Life is not predictable, and at the same time, a person has financial needs. A financial emergency enters through his/her door when he/she is at least expecting it. How often does one find themselves in urgent need of a few hundred or thousand dollars? Doesn’t everyone wish for a reliable helping hand to pull them out of these fixes swiftly? Small loans are the ultimate answer to these urgent needs for small amounts of money.
WHAT ARE SMALL LOANS?
Small loans or small personal loans are negligible sums of money; usually, an amount ranging between $5000 and below(fixed by respective online money lenders) lent out to people to spend on their specific needs. For some online lenders, the range of money is between $2000 and below.
HOW IS IT DIFFERENT FROM OTHER LOANS?
While certain loans like car loans, student loans, and agricultural loans require the user to spend the amount only to cover expenses that come under their respective criteria, personal small loans do not impose any such restriction on its users. The users can utilize the loan amount to cover the expense of anything and everything they like.
WHAT MAKES SMALL LOANS A FAST AND RELIABLE MONEY LENDING OPTION?
The application procedure for these loans is simple and hardly takes more than 5 minutes. Most of the online small loan lenders allow their applicants to complete the whole process from the comfort of their home. The advanced security systems and intelligent technologies used by these lenders further speed up the entire process.
Small loan lenders enable their borrowers to fix a schedule of repayments and enlighten them about any additional costs upfront. This provision gives the borrowers enough information and time to think and arrive at a suitable decision.
Upon the sanction of the loans, the amount will be transferred to the borrowers’ accounts within seconds, if not for any bank transfer delays.
HOW TO APPLY FOR A SMALL LOAN?
Personal details
To apply for a small loan, one must at least be 18 years or above and should have a valid email id and mobile number.
Bank Details
Most online lenders providing small loans possess the adequate technology required to verify a person’s internet banking details without a third-party service provider’s aid. Hence, it is safe and easy to provide them with internet banking details rather than bank statements as it will save one from unwanted paper works.
Direct bank transfers on scheduled repayment dates can also be enabled if needed.
Details of Income
To be eligible to apply for a small loan, one must have a recurring source of income. This includes payments from a regular government job or a private job.
CAN A PERSON HAVING A BAD CREDIT STILL APPLY FOR SMALL LOANS?
All small loan lenders conduct a credit check of the applicants before approving their loans. A credit check, in simple words, is an analysis of the customer’s capability to repay the loan. A good credit history indicates that the person has paid the bills on time and has no huge debts, and a bad credit implies the opposite. While most online small personal loan lenders screen out applicants with bad credit, there are still some online lenders that do sanction loans for these applicants. CashnGo, an Australian money lending company, is one such lender. Companies like this lend their applicants loans if they have a regular job and satisfy their lending criteria.
So, the next time one finds themselves in need of a small amount of money, one can get a small loan.
