Fast Cash Loans Details
Rs. 10 thousand to Rs. 50 thousand
30 days to 180 days
0.1% per day
Fast cash loans are short-term loans that you can avail within 2 hours of loan approval. While availing loans from banks involves a long process with a lot of paper work, a fast cash loan can be availed with minimal efforts from the comfort of your space. This is because you need not visit any bank to apply for the loan; the application process to disbursal is all done online.
At Loanbaba.com, you can apply for fast cash loans for any personal expense. So, if you meet with any unplanned or planned expense, you can borrow money without hesitation.
- Loanbaba can respond to your fund queries within a few minutes, disbursing the amount directly to your bank account.
- The loan is collateral-free; no assets are to be pledged to get the funds. There is no restriction on how you want to use the funds.
- Many use the short-term funding for immediate expenses (medical contingency, vehicle repair, home renovation, pay education fee of children, big-ticket purchase, travel, debt consolidation, etc).
Why are Fast Cash Loans Applied for by Indian Citizens?
Below-given are some of the reasons why Indian citizens avail fast cash loans:
- The loan can be applied online on the website Loanbaba, and its mobile application. Download the mobile app here.
- The eligibility criteria are simple. The applicant must be a salaried person above 18 years of age with a minimum monthly income of Rs. 25,000.
- Disbursal takes as less as 2 hours, so the applicant can avail cash within no time for emergency needs.
- Borrowing is for a short-term up to 6 months, making the interest payout not heavy on pockets.
- There is no prepayment penalty. One can close the loan anytime by making the payment for the outstanding amount.
Difference between Fast Cash Loans and Traditional Bank Loans
Below-given are differences between fast cash loans and traditional bank loans:
- Credit Score: The minimum CIBIL score required to avail a fast cash loan is 600-650. In some genuine cases, a lower score may be acceptable. Loanbaba is less stringent in regards to your credit score if you have a good repayment capacity. But in traditional loans, the banks are strict about the criterion for credit score, especially the unsecured ones, your CIBIL score must be at least 750+.
- Application Process: You can apply for fast cash loans online without having to visit the physical outlet. But in traditional loans, you may have to visit the lending institutions to complete a few formalities.
- Documentation: Documents required for fast cash loans are minimal. All you have to do is submit government-recognized identity and address proof, income and employment proof, bank statements, and recent passport-sized photographs. But for a traditional bank loan, there could be additional documents needed for loan application.
- Approval: While the traditional loans take few days to weeks to get approved and disbursed, the application for fast cash loans once submitted just takes a few hours to get approved.
- Disbursal Time: Disbursal happens the same-day or within as less as 2 hours. Thus, there is no long waiting period. The amount gets credited directly to your bank account.
Impact of Fast Cash Loans on Your Credit Score
If you repay the loan on time, your credit score will definitely see an improvement. This is because borrowing directly from Loanbaba is done through a legal agreement. After closure of the loan, your repayment activity will definitely influence your credit score. Paying the EMIs on time will help avoid an endless debt cycle with rollover balances or increasing fee structures. It is thus advisable to repay the due amount on time to keep your credit score high. If you are new to borrowing, then the loan can help establish a good credit score for you as well.
What Are the Repayment Terms?
Since this is a short-term loan, you can avail the funds for 30 days to 180 days. The repayment date will be scheduled the same day you avail the loan. It is not just about the loans, but availing loans from Loanbaba shall also help you build your credit score along with facility of getting emergency funds in a short-time.
Benefits of Applying at Loanbaba for Fast Cash Loans
Below-mentioned are the reasons why you must take the loan from Loanbaba:
- You can check for your EMI amount with the free-of-cost loan EMI calculator on the website. In a similar way, you can calculate the amount you can get sanctioned with the help of a free-of-charge loan eligibility calculator here.
- The loan application gets processed quickly. The disbursal can be done in as less as 2 hours.
- Loan application is done online. There is only one page documentation. Application takes just a few minutes to fill and submit.
- The policies are transparent and no hidden cost is chargeable. The charges are mentioned upfront, and communicated to you formally.
- All terms and conditions will be mentioned in the loan agreement, and you will receive the best service for any of your queries or help regarding borrowing funds.
Frequently Asked Questions about Fast Cash Loans
Below-given are the FAQs on Fast Cash Loans:
You are expected to have a CIBIL score 650+ to get this loan. However, the credit check and score criterion are not stringent in genuine cases. Check with us to know further if your credit profile is convincing enough to get the funds.
The minimum monthly income to get a quick loan is Rs. 25,000. The loan amount will be determined based on your repayment capacity, income, and other factors.
No, self-employed people cannot apply for this loan. However, Loanbaba offers loans against property, gold loans, credit cards, and many other funding-options for self-employed individuals.
Since you can apply for Fast Cash Loans online on Loanbaba, you do not require hard copies of the documents. You need to upload the required documents (soft-copy) along with the loan application. After verification of the loan application, which includes verification of the documents as well, the customer team will get back to you with the loan status.
The funds will reach your bank account electronically. You will be handed hard cash.
Yes, you can prepay a quick loan without paying any prepayment penalty or fee. This means you can close the loan anytime after making the full payment as on the date of closing the loan.
As Fast Cash Loans are collateral-free, you do not have to pledge any asset to Loanbaba to avail of the funds. There is no requirement for a co-applicant or a guarantor as well.
You need to pay monthly installments till the end of the tenure in order to repay the loan. You can pre-close the loan anytime by making complete payment.