Pros and cons of instant loans as emergency funding

Life loves to throw surprises our way and sometimes can catch us off-guard. Take Rohini, for instance. When a surprise opportunity came knocking, Rohini had to move to Bangalore from Bhopal. However, due to a time constraint, she was financially unprepared for the move. As a generation that thrives on swift solutions, instant loans can be a lifesaver in such situations.

As such, Rohini, too, considered an instant loan. The application process was quick and easy, and Rohini was able to secure the loan without needing any collateral. This loan not only helped her prepare for the move but also gave her the confidence to take a leap and start something new.

Do you, too, find yourself in need of quick financial assistance? Let’s understand these instant loans better so that you can get one easily when you need one.

Features and benefits of instant loans
 

These are some salient features and benefits of an instant emergency loan that make it an ideal option during uncertainties and surprises –

1. Instant loans are no-questions-asked loans which provide funds for a variety of financial needs
2. No collateral security is required to avail of the loan
3. The eligibility parameters are simple, and minimal documents are required for the application
4. You get a flexible repayment tenure to pay off the loan affordably

Pros and cons of instant loans
 

Instant loans are a solution to a lot of problems, but do they suit your situation? This is an important question to ask before you take a loan. This pros and cons list can help you make a better choice –

FIRSTmoney: One of the best instant loans in the market
 

The first step in tackling emergencies is to confirm if you need an instant loan. And if you do, the next step is choosing the right one.

Do you want to know the best bit about Rohini’s instant loan? Her instant personal loan had flexible terms, where she could access multiple loans after approval, foreclose her loan anytime, and choose from a broad range of tenure options.

While many instant loans are available in the market, FIRSTmoney stood out for its simplicity, ease of access, and convenience to a whole new level. This quick and easy loan gives you instant funds without the burden of high interest rates.

Wondering how? Let’s check it out!

What is FIRSTmoney, and what makes it different?
 

FIRSTmoney is an innovative personal loan offered by IDFC FIRST Bank. Through this, you can access funds (as many times as you want) based on your eligibility. This means you have a reliable financing tool from which you can borrow funds whenever needed.

This flexibility makes it a better option for emergencies than a personal loan. A traditional personal loan provides a one-time lump sum with fixed monthly EMIs and interest on the entire amount. With FIRSTmoney, you have more control over your finances and avoid paying interest on unused funds.

Other benefits of FIRSTmoney include –

1. Flexible repayment tenure of 2 to 60 months
2. Swift disbursal of funds
3. Loans up to ₹10 lakhs
4. Minimal documentation
5. No maintenance charges
6. Zero foreclosure charges
7. Low interest rates starting at 10.99% p.a.
   

How to get an instant loan with FIRSTmoney?
 

The eligibility criteria for FIRSTmoney are –

1. You must be a salaried or self-employed individual between the ages of 21 to 60 years
2. You must have a CIBIL score of 730 or above

To apply for a FIRSTmoney personal loan, follow these simple steps –

1. Start by scanning the QR code or clicking loan from your smartphone
2. Register using your mobile number and confirm basic/personal details to check your eligibility
3. Select the loan amount of your choice and choose flexible repayment terms
4. Link your bank account where you wish the funds to be disbursed
5. Complete the Video KYC verification process with your physical PAN card

Stay prepared for emergencies with instant loans
 

Emergencies can be handled better when you have the option of an instant loan. Not only emergencies but spontaneous trips, sudden large purchases, and much more have become easier. With FIRSTmoney, you can get an emergency loan which scores high on merits, access, convenience and low on demerits. To learn more, you can reach out to IDFC FIRST Bank today.