To get access to instant funds in an urgent state, there are many loan apps that offer instant personal loan. Undoubtedly, it is pretty easy to avail, and generally, it is interest-free if you pick the right platform. 

Around four months ago, I was renovating my house and was in need of funds. So now, instead of borrowing money, I believe availing this type of loan is one of the best options. Moreover, certain apps offer this loan at a zero percent interest rate. 

What is an instant cash loan?

As the term suggests, it is known as a short-term loan that instantly provides borrowers with a small amount of money, and that too with just minimal paperwork. This loan type is typically due on the borrower’s next payday, which is usually within two to four weeks. 

Online instant loan are usually unsecured in nature that they do not require collateral such as a house or car. Instead, the lenders rely on the potential borrower’s income and credit score in order to determine eligibility and set the loan conditions. 

This is because the loans are meant to be short-term, and the amount borrowed is typically small, the rate of interest on instant cash loans can be relatively high. 

What are its advantages?

• Convenient

These loan types are designed to be fast and convenient. The overall application process is quite simple and can be completed via your smartphone in only just a matter of few minutes.

• Flexible

When you avail such a loan from specific loan apps like Stashfin, they are very flexible as they can be used for various purposes. These include paying for a wedding/event, paying bills, covering unexpected expenses, or making a large purchase. In addition, the borrowers here have the flexibility to use the money as they see fit.

• No collateral

Unlike other types of loans available in the market, such as home or car loans, cash loans do not require any kind of collateral. This basically means that borrowers do not have to put up their assets as security for the loan. Therefore, this factor is very beneficial for borrowers who do not have valuable assets or are unwilling to risk losing their assets if they cannot repay the loan amount. 

• Builds credit

Some lenders report the payment history of the borrowers to the credit bureaus. For those who are not aware, it helps build or improve their credit score. This is a very beneficial factor for those with a poor credit history and willing to improve it. 

How to avail an instant loan from a cash loan app?

Nowadays, availing of such a loan is super easy. In my personal experience, I used the Stashfin application for the same and trust me; if you are also looking for such a loan, this app is the best. 

1. Download the app from the Play Store/App Store
2. Sign up using your mobile number
3. Add your personal details to check your credit limit
4. Complete KYC, and you are good to go!