Denice R. Preston
Are you experiencing a cash crunch at the beginning of each month? Are you facing financial difficulties due to unexpected circumstances? Are you unable to cancel your trip because of your NIL account balance? You should not be in the same position as others and look for ways to improve. An Advance Salary Loan is a loan that can help you pay for urgent expenses.
The instant personal loan is the most popular product among millennials to pay for additional expenses. However, the Personal Loan Salary Loan suits Salaried Professionals best. You can apply for it through the LoanTap mobile application within 24 hours. A salary loan is a good option when you are in an emergency situation and don’t have the funds to pay a personal loan.
Why would you consider an Advance Salary Loan?
A short-term loan available to salaried workers with a steady income is called an advance Salary Loan. The new age of borrowing is instant salary loans. This allows you to cover your expenses without relying on your family or friends. Salary Loans are now available on your smartphone. You can apply without thinking twice. LoanTap offers a mobile app you can download from the Google Play Store. You can get loans from the best digital lending platform in India. An Instant Loan should only be taken if you have a valid reason, such as to pay for a child’s school fees, rent, or medical bills.
The Benefits of Obtaining an Advance Loan
Collateral-free: This is an unsecured loan that you pay monthly on a one-year basis. LoanTap does not require you to provide collateral or assets as security. The CIBIL Score of the borrower and any other eligibility criteria will determine the loan amount.
Flexible Use: Instant Salary loans can be used for many purposes without requiring you to specify the reason. It can be used to pay urgent bills or deal with any financial problem.
LoanTap requires minimal documentation. This saves you time and eliminates the need for lengthy forms. The processing time for Salary Loans is minimal, and there are no additional fees. The documents must be current and valid.
Instant online disbursement: Loantap, a Fintech lender, can issue the Salary Advance Loan the same day. While you can apply for loans from other lenders, they won’t be able to guarantee immediate approval. After verifying all documents, Quick Disbursal will credit your account with the loan amount.
Loantap offers easy repayments, including auto-debit. This means that you can repay the loan amount in fixed monthly instalments for a term of three months to one year.
Transparent Process: Salary Loans don’t offer a pre-closure option or partial payment. The process for getting the loan is transparent. The loan amount will determine the processing fees. For loans above Rs 50,000, there are Rs 2500 + GST and Rs 5,000 plus GST for loans over Rs 50,000.
The Benefits of an Advance Salary Loan
Salary Loans are an affordable option that can be used immediately, unlike traditional loans. The LoanTap app offers instant loans with minimal paperwork. It credits the amount approved in just minutes. The app makes it easy to obtain a loan.
- Interest Rates – 2.5 per cent per month
- Lender Tenure – 3-12 months
- Maximum Loan Amount: Rs 25,000 to Rs 1 Lakh
- You can get a loan approval in a matter of minutes or hours.
- Loan disbursal – 24 to 36 hours
- No partial or foreclosure allowed
After assessing your credit score, income, and stability, repayment instalments will be set. It is important to have a high credit score. The application offers instant credit and 24*7 customer service to our borrowers for instant personal loans.
These documents must be valid and up-to-date. It might not pose any problems during verification. Once all documentation and bank details are verified, your loan will be disbursed.
What’s next?
Loantap will approve your loan application without requiring any physical verification. You can apply for a loan online using the simple digital process. The instant disbursal process will take only a few minutes. It will then ask you for documents and identity verifications. These are the steps:
- Install the LoanTap app from Google Play Store or visit the page
- Fill out the following information to create your profile: Email address, residential address, and more
- After creating a profile, you can view the offers and select the loan amount.
- Send the documents to the team with appropriate validation.
- Wait for credit scoring scrutiny and document verification.
- After completing the KYC, the loan can be approved and disbursed.
Once the KYC process has been completed, the loan amount will be credited to your account directly. You can withdraw the money according to your requirements. The repayment plan is easy to understand and is broken into equal monthly payments that you can pay on time. LoanTap offers a guaranteed advance salary with no compromises.
