When you need money, you try out different methods to get quick money. The fastest way to get instant money is via Instant Personal loan Applications.
These instant loan apps can provide you with quick money through their lending partners. Interest on such loan apps is much higher than the personal loan which you take from a bank. However, you can get a loan in a few hours or even in a few minutes with a minimal set of documents.
Advantages of Instant Personal Loan Apps
Comfort:- With just a few clicks you can apply and get such loans, you don’t have to visit any bank or any executive, the entire process is online.
Fast Pace Process:- Since the entire process is online, you can easily get a loan in a few minutes or hours, there are a few loan apps that take more than a day to disburse your loan.
Least Documentation:- There are hardly any documents required to process such instant loans, in such apps you have to just upload your PAN card or Aadhar card and bank statement.
Flexible Option:- Such loan apps provide flexibility, you can change the loan tenure, you can adjust the EMI, and you can even foreclose it.
Disdvantages of Instant Personal Loan Apps
Some loan apps even do not impact your credit score or cibil score. But, it’s not that such apps have only advantages, there are many disadvantages of such instant loan apps.
Interest Rates:- Such instant loan apps have a very high interest rates if you compare to loan provided through Banks.
Short tenure:- Almost all instant loan apps have a very short tenure, this means you have to pay a high EMI every month.
Hidden Fees:- There are some hidden fees which is charged if you are planning to foreclose your loan.
Fraud and Scams:- There have been many cases reported of fraud and scams related to such instant loan apps, since these apps have your personal data there are very high chances of social security breaches.
But, how to find out which are the best Instant loan apps?
Also, how to avoid loan apps that are fraudulent?
Tips to select your Instant Loan App
Reviews:- Check the reviews of such loan apps on different websites, if you think there are many positive reviews, then go for it.
Interest Rate:- Don’t go for apps that have high-interest rates.
Customer Care:- Once the app is installed on your phone, do check out customer care. To recheck the authenticity of such apps, please contact the customer care or helpdesk.
Payment terms:- Do read the payment terms carefully before applying for the instant loan.
Personal Experience on Instant Loan App
As per my personal experience, I will tell you a short story. A couple of months back, I was in need of quick money. Therefore, I started looking for instant loan apps which were able to provide a quick loan. I was not worried about the interest rate, I just wanted quick money. I came across a loan app with the name “Fast Rupee”, though the review was not that good the app stated that they can provide quick loans in 2 hours without checking the cibil and credit score.
I got carried away, I installed this app on my mobile phone, uploaded my PAN Card and Aadhar card, filled in my bank details, and uploaded my 6 months bank statement. In the next 10 minutes, I completed the entire process, but the process got freezed when I tried to connect to my bank account. I tried multiple times, but it didn’t work out. On the loan app screen, it was just showing as “processing“.
Out of frustration, I left the process in between. A week back I got a call from a lady, she said that she is from the customer care department of Fast Rupee, and she stated that you have to pay the loan EMI for the loan which I have taken from Fast Rupee.
I disconnected the phone by saying that I have not taken any such loan. After a few minutes, I again got a call from some other lady and she also demanded the same thing.
After an hour, I received at least 5-6 calls from customer care executives all claiming that they are from the Fast Rupee team. I blocked all these numbers. But, a thing happened which gave me the shock of my life!
I got a Whatsapp message stating “Hi”, I replied with a hi. Then a photo of mine was forwarded with a dirty message (it was so dirty that I can’t write in this blog), one more message followed in which it was stated that if I don’t pay some 20k amount then my photo will be circulated to all my friends and relatives.
This was not the end, after 2 hours I received one more message with all my contacts. Not sure, how my contacts were made available to such people. This is a new scam that is going on, such people will blackmail you so that they can mint more money from you.
When I did a research, I found out that there are many young people who were blackmailed by such fraudulent loan apps, some pay the amount to maintain their dignity and respect, and some even have committed suicide.
How to Report such incidents?
But the best way is to lodge a complaint to the cyber cell.
Steps to lodge a complaint.
Login to https://cybercrime.gov.in
It’s a website where you can report cyber crime complaints online. There is also an alternate way to reach out to cybercrime, just dial 1930, this is the cybercrime helpline number.
Click on Report Cyber Crime, and go to “File a complaint”.
Enter the required details with your cell number. Once your complaint is registered, you will get a message on your phone with the complaint number.
After a few hours, or after a day you can visit the same website, click on “Track your complaint”, enter your complaint number, and check the status of your complaint.
Normally such cyber crime complaints are transferred to the nearby police station.
Henceforth, you can visit the nearby police station for follow-ups.
Best Instant Loan Apps
Below, are some of the trustworthy Instant Loan apps which you can try.
- CASHe
- PaySense
- MoneyTap
- FlexSalary
- KreditBee
- Navi
- Dhani
- Bajaj Finserv
Do check out my other websites and blogs if you want to Earn Online Money and if you want to know passive income streams.