Get Instant Loan from App in 3 Steps - Phocket

Introduction: Instant loan

In life, we often encounter unexpected expenditures we cannot avoid. It may be a sudden medical emergency or a home or a car repair you have to undertake. While, ideally, we should have emergency funds to turn to, but, in most cases, such funds don’t exist, especially for those who live on paycheck to paycheck.

Truth be told, most of the salaried professionals do not have ample cash at their disposal that can be used to tide over a sudden financial emergency. An instant loan or advance salary loan can be a lifesaver in such circumstances. An instant loan is a particular type of unsecured loan that requires minimal documentation.

Unlike loans from traditional financial institutions, like banks, such quick loans are easily processed and the application process is hassle-free. Let us look at how to obtain an instant loan in three easy steps.

3 Steps Instant Loan Application Process

Wouldn’t it be great if you could spend less time chasing banks and waiting endlessly for your loans to be processed? Instant personal loans are far more easily accessible than traditional bank loans. Further several non-banking financial institutions and online loan providers provide easy online access to such loans through mobile applications. Here are the three steps to get a quick loan:

1. Online Application: Most companies now provide the opportunity to file your loan application online. This not only saves time, but it also saves you from the hassles of chasing a loan officer of a bank with your application. You can now get quick loans online with just a few easy steps.

All you need to do is to log on to the website or mobile application of the loan provider of your choice, select the kind of loan you want and then apply online by filling up a form. The form requires you to fill in certain basic details such as name, address, occupation and income details. Once you fill up your form and submit it, things start to move pretty fast.

2. Credit Check: The next most important step is a background check of your credit score. Credit agencies keep a track of your credit score, which takes into account your credit history, past payments, unpaid dues and credit utilization. This check considers payments of credit card dues, EMI payments and suchlike.

Typically, a credit score of 750 and above is desirable for quick and easy loan processing. However, many credit companies give loans even with low credit scores. If you have any doubts or queries regarding your credit score and its impact on loan processing, you should speak to the customer care of your loan company.

3. Fund Transfer: Once your credit check is over and the loan is sanctioned, the fund transfer happens within hours. For instant loans, this process happens pretty fast, as unlike normal bank loans, the amount is relatively smaller and no collateral is required.

Loan companies claim to process loans within hours if not minutes. However, if your credit score is low or if there are past instances of default payments, then your loan may be delayed or denied. Having a good credit history is crucial for the easy processing of instant personal loans.

Maximum Loan that you can get

Various banks and non-banking financial institutions have their own criteria for loan eligibility. Online loan providers are typically more flexible. Most loan providers fix the age eligibility of borrowers between 21 to 58 years. Furthermore, institutions usually restrict the maximum loan amount to 25 lakhs for quick cash loans.

However, how much loan you can avail depends on several factors. Regular credit of monthly salary, work experience of three years and more, and a good credit score is typically important. Also having existing EMIs reduces your chances of getting a loan. You should, ideally, first pay off your existing debt and then apply for a fresh loan.

Best Instant Loan App in India

Thanks to technology, we now have several instant loan apps that allow you to borrow money online instantly. Such loan apps help to cut down on the processing time and reduce the hassle that one faces while applying for a loan via a bank. Further, such loan apps give you the flexibility to choose the loan tenure and payment schedule as per your convenience.

One of the best instant loan apps in India is Phocket. As an online loan provider, it comes with a variety of attractive features. These include easy online processing, quick approval and disbursal of loan, complete protection of your financial data, fast and reliable service, low-interest rates and freedom from hidden charges.

Phocket provides a variety of personal loans, each suited for a specific purpose. There are loans for shopping, medical emergencies, travel, buying gadgets, self-grooming and holidays. The company also provides unique loans, such as same day loans, credit card repayment loans, advance salary payments and skill development loans.

Currently operating in a wide range of Indian cities, such as Delhi, Noida, Faridabad, Jaipur, Kolkata, Mumbai, and Bangalore, among other Indian cities, this app has garnered appreciation from both borrowers as well as industry experts.

If you are looking for instant cash loans to tide over a financial crisis or even fulfil a long-standing wish, such as travelling to a fancy place or buying a gadget you always dreamt of, there is no better place than Phocket.

Just download the app, fill in the application form with relevant financial details and wait for your loan to be disbursed after a quick AI-based credit check. Quick and hassle-free, Phocket is tailor-made for new-age millennials who want to be financially independent.