Why you should try instant money loan app in your 20s.

Why you should try instant money loan app in your 20s.

Young borrowers tend to stay away from debt. Further, many of those who do apply for personal loans are rejected due to low minimum incomes or because they do not have a credit score. However, instant money loan apps are here to change this and this article will tell you why young borrowers in their 20s should definitely try using one of these apps today!

1. They do not require huge minimum salaries.

This is one of the biggest reasons why you should try using an instant money loan app in your 20s. Where traditional personal loans will draw the line at 25K or 30K, such apps will offer loans to those with a minimum monthly income of just Rs. 18,000. This opens the door to debt for many who were previously rejected due to low incomes.

2. No credit score? No problem!

When you’re in your 20s, you probably don’t have a credit score. This is because you’ve probably never had to handle any form of debt to date. Most individuals in their 20s are also a little iffy about getting a credit card, which is considered to be an introduction to deb. However, none of this matters with instant money loan app. This is because these apps offer finance solutions to those with a low credit score and to those without a credit score as well.

This is because most of these apps use a social worth score to determine your eligibility.

Considering that most people in their 20s are relatively active on social media, this shouldn’t be a problem at all.

3. Small loan amounts, long tenures, low rates.

With an instant money loan app, you can borrow loans ranging from Rs. 3,000 to Rs. 2 lakh.

These are relatively small loan amounts. However, even for such amounts, most lenders will offer repayment tenures as long as 12 months! Along with this, they will have interest rates that akin to buying your mates a couple of drink every now and then. Basically, repaying one of these loans is extremely easy.

4. No prepayment charges.

When you’re in your 20s, getting an appraisal is a very likely occurrence. You can use such a bump in your monthly income to repay your debt before the date and save on the total interest paid. With a normal loan, you might have to pay a prepayment fee to do so. Fortunately, with an instant money loan app, you might be able to prepay without any penalties at all!

5. Build your credit score & experience to handle debt.

After you’ve successfully applied, received sanctions and repaid the loan, your credit score will increase significantly. This will give you access to higher loan amounts, better rates, and quicker approvals in the future.

An instant money loan app will also be very easy to use – the application will be reduced to a simple 3-step, completely in-app process, documentation will be minimal and usually will not exceed 4 or 5 documents, approvals will be instant and sanctions just as quick. So if you need urgent financial help, drop the idea of borrowing from friends and family and just download one of these apps, you’ll thank us later!