The market for small loans or personal loans has always been sizable in India. This is because these loans cater to a wider section of the population, ensuring credit access and financial support to cover a variety of requirements. These may include everything from covering sudden medical costs and emergencies to buying appliances, two-wheelers, sponsoring higher education costs, covering wedding expenditures, and also taking care of travel costs. These loans may also be used to cover home renovation and repair expenses alongside.
Yet, there has been a sea change in the entire market for instant personal loans, which are trending hugely throughout the country. This has been driven by a countrywide need for higher flexibility and ease of access towards credit. This also comes from the pressing need to cover a huge section of the un-banked or under-banked population, especially students and young professionals who lack a credit score or credit history right at the moment. This also helps bring more people into the formal financial system while giving them access to instant small loans to cover various requirements. It also inculcates in them a habit of financial discipline and proper repayment, thereby helping them build a financial foundation for the future, especially in terms of their credit scores.
Instant personal loans are a trending proposition in the country, with several banking and financial institutions offering the same, along with a slew of new-age personal loan apps and other credit platforms. These loans come without any collateral or security requirements and are sanctioned only on the basis of the applicant’s income and some other factors like his/her/their age, location, and so on. Yet, many banking institutions have more stringent criteria for approving personal loans along with lengthy documentation, application, and processing timelines, leading to sizable demand for quicker and more convenient solutions.
This has driven more people to personal loan apps and other platforms which provide personal loans in a matter of minutes in some cases! They come with easier application procedures that are hassle-free, to say the least. The entire system is paperless and comes with minimal documentation requirements for users as well. The best part is that users can track and view everything on their applications and get customer support for their queries or issues anytime and anywhere. They can save time, energy, and money by avoiding branch visits or lengthy loan procedures. At the same time, they also get funds quickly, thereby enabling them to meet urgent requirements without any worries. These are the reasons behind the surging popularity of collateral-free and digital personal loans throughout the country, bringing more people into the formal credit space and enabling greater financial empowerment for them at multiple levels.
Which one should you choose?
Now that you are determined to make use of a new-age and smart financial solution for getting access to much-needed credit, you should choose your option wisely. There are innumerable financial platforms and applications out there and you should compare them carefully before taking a final decision. One of the best options in your case is LazyPay. This application can be seamlessly downloaded and installed on your smartphone and offers access to quick and instant small loans with maximum convenience via their XPress Cash offering.
Here are some key points that you should remember in this regard:
- Just download and install the app and register yourself.
- Provide some basic information including your PAN card details, and personal data.
- You will then get your approved and verified credit limit.
- You can access this credit limit anytime and anywhere.
- You can withdraw money from this limit instantly and repay the same in convenient monthly instalments of 3 to 24 months.
- The interest amount is payable only on the amount that is withdrawn and not on the full credit limit.
- You can also track everything on the app, including payment dates, credit limit status/updates, and more.
- Customer support is readily available for users on the move.
- The entire sign-up and loan application procedure is hassle-free and 100% digital, with only your Aadhar card, photograph, PAN details, bank account number, and IFSC details required.
- You can also complete your KYC with a single click to activate your enhanced credit limit.
- There are attractive rates of interest on offer for users as well.
Hence, LazyPay can be your best solution for getting instant personal loans while on the move, and you can use them to cover a variety of expenses at various stages in your life. Getting a credit limit is major security for meeting sudden, urgent, or unplanned financial requirements. Simply ensure that you repay your loans in a disciplined manner. You can also set up automatic repayment facilities on the app.