The flexibility of lending systems and the availability of several digital platforms for loan application go hand in hand because both factors depend on each other. Who would have thought a decade ago that one could arrange a decent amount of money during emergencies or any other requirements with just a few taps and swipes on their mobile screens on personal loans apps? We as a nation have come a long way in creating a secure financial environment, thanks to the number of banking and non-banking financial institutions and people-friendly federal laws.

Occasionally, various needs must be categorized into different loan types. Still, the personal loan is an umbrella term for all kinds of loans that save us from the financial crunch in our day-to-day lives. Such loans are available for all salaries and self-employed people with varying eligibility criteria.  These types of funding can be described in the following pointers.

  • Advance/Salary loan: Various credit platforms provide loans to salaried professionals when they are out of cash, it is a short-term loan, and primarily a substantial percentage of the borrower’s salary is granted as the loan amount. The application and approval process is so quick that the borrower’s account is credited with the amount within a few minutes.
  • Travel loan: Most of us will agree that the travel plans we make in a jiffy are the best ones, but we also need funds to execute such projects. You can easily apply for a vacation or another personal loan even if you don’t have one. Some lending organizations offer these loans for specific months of repayment options, making it easy for the closure, and the application process is fast. Still, the sanction may take a day or two. So, you better plan your holidays a few days ahead and let the loan cover all the expenses.
  • Rental deposit loan: Shifting to a new apartment or a new city may get the bank accounts, and savings drained out because of paying hefty amounts of money as high-security funds. Not if you apply for a rental loan, as they quickly fill in the gap of funds, and the repayment can be made every month according to the tenure of the lease agreement.
  • Wedding loan: India is world famous for the extravaganza we display at the time of wedding ceremonies, but you can save yourself from burning a hole in your pockets if you opt for a well-crafted wedding loan that perfectly caters to your plans.

 There are lending platforms that not only allocate the required funds but also provide references of the service providers tied up to them for the ease and affordability of the borrowers. There is also a provision of interest-only payment options for the initial few months of the repayment to give the borrowers a breather from the financial burden.

  • Festival loan: Another type recently added to the list of personal loans is this loan which is offered with the insight of bringing the warmth of festivities and celebration. Make sure you have enough money during all the festivals to enjoy them.

These are some ways to provide instant financial aid through instant loan apps. With minimum documentation, convenient repayment options, and fast approval, these lending instant lending platforms provide customer ease and satisfaction.