EASY WAYS TO GET AN INSTANT LOAN WITHOUT DOCUMENTS
When looking for any loan, lenders usually ask for documents to verify your identity and financial situation. Hence with the growth in technology, instant personal loans started having a huge demand as it does not require any collateral for security. Be it wedding plans, travel plans, or emergency medical needs, instant loans are great financial support to avail funds immediately within hours. Since personal loans are unsecured loans, they can be availed easily with a good credit score. In this article, let us know more about what an instant loan is.
What is an Instant Loan?
This is an unsecured loan that gets approved online instantly and does not require much documentation without any asset showcase. It is the most convenient way to get a loan easily compared to traditional banking in which the process is long and time taking.
Instant loan is a new-age solution for fund emergencies that provides users with a quick money at an affordable interest rate. Before Availing of a loan, check your credit score to know your eligibility. A credit score that is above 700 is considered very good and it describes the creditworthiness of an individual. Buddy Score is one of the best platforms that allow you to check your credit score for free in just a few minutes.
Easy Ways to Get an Instant loan without any documents
If you are looking to avail of an instant loan without documents, you must consider the following requirements:
1. Credit Score: As mentioned above, a credit score shows the creditworthiness and repayment history of an individual. It is a 3-digit number that ranges from 300 to 900. A credit score above 750 is considered excellent indicating that you are capable of paying all your due bills before the stipulated deadline. Hence, make sure to maintain your score.
2. Debt-to-Income Ratio: It is the percentage of gross monthly income to that of debt payments. It shows the ability of an individual to manage monthly payments. Lenders will check your debt-to-income ratio while approving your loan without any documents. A debt-to-income ratio should be less than or equal to 50%.
3. Relationship with your lender: A good and long-lasting relationship with your lender builds trust and loyalty. If you have a good relationship with your lender, they will already have all the information about your financial situation and your ability to repay the loan. This will help in processing your loan instantly without having to submit any documents.
Benefits of getting an Instant loan without submitting any Documents:
1. The verification process is simple as it takes place online.
2. No need to submit any documents for security.
3. Affordable Interest Rates
4. Get approval for your loan without any physical interaction by completing your KYC through a video.
- Choose Your Loan Amount Wisely
Before you apply for a loan online, know your requirements and check with the lender for interest rates, processing fees, and other charges. Otherwise, when it will come to repayment, the EMI amount may create a hassle for you. At Buddy Loan, you have the option to choose a loan ranging From Rs. 10,000 to Rs. 15 Lakhs, interest starting at 11% onwards, and a repayment tenure from 6 months to 5 years.
- Check The Eligibility Criteria
It’s always suggested that check the minimum eligibility criteria before you submit your loan application. Because if you don’t meet the criteria, then it will lead your application to rejection which may affect your credit score badly. Do a primary check on eligibility set up by the lender and then go ahead. Buddy Loan offers simple eligibility for the salaried individuals – You have to be a resident of India, your age should be over 21 years, and need to provide bank statements and salary slips for the last 3 months. It’s easy and convenient to apply for a loan online and get the amount within hours.
- Look For Hidden Costs
There are few banks and NBFCs charge extra for providing a personal loan. So, before you apply, look for the hidden charges and other pre-payment costs with the lender as these charges can increase your EMI amount and create a burden on the monthly expenses.
- Maintain a Good Credit Score
This is a major factor to consider. Every lender checks out the CIBIL score before processing a loan application. Try to improve your score and keep it above 750 for faster loan approval. Pay off your bills and other credits on time to maintain a good score, having a poor score will lead your application to rejection.
These above-mentioned tips will help you to get your loan application faster. If you are looking for a personal loan, apply now and use it for any financial requirement!
Conclusion
Getting an instant personal loan is easy without any documents, you must still submit minimum documents to verify your identity such as an Aadhar card, PAN card, bank statement, etc. If you want to apply for a personal loan with minimal documents, then you can apply at Buddy Loan. It is one of the best third-party aggregator platforms that offer instant loans online for different categories such as personal loans, marriage loans, or business loans to meet different needs and requirements of the people.
Also Read: Tips to improve your financial knowledge
