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You may never have faced any financial urgency but a medical emergency or other unexpected expenses may knock on your door without a warning. You may need urgent cash to repay the bills or cover the finances. You cannot wait for the next paycheck.
A small cash loan app is the ultimate solution for all your financial needs. You can boost your lifestyle by getting a small loan. So, LoanTap brings you a secure online platform to get small cash loans. Small cash loans offer you the opportunity to fulfil your financial obligations without compromising your lifestyle.
Small cash loans will provide you with advanced cash to help the borrowers meet their short-term financial requirements. Banks and Financial institutions have reduced the time to process your application. LoanTap can help borrowers arrange funds on the same day with the mobile application. Now, you can apply for small loans from the comfort of your home.
What is a Small Personal Loan?
Instead of exhausting your savings, you can take a personal loan to finance your urgent needs. It is a short-term loan that is easy to avail. Borrowers don’t need to go around looking for a loan. With the necessary documents, you will get small personal loans at affordable interest rates.
You can apply for getting immediate cash with a flexible repayment structure. It will allow you to fulfil your financial goals with ease. You don’t have to worry about long-term financial commitments. Here, you can repay the small amount quickly in just a few months.
How Do Small Cash Loans Work?
What’s special about a Small Cash Loan? Borrowers can get a personal loan between INR 50,000 and INR 2 ,00,000. It is specially launched for salaried individuals with a steady income. It can be used as a financial instrument for making big-ticket purchases, financing a sudden trip, or meeting any emergency needs.
Keeping in mind the needs of borrowers, LoanTap, introduced this loan with less eligibility criteria and minimal paperwork. In addition, it is an unsecured loan, which means you don’t need to pledge any asset or property as collateral against the loan.
With a mobile app, you can enjoy a quick small cash loan in just a few clicks. It offers flexible EMI payment options and a chance to negotiate the offers. It is easy to pay over the repayment tenure when you borrow a small amount.
Features and Benefits of Small Personal Loan
A small loan online is convenient and affordable. Instant loan apps offer many features to simplify the loan process. LoanTap offers several features and benefits for borrowers if you apply for a Small Personal Loan online from LoanTap:
Unsecured Financing Option
An instant cash loan is collateral-free. It means there is no requirement to submit any guarantor or a mortgaged property to get the loan approval. This feature attracts borrowers to request a loan. You can get the desired amount with no collateral.
Quick approvals and disbursal
At LoanTap, it will not take more than a few minutes to fill out the loan application. The speed of loan approval and disbursal depends on your documents and credit history. So, try to keep them up-to-date and clear the repayment history. The loan will be disbursed within 24 – 36 hours if the documentation is valid and proper.
Minimal paperwork
Submitting hefty paperwork is complicated and tedious for borrowers. No one wants to spend their valuable time filling out those papers. With an instant cash app, you only need to upload necessary documents for a quick loan for personal use.
Flexible EMI terms
Say no to expensive monthly instalments by choosing an instant cash loan. With a cash loan app, you can either choose a monthly standard EMI or a flexible instalment option. It helps you to repay the loan way more easily.
Comfortable EMI tenures
Fixed EMIs value depends on the tenure you chose. You will get the choice to select the tenure duration between 6 months and 12 months. If you have trouble deciding the tenure and EMI, you can use the loan EMI calculator for quick results.
Interest Rates and Other Charges
Attractive Interest Rates
Are you afraid of higher interest loans? Then, this small cash loan with a lower interest rate is the perfect option for you. At LoanTap, you can get the best deals and offers if your credit score is good. You can get better interest rates around 18% per annum. It eliminates the fear of heavy monthly cash outflow.
Low pre-closure charges
You can pre-close the loan soon if you don’t need the money. However, a nominal fee will be charged on the outstanding loan amount to pre-close within six months. But, there is no charge post six months of loan disbursement.
Nominal processing fee
We ensure a 100% transparent and secure process. No hidden costs will be asked while processing the loan. But, when you apply for a cash loan, a nominal fee of 2% will be deducted from the amount.
What are the eligibility criteria for a Small Personal Loan?
For millennials, small loans online by LoanTap is an excellent option. It is customized for low-salaried professionals and new business owners who need funds for growth. Although, it is necessary for you to fulfil the following personal loan eligibility criteria to get a personal loan online:
- The applicant must have a minimum salary of Rs. 30,000 per month.
- An Indian citizen or resident can apply.
- The applicant’s age should fall between 21 to 58 years.
If you fulfil these eligibility criteria, you can proceed further. Also, business owners, freelancers, and more are eligible for an instant personal loan. Credit score is the significant factor to get the potential deals and interest rates. A good credit score increases the chances of the fastest approval. So, you should try to maintain the credit scores as much as possible.
Documents Required for an Small Loan Online
You already know that we don’t ask borrowers to fill out numerous forms. While applying for the loan, you need to submit a couple of documents for proof. We will verify your credentials and present a loan offer accordingly.
- Salary slips for the last 3 months.
- Bank statements for the last 6 months.
- Identity proof: passport, voter ID card, PAN card, Aadhaar Card.
- Address Proof: ration card, electricity bill, or passport.
- Employment certificate to prove work stability.
Once you’ve submitted all the necessary documents, you are ready to complete your application for small loans online. The next step is to go to the LoanTap website and fill out the application form with your basic details. To know the steps, scroll down quickly.
How to Apply for the Small Cash Loans Online?
The loan process is simpler and fast. The latest technology has made all kinds of products and services available at one-click. So, customers don’t have to take the physical stress and non-productive trips to a bank. There are a few steps to approve the loan application online.
Step 1: Download the LoanTap app from the Google Play store.
Step 2: Click on the apply now button and enter the basic information such as occupation, email address, and other details.
Step 3: Upload the required documents to verify your profile.
Step 4: Wait for the KYC verifications patiently..
Step 5: After verification, your loan will be approved within a few hours. You will get the email of an instant disbursal.
Your application will be sanctioned in no time, and the funds will reflect in your bank account within hours of applying for the personal loan. We offer you personal loans to manage your expenses and meet your urgent needs. To complete the process, you don’t have to go to any branch or bank.You can also avail the doorstep services to reduce your hassle whereby you can hand over the documents to the LoanTap representative.
Reasons to Use Small Cash Loans for Borrowers
Borrowing money is now easier for you. You can request a small cash loan for various purposes. However, the reason should be productive and valid to apply for an instant small loan. Any idea helps you to understand the exact loan amount you want and tenure to make all the payments. Here is the list of reasons for which you can use a small loan:
1. Expand the business for more sales and reach new markets.
2. An expensive gadget or gift either for you or your loved ones.
3. Fill the gap of financial obligations comes when you are going for higher education.
4. Buy an online course to upgrade your knowledge.
5. Pay the medical bills or take any medical treatments for fast recovery.
6. Consolidate other loan debts or credit card bills to improve credit score.
7. Pay rental deposit of a new house or an apartment.
8. Renovate your home to give it a cozy and stylish look.
Our online lending platform is the most trusted one that offers secured financial solutions. We assist you with the best services and products, which does not requires any physical verifications. Loan Tap’s instant loan app is the trusted and secured solution for small and medium sized businesses. It comes in handy when you are struggling with financial crisis. With 24 x7 services, you can consider LoanTap as your financial partner in any kind of emergencies.
