should expect a typical 36% or 3%
interest payment per month. Keeping the expensive interest rates and late
payment penalties in mind, make sure that you pay off the loan as early as
possible. These are undoubtedly helpful loans, but timely repayment is a must.
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