Fast Personal Loans

Are you looking for fast personal loans that you can get within 24-48 hours? You’re at the right place!

What are fast loans?

The reason they’re called fast loans is because they reach your bank account within a day or two, unlike traditional personal loans that take over a week to be disbursed. Technically, fast personal loans mostly become relevant in the midst of a financial emergency.

Emergencies aren’t always the best of occurrences. They come uninvited and unannounced, and with varying intensities of course. Financial emergencies are perhaps the most infuriating and stressful, for the require you to cough up a good portion of your savings, while also forcing you to look out for sources where you can arrange for immediate funds. It is during such a moment that an emergency loan can be of great help to you

Fast loans for an emergency – emergency loans

Fast personal loans that can be used for an emergency financial situation, are primarily unsecured personal loans – unsecured because they don’t require you to submit any form of collateral. These loans can be used to tide over financial emergencies or medical emergencies that require the urgent need of funds. Certain aspects make these type of loans more preferred than traditional personal loans offered by reputed banks and financial institutions. Let’s see what makes emergency loans

How can you get a fast personal loan?

As mentioned earlier, fast personal loans aren’t offered by private banks and state-run banks. Only new-gen lenders like Fintechs offer fast personal loans currently. Fintechs, in most cases, have tie-ups with banks or NBFCs, and offer loans to underserved individuals. The point here is that underserved individuals make up for a major percentage of potential customers. Moreover, in order to reach out to more customers, Fintechs have adjusted their loan offerings and adopted processes that ensure extremely speedy loan processing and application. 

Fintechs let you apply either through web or mobile platforms, enabling an interface where the entire loan application process can be completed online. There isn’t the necessity of physical document collections and physical verification of details. 

Let’s take a look at some essential features of smart personal loans. These very features have made smart personal loans perhaps the more preferred lenders in the current day, outmaneuvering top private and government-run banks – this is true in the unsecured loan space. 

Features and benefits of fast personal loans

Here are the notable features that have made fast personal loans expand their presence in the market:

Extremely quick loan processing and disbursal

Earlier, if you wanted to apply for a loan, say even about 7-10 years back, most banks didn’t even have the provision of letting you apply for your loan online. You’d have had to visit a bank branch and evince your interest in applying for a loan. Quite recently, maybe about 3-4 years ago, banks – especially the top private banks – started letting you evince interest in applying for a loan online, through web or mobile platforms by logging in with your netbanking credentials. 

Fast personal loans, a reality in the case of Fintechs, are more of a recent phenomenon. Quite undoubtedly, they’ve come to dominate the market, and have even replaced traditional lenders in market share. This is true only in the case of personal loans considering that personal loans are much smaller in quantum, and do not involve too many legal aspects as they don’t involve assets (car loans and home loans involve assets, legal aspects therefore automatically slip in the picture). 

In the present day, you can expect to get a fast personal loan within the span of one day, thanks to the massive advancement in the process. 

Affordable interest rates on fast loans

Traditional lenders have always been known to offer low-interest rates on personal loans. If you look at personal loans by the most popular lenders (top private banks mostly), their interest rates are more or less the same and are lower than rates offered by NBFCs and Fintechs. 

While evidence definitely suggests so, the interest rates on fast personal loans offered by Fintechs are also low and affordable – maybe only a tad bit higher than rates offered by private banks. 

Qbera, for instance, offers interest rates starting at 11.99% but can go up to 24% p.a. If you wish to know on what basis the interest on your personal loan application is determined, it is dependent on your credit score, credit history (which also forms a part of your credit score), and your income. 

Online application process for fast loans

The loan application process for fast personal loans can be completed online. So you don’t have to expect to meet with an executive who will come collect your documents and make you sign on numerous loan-related documents. 

Fast Personal Loans for people with low credit scores

Fast personal loans do not require you to have a very high credit score in order to qualify for the loan. A credit score of 600 is sufficient for a fast personal loan with Qbera. While that’s a positive, you shouldn’t have had instances of defaults in the last 24 months. 

Fast Personal Loans for low-income individuals

Fast loans are specifically designed for low-income individuals – well, that doesn’t mean that you can’t apply for a loan if your income is high. The minimum and maximum loan amounts that Qbera offers are Rs. 25,000 and Rs. 10 Lakhs. The minimum income to be eligible for a Qbera fast personal loan is Rs. 20,000 p.m. 

Top-quality customer service

Once you apply for a loan with Qbera, you will receive supreme quality customer service, unlike the unresponsive customer service of top banks. You can reach Qbera either through a toll-free number, through Whatsapp, or through email.