Instant Personal Loans & Personal Loans

Personal Loan and Insta Loan both are financial tools to meet your urgent personal needs. However, they work the same but there are differences between them. Instant Loans, are a completely online personal loan product that helps you in tide over a difficult financial situation when the need for money is urgent. Whereas a normal personal loan is the conventional one which may take time to be processed & approved.

Though both types of loans are easily available in the present market and have the potential to provide financial assistance, insta loan has some advantages over the conventional personal loan. But the best one for you always depends on your requirements.

In this blog, we are going to discuss both personal loans and Insta loans in detail to make you aware of the difference among them, so that choosing one among them becomes easier for you.  

Here are the main advantages of Insta Loan over a personal loan:

Loan Disbursal: Personal loans and insta loans both are unsecured credit facilities provided by the banks and non-banking financial organizations, to satisfy the personal financing needs. However, talking about the disbursal time there is a major difference. Instant loans take only minutes to be disbursed whereas a personal loan can take up to 4 to 5 days to get disbursed. Hence, insta loans are best when you have an urgent requirement and you can’t wait long for the money to be disbursed. 

Online Processing: One of the best things about choosing an Insta loan over a personal loan is online processing. From applying to the disbursal, every step involved in the processing of an instant loan is online. Hence, borrowers can apply for an instant loan online. Moving further, the approval process is also done by automated software which makes it faster from personal loans. This also works in favor of those who are facing a lack of time and need funds urgently.

Access to Information: In the era of the internet, it’s a common thing to Google any of your query and the information which you want. Well, following the same trend banking is even not an exception. Nowadays lenders have their online portals containing all the information about their products. This information includes charges involved for their products, interest rates, loan eligibility and documents required. All this makes it easier for the borrowers to avail of the services of which they are fully informed. And as the Insta loans are available online, there is no chance that information regarding it is not available on the internet.  

Privacy: While opting for Insta Loan, privacy for borrower’s data is always maintained. Here, lenders are bound to maintain privacy policies and are strict with maintaining customer’s privacy.

No Paperwork: Online loan/insta loan involves no paperwork at any stage. As said above one can easily apply for this. Followed by the online documentation process. You just need to upload the documents on the lender’s website along with your application form.

The documents required are – identity proof, address proof, proof of income and age proof. Whereas personal loans require paperwork that involves documentation process. 

24 x 7 Application & Support: One can apply for an insta loan even at midnight or on a bank holiday. An insta Loan facility can be availed 24×7. And the same applies to the customer support system. 

But if you opt for a personal loan, you may apply online with some lenders but getting a 24*7 facility is difficult. 

Hassle-free Process: Insta Loan has a much smoother process as compared to a conventional personal loan. Its online processing is the best part which makes it convenient for the borrowers. As one can apply for it in minutes even at being at home or office. The process involves no stress and hard work, making it a totally hassle-free process.  

Ever since the start of the banking system, availing any kind of loan was a lengthy process followed by lots of stress and time consumption. Well, the new era of technology has revolutionized the banking system too, and insta loan is a true example of it.