There are certain aspects in life that go beyond technology and can never be predicted or foreseen. These are emergency situations related to health, work, education, daily life, home, etc. You may plan things in advance such as a family trip, workplace change, taking up a new course, etc. However, when the time is not right, the situations don’t go as planned, and here is when emergency finances are required to cope up with the sudden changes.
Many may think of unlocking their savings or fixed deposits to arrange emergency cash (quick cash). Using your presence of mind and going ahead with a safe option that manages your current financial situation and also keeps your savings intact is nothing but an instant personal loan borrowed from a credible loan app. An instant personal loan is a short-term loan, rather a small cash loan (mini loan online) that helps instantly with a couple of lakhs. Being a short-term loan, it is available for a limited tenure with affordable EMIs.
Hence, when you land up in an emergency situation, think of short-term loans to raise emergency cash. Here are some benefits of short-term loans to manage emergency situations:
Shorter Tenure:
A short-term loan is generally taken for 1 to 3 years and doesn’t linger for years giving a burden of EMIs.
Limited Loan Amount:
Short-term loan amount varies between Rs.15,000 to 2 lakhs, depending upon the lender. This is easy to repay when broken down into EMIs.
Instant Loan Approval:
The time taken for short-term loan approval is quick with minimal documentation whereas a long-term loan with a higher amount requires more verification of the borrower’s collaterals and assets.
Open for All Borrowers:
Short-term loan are available even to those borrowers having low credit scores.
Collateral free:
Being an unsecured loan, no security or assets are required to be mortgaged against the loan. With this, your savings and assets are not put to risk.
Hero FinCorp Instant Personal Loan App for Short Term Loans
Just like there is a list of gaming apps on the Google Play Store, likewise, there is a range of instant cash loan apps offering short-term loans. HeroFinCorp is a credible personal loan app helping with instant cash loans up to 1.5 lakhs. The procedure for availing of instant short-term finance involves paperless documentation and real-time verification. Once verified and approved, disbursal is done within 24 hours. Use the in-built EMI calculator tool in the HeroFinCorp quick cash app to get the desired EMI on short-term loans, based on the loan amount, interest, and tenure.
Short Term Loan Eligibility Criteria
Verifying the Personal loan eligibility criteria in advance increases the chances of loan approval and supports emergency cash needs on time:
- Age criteria: Borrower should be between 21 – 58 years
- Minimum monthly income for salaried and self-employed: Borrower should at least earn a minimum amount of Rs.15,000 monthly
- Nationality: Borrower should belong to Indian nationality
Mandatory Documents for Short Term Loans
- Aadhar card and PAN card for E-KYC verification
- As an income proof, 6 months bank statement of a salaried or personal account
- Passport size photograph
- Bank details in a registered bank account, as per the list given in the app
Conclusion
Look nowhere else except short-term loan apps when emergency cash is immediately required.
Frequently Asked Questions
1. How quickly can I get the funds?
Once approved, funds can be disbursed within a few hours to a few days, depending on the lender’s processes.
2. Can I repay my short-term loan early?
Yes, many lenders allow early repayment without any penalties. It’s best to check the terms and conditions of your loan agreement.
3. What happens if I can't repay my short-term loan on time?
If you can’t repay on time, you may incur late fees, increased interest rates, and potentially damage your credit score. It’s important to contact your lender to discuss alternative repayment options if needed.
4. Can I get a short-term loan with bad credit?
Some lenders specialize in offering short-term loans to individuals with bad credit, but these loans often come with higher interest rates and stricter terms.
5. How to Get Money for an Emergency?
To get money for an emergency, you can apply for a short-term loan online for quick access to funds.
