We all have been in a situation where we have to arrange a large chunk of money and we have no idea where we are going to get that money from. When you’re a student, it becomes worse because there’s a high chance that your friends won’t even have the money to borrow from.
What to do in this situation? This is where the instant loan apps come into play. Instant loan apps are applications that let you borrow funds at some interest that you have to pay back usually within a month or in installments over several months. Instant loan apps have proved to be very helpful for people struggling to generate urgent funds for any reason.
Whilst many apps let you borrow money for interest, there are some apps that you should avoid using as they have proved to be fraud. It becomes important to know what are the best instant loan apps in India to keep you safe from frauds and scams.
Therefore, here are the top 5 best Instant Loan apps in India with easy approval:
1. 12% Club:
The 12% club was founded by the infamous Ashneer Grover and this app lets you borrow money at 12% interest. This app is famous and has proved to be trustworthy because of its founder being so famous all over India. The other best thing about this app is that you can even invest your money into it and get the same 12% interest on your investment. The idea of investing and borrowing the money at the same interest rate makes the 12% club one of the best in the market. The minimum amount you can borrow is 1,000 and it can go up to 1,00,000.
2. CashE:
With an annual interest rate of 27%, CashE is one of the best instant loan apps in India. The easy approval rate of the app always makes its users happy. It was founded in 2016 and it is considered to be one of the best apps for salaried people to get instant loans in times of emergency and crisis. The minimum amount you can borrow is 7,000a and the maximum is 4,00,000. Make sure to check out CashE.
3. PaySense:
This app was founded in 2015 and it is now backed by many financial institutions. You just have to simply download this app from the Play Store and upload your documents to verify your eligibility. Once you’re done, the funds will be released in 3-5 days. It is one of the most trustworthy apps when it comes to instant loans. The minimum amount you can lend on PaySense is 5,000 and the maximum comes to be 5,00,000.
4. India Lends:
India lends is associated with almost 50 banks now. It is also considered one of the best instant loan apps in India. It has one of the lowest interest rates possible and offers different loans for different classes of people. You can avail of EMI for up to 5 years and the interest rate starts from as low as 10.75%. India Lends is by far the best because it is trustworthy and has the lowest interest rates possible when it comes to instant loan apps in India.
5. Slice:
One of the youngest apps in the market. Slice is very famous among the young audience. It has easy and instant approval and you can borrow money even if you are not salaried, which means that students can also avail funds from the app. It has an average interest rate of 14%. On Slice, you can pay your installments for up to 1 year with an easy and hassle-free payment system. Surely, the popularity of the app makes it very trustworthy.
Easy loan approval and instant transfer of funds make an app the best instant loan app in India. It is often advised that you do a lot of research while getting a loan from these apps as sometimes these apps can do shady things. The apps mentioned above have a great record and reputation. Make sure to pay back timely and enjoy your instant loans.
