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 , 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). 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
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 https://signaturetitleloans.com/payday-loans-oh/ 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
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 calculatorhere. 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.