Discover How Same Day Loans Help You Get Instant Cash In A Hassle-Free Manner

Although it is common knowledge that emergencies are unprecedented and frequently land you in dangerous financial situations, lack of preparedness is often observed among individuals. Same-day loans are disbursed under 24 hours and come in handy when you need urgent cash. This is a fairly new concept in the loan schemes market and is further streamlined by the increasing digitization in loan application procedures. 

While some banks have restricted this avenue to their existing account holders only, others have opened it up for the general public. So now you can leverage this type of loan to meet personal financial needs, such as medical expenses, wedding costs, car repair costs, credit card bills, and so on.

Let's take a dive and understand how same-day loans offer instant cash in a hassle-free manner.

Lenient Eligibility Criteria

The eligibility criteria for same-day loan applications are easily achievable and do not require extravagant collateral. Some of the common points that make a candidate eligible for same-day loans are as follows:

• The candidate must be a citizen of India.
• The candidate must be over 21 years and under 57 years of age.
• The candidate must carry a credit score of at least 600 (CIBIL).
• The candidate's salary should not be below a minimum limit of INR 13,500 (depending on the financial institution).

An average working professional can easily meet all of the points mentioned above, and they can effortlessly leverage the benefits of a same-day loan.

Benefits of Same-Day Loans

Same-day loans can be regarded as a kind of instant personal loan but without the usual hassle and paperwork. Let's take a look at some of the glaring benefits of same-day loans:

• The application process is relatively simple, as you can apply online without submitting any documents or lengthy forms in person.
• Same-day loans are unsecured loans in which the loan applicant is not required to keep any collateral or guarantor.
• The loan is approved quickly, and the amount is disbursed within hours of approval. 
• The borrowing amount can vary from INR 10,000 to INR 2 lakhs, depending on the banks.
• The interest rates are relatively lower (citing exceptional credit scores), and you can check your eligibility in a matter of minutes.

All you need to have is identity proof (PAN card etc.), address proof (Aadhaar card, etc.), and income proof (previous three months' salary slip and bank statement), and banks would be more than happy to process your same day loan application.

Conclusion

As the name suggests, same-day loans are disbursed instantly and require no assets to be kept as security with the lending institution. From documentation to repayment, all the procedural formalities are conducted digitally.

Since the terms are so lenient, same-day loans usually attract higher interest rates from the borrower. An effective workaround to this anomaly is to apply impressive credit scores.

In conclusion, same-day loans are ideal for those individuals who refrain from borrowing money from friends/family, don't want to burden themselves with a credit card cash advance, and are in serious need of urgent cash.