Instant Approval Loans – Best Online Loans in Australia (2020)

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Contents

Best Personal Loans in Malaysia 2020

Our personal loan calculator compare interest rates and monthly loan repayment. Apply online easily.

What’s next?

I’ll need to ask you a few more questions to complete your application.

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  • Secure and Encrypted
  • Available anytime, anywhere
  • Simple! No long boring forms
  • Get your loan faster

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HSBC Amanah Personal Financing-i

Al Rajhi Personal Financing-i

Alliance Bank CashVantage Personal Financing-i

Alliance Bank CashFirst Personal Loan

Citibank Personal Loan

KFH Murabahah Personal Financing-i

Standard Chartered CashOne

AEON iCASH Personal Financing

UOB Personal Loan

Emicro Personal Loan

RHB Easy-Pinjaman Ekspres

Standard Chartered CashOne Debt Consolidation Plan

Bank Rakyat Personal Financing-i Private

Affin Islamic Personal Financing-i

Bank Islam Flat Rate Personal Financing-i Package

Hong Leong Islamic Personal Financing-i

Bank Islam Floating Rate Personal Financing-i Package

BSN MyRinggit Executive-1

Maybank Islamic Personal Financing-i

Maybank Personal Loan

Hong Leong Personal Loan

AmBank Islamic AmMoneyLine Facility-i

AmBank AmMoneyLine

JCL Personal Loan

RHB Personal Financing

CIMB Xpress Cash Financing-i

CIMB Cash Plus

Standard Chartered Personal Financing-i

IVC Personal Loan

Standard Chartered Quick Cash EDGE

Bank Rakyat Personal Financing-i for Pensioner

What’s next?

I’ll need to ask you a few more questions to complete your application.

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  • Available anytime, anywhere
  • Simple! No long boring forms

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Best Personal Loans in Malaysia 2020

When should you apply for a personal loan? The truth is, there is never a best time to apply for a personal loan when you are not prepared for it.

In this article, you will find out the do’s and the don’ts of personal loan application based on experiences and best practices of ordinary Malaysians.

Read on to learn what a personal loan is about, how can you apply for a personal loan at the lowest rate and highest amount, and what should you do after a loan is approved or rejected.

Research stage

At this stage, you will uncover various answers to questions you might have about personal loans, and how you can use this information to make an informed decision.

How does personal loan work?

Put simply, a personal loan is a sum of money with interest lent by the bank to a borrower for a fixed period. The loan must be paid back in fixed amount installments, every month until the end of tenure.

It is quite straightforward until you come across some terms and jargons that you are not familiar with. Don’t worry, here are some commonly used terms to describe personal loans:

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Per annum (p.a.)

The interest rate will be charged on a per-year basis. If a RM10,000 loan is at 5% p.a. interest, the interest charge is RM500 per year.

Now, if the repayment tenure is stretched to 3 years, the interest will become RM1,500 (RM500 per year x 3 years).

Principal

The amount of loan you applied for. The interest rate will be calculated based on this amount and added on top of it. Going with the example above:

Principal + Interest = Total Borrowing Amount

RM10,000 + 5% p.a. =RM10,500

Interest rate

Interest rate is charged on the loan amount by the bank to the borrowers for using its money.

It’s the same concept as deposit; you put money in a savings or current account, the bank will pay you interest or profit for using your money.

Tenure

The loan repayment period. Choosing the right tenure is important for your personal finances.

Shorter loan period comes with higher monthly installment amount, whereas longer loan period comes with higher interest rate.

Period

Shorter

(1-3 years)

Longer

(4-10 years)

RM10,000 x 5% x 1 year

RM10,000 x 5% x 10 years

RM10,500 ÷ 1 year

=RM875 per month

RM15,000 ÷ 10 years

=RM125 per month

Installment

You need to pay back your personal loan every month until the end of tenure.

Installment amount is fixed, which is calculated on the total borrowing amount then is divided by the total numbers of months.

Penalty

This is a fee a bank will charge on your overdue amount for being late on your repayment.

Default

The term to describe an event of non-payment of a personal loan for over 3 months.

In this situation, the bank will usually impose a higher finance charge and/or take a legal action against you.

Under this circumstance, you will face difficulty in securing any loans in the future as a result of poor credit score.

In fact, your repayment history will stay in CCRIS database for up to 12 months.

What type of personal loan should I apply?

Now you have caught up with some of the personal loan basics, this is the time to answer the question of preferences.

By doing a personal loan comparison, you can filter down the best personal loan to apply. The interest rate should not be the only factor when comparing personal loans, but your preferences too, such as:

What is the difference between secured and unsecured loan?

Should I get a conventional or Islamic loan?”

Do I need a Takaful or Insurance coverage?”

Secured loan vs Unsecured loan
  • Need collateral or security such as fixed deposit, property, unit trust, other assets
  • Guarantor is required, with or without an asset, depending on eligibility
  • No collateral or security required
  • No guarantor, except when you don’t meet the eligibility requirements

Conventional loan vs Islamic loan
  • Based on the principle of moneylending, where the bank gains some profits for lending money to borrowers
  • Charge an interest rate on the total loan amount
  • Can be used for any purposes that is legal in the eyes of the law
  • Borrower bears all risks associated with the loan
  • Compound interests when payment is overdue
  • Follow the Shariah contract of financing that avoids exploitative gains such as riba’ or usury
  • Charge a profit rate on the total financing amount
  • Can be used for any purposes that are permitted (halal) by the Shariah laws
  • The bank bears some of the risks to earn returns
  • Does not compound profits when payment is overdue
With Takaful or Insurance vs Without Takaful or Insurance

With Takaful or Insurance coverage

  • Optional
  • Liability coverage that helps settle all unpaid balances in the event of death or total permanent disability of the borrower
  • Slightly expensive as the coverage is added on the total borrowing amount

Without Takaful or Insurance coverage

  • Optional
  • Borrower/beneficiary is responsible to cover the unpaid balances in the event of death or total permanent disability
  • You receive 100% of the total borrowing amount
Terms Descriptions

Do I need to apply for a personal loan?

Everyone has goals to achieve in their lives and a lot of times, they require money to kickstart the journey. We can gain money from any means possible such as employment, selling of products or services, own savings, as well as loans.

Some people are lucky enough to fund their goals with one or more combinations of the above methods. But, what about others who has limited options or whose limited options are not viable?

Oftentimes, they shy away from the last option, which is loan. If we look at this objectively, applying for a personal loan is practical for several reasons:

  • Education
  • Investment
  • Emergency cash
  • Funding for business
  • Buy a property (house, car, equipment etc)
  • Debt consolidation.

Personal loan for debt consolidation

When you have multiple debts of different sizes, banks, due dates, tenures and interest rates, it can be a strenuous task to keep track with the repayments.

A debt consolidation loan is great for simplifying multiple debts into a single facility. You can repay them at a lower interest rate and longer tenure to save on monthly installment and have more disposable income.

[Updated: 1st April 2020]

Before debt consolidation:

Top Personal Loan for Debt Consolidation

Credit card from Bank A

Personal loan from Bank C

Total Commitments

RM2,000 per month

After debt consolidation:

Product

Interest rate

Tenure

Applied loan amount

RM50,000 (Outstanding balances from all Banks above)

Total interest paid

Principal amount x annual interest rate x tenure

RM50,000 x 5.50% p.a. x 7 years

Total repayment amount

Principal amount + interest charges

Monthly Installments

Total repayment amount ÷ tenure

RM69,250 ÷ 84 months

How much do you save after consolidating credit cards and personal loans debts into a single loan?

RM2,000 – RM824.40 = RM1,175.60 ÷ RM2,000 x 100% = 58.78%

Say you have a minimum monthly income of RM5,000, that means you are committing roughly 16% of your total monthly income to pay your consolidated debts.

Personal loan application journey

During a personal loan application, there are few things you need to consider such as the amount you can apply, the amount the bank can actually lend you, required documents and the places to apply for a personal loan.

How much can I borrow?

The typical loan amount you can borrow from banks is ranging from RM5,000 to RM200,000. This amount is also known as the principal amount.

Once you have decided on your principal loan amount, you need to choose a tenure that suits your financial capacity.

RinggitPlus has a personal loan calculator where you can calculate your monthly repayment easily by indicating your borrowing amount, monthly income and tenure of choice.

However, this personal loan calculator does not take into account your other monthly commitments such as car loan, home loan, credit card, student loan etc, which the bank will also consider before approving your applied loan amount.

To better manage your expectations (such as high loan margin, low interest rate, fast approval), you need to check if you can afford to pay your total monthly commitments by determining your debt-service ratio (DSR).

How much can a bank loan me?

DSR is a tool to measure your available cashflow after meeting your debt obligations. Banks use this calculation to see if you have enough money to pay your monthly installment via this formula:

Debt Monthly Installment Outstanding Balance
Credit card from Bank B RM500 RM10,000
Total Monthly Commitments ÷ Total Monthly Income x 100% = DSR
e.g. RM1,500 ÷ RM3,000 x 100% = 50%

There is a consensus on optimum DSR level to increase the chances of loan approval: your total monthly commitments should not exceed your total monthly income.

In the example given above, the total loan commitments are 50% of total monthly income, which means a borrower is allocating half of his/her monthly income on debt servicing alone, with little room to save, spend and invest (if any).

In this situation, the bank will usually reduce the loan amount to consequently reduce your DSR level. You can do your own DSR calculation prior to loan application to increase the chances of approval.

What documents to prepare when applying for a personal loan?

To speed up your loan application process, make sure you have compiled all of the required documents.

The type of document will vary from bank to bank, depending on your employment type. All in all, you can find the general requirements in the table below:

The Best Personal Loans in Singapore with Lowest Interest Rates (2020)

February 25, 2020

If you’re in urgent need of money, and you’re too paiseh to borrow from your family and friends – what can you do? The answer is to go to a bank for a personal loan .

Of course, your friends and family won’t do a thorough check of your credit history before lending you the money, and they won’t charge interest. (Well, unless they happen to be in the business of splashing red paint on walls and putting up pig heads…)

Getting a personal loan , on the other hand, imposes significantly more requirements (like a minimum annual income) and costs (like processing fee and annual interest).

Before you go down to the bank and start applying for the first thing you see, here are a few things you need to know :

Best personal loans in Singapore (2020)

Here are the current starting interest rates on offer by the most popular personal loan providers in Singapore, valid in Feb 2020:

Personal Loan Interest Rate Processing Fee
HSBC Personal Loan 3.7% to 3.8% (EIR from 7%) None
Citibank Quick Cash From 3.99% (EIR from 7.5%) None
POSB / DBS Personal Loan From 3.88% (EIR from 7.56%) 1%
Standard Chartered CashOne 3.88% (EIR from 7.63%) Waived
UOB Personal Loan 4.25% (EIR from 8.25%) None
OCBC Cash-on-Instalments 4.7% (EIR from 9.06%) 1%
HL Bank Personal Loan From 4.88% (EIR from 10.62%) Waived
OCBC ExtraCash Loan From 5.42% (EIR from 10.96%) 2% or $200

There’s quite a bit of jargon here, so let’s go through some questions that may have come up.

Interest rates: Notice a whole bunch of interest rates along the lines of “from X%”? That’s because personal loans are pretty dynamic as all depend on (a) who you are, (b) how much you want to borrow and (c) for how long. Banks often personalise your interest rate when you submit an application, so, typically, you’ll see the final interest rate only after your application is approved.

EIR: EIR stands for Effective Interest Rate, and it is a more accurate reflection of the cost of borrowing because it also takes into consideration the other fees (like processing fee; see next point) and loan repayment schedule.

Processing fee: This is the main hidden cost of personal loans and is worth highlighting. The processing fee is deducted from the principal, meaning, for a $10,000 loan with a $100 (or 1%) processing fee, you get only $9,900 in cash. As a borrower, you might not “feel” it, but it does eat into your funds and increase the cost of borrowing.

Now, let’s take a closer look at these loans. We’ll use the case study of “Ms Lee”, a Singaporean who earns $5,000 a month and wants to borrow $10,000 over 3 years.

Instant Personal Loan

Q. How soon can I get an instant loan from Qbera?

A. You can get one within a few hours. You can apply through a completely paperless route.

Q. What is the maximum loan amount I can get instantly from Qbera?

A. You can get up to Rs. 15,00,000. The minimum amount is Rs. 1 Lakh.

Q. Can I get an Instant Personal Loan with a low CIBIL Score from Qbera?

A. Yes, as long as you have a score of above 575, you can get approved!

Online Instant Personal Loans from Qbera! Interest from 11% p.a. Instant Loan Approval. Amount within 24 hours. Eligibility: CIBIL Score: 575+

Instant Personal Loans, just like the traditional unsecured product, come with flexible tenure options – you can choose from tenures stretching from 6 months to 60 months. Qbera’s proprietary risk-assessment algorithm assesses your eligibility within a few seconds, and once approval is obtained, the loan amount will be right on its way and reach you within a 1-day period.

So ideally, if you wish to get a personal loan in super-quick time, approaching the right lender is what will help you get immediate access to funds. There are many Fintech lenders in the market offering instant loans, but getting an instant cash loan in 1 hour is the real deal.

What are Instant Loans?

Instant loans are unsecured personal loans that work very similar to personal loans, with the prime difference being the instant feature associated with them. Tenures are flexible for this form of credit, and thanks to some notable advancements in technology such as risk-assessment algorithms that can almost instantly determine an individual’s eligibility, these products have perhaps become more sought after than credit cards in recent times. The thing about instant loans offered by Fintech lenders is that you can get a loan with an income of just Rs. 20,000 per month.

Getting Instant Loans Online in India – An Overview

If you are on the lookout for a personal loan with quick turnaround time, to salaried individuals earning a minimum income of ₹20,000 p.m. If you wish to apply for an online instant loan with Qbera, you can be certain of the fact that the entire application process will not take you more than 5 minutes. As a matter of fact, there are few things that are as easy to do as applying for a quick loan in India from Qbera.

It goes without saying that when times are tough, you want the simplest solution to your financial troubles, and this is exactly what an instant online loan from Qbera delivers. From the comfort of your home, you can fill up the online form, get approved and have the amount you need in just one day. Now that’s what we call an instant loan!

We at Qbera bring to you all the experts in the field so that you get the best possible loan offer, aligned perfectly to your interests, at the best rates and the quickest turnaround time. With high working standards and top-quality service, we assure seamless service at every stage of your experience with us; from the time you’ve applied to when you’ve completed your repayment.

Prime Benefits of Instant Personal Loans from Qbera

  • Collateral-Free Loans – Since Qbera offers unsecured loans, you won’t have to pledge your asset or property to secure the funds. Our instant loans aren’t just available at flexible terms, but they are also collateral free.
  • Super-Fast Disbursals – At Qbera, we ensure your funds are disbursed at the earliest. Once you key in the necessary details and complete the required documentation process, you can expect the loan amount to be disbursed within 24 hours. Document, identity and address verification is conducted digitally.
  • Flexible Tenures- When you apply for an instant loan at Qbera, you will have the complete flexibility to choose your preferred tenure. As of now, our tenures range from 12 to 60 months. Do note that in addition to selecting the tenure, you will also have the option to change it and pre-close your loan, as and when necessary.
  • No Hidden Charges – Very often, customers fall prey to dishonest lenders who slap random hidden charges on their loan. But such is not the case with Qbera. Since we believe in complete transparency, you will get to know about all the fees and charges that you are likely to incur. We have no hidden charges.
  • Consistent Customer Support – When you apply for a Qbera instant loan, you can be assured of getting the highest degree of customer support. Our customers support executives will address all your queries and resolve every subsequent issue at the earliest. We are available between 9:30 AM and 7:00 PM IST on weekdays and 10:00 AM and 1:00 PM on weekends. You can reach out to our team via Whatsapp at +91 89719 28484. Alternatively, you can also call us at our toll-free number 1800-4198-121 or drop an email at [email protected] .
  • Complete Confidentiality – Since we take client confidentiality extremely seriously, your personal details are completely safe with us. We do not share your information with any third-party and you won’t be spammed with unnecessary emails and phone calls when you apply for a loan on our platform.
  • Low Credit Score Loans – At Qbera, you will be eligible for an instant loan even if your credit score is low. Unlike banks and other financial institutions that require a minimum credit score of 700, you will be eligible for a Qbera instant loan if your credit score is 600 or higher.
  • Digital Process – Unlike personal loans where you need to physically visit the bank branch to get your loan approved, Qbera instant loans are processed digitally. The entire process, right from the application to the submission of documents, is completed online.
  • Strong Encryption – Qbera uses 128-bit SSL encryption. So, the data you share with us is completely safe.
  • Affordable Interest Rates – Unlike banks and other alternative lending platforms that charge exorbitant interest rates, Qbera loans are available at affordable rates. As of now, our interest rates range from 11.99% p.a. to 34.99% p.a.
  • Low Processing Fee – Our processing fee for instant loans ranges from 1% to 5%. So, you can always count on us for quick, hassle-free and economical instant loans.

How Do Instant Loans from Qbera Work?

Applying for an instant personal loan from Qbera is as easy as it sounds. The process is simple, the documentation is minimal, and since the entire application takes places digitally, it is completely frictionless.

But how does Qbera manage to process documents so fast? Well, the entire credit goes to Qbera’s AI powered risk assessment algorithm that helps them identify credit-challenged customers instantly. For banks and other financial institutions, customer intelligence depends on some relatively simple studies. In almost every case, these platforms gain customer value data via surveys and focus groups; most of whose results don’t really match the reality. And this is where Qbera stands ahead.

Unlike banks, Qbera has its own proprietary credit scoring algorithm that seamlessly determines your eligibility of getting a personal loan in real-time. This algorithm uses details about you for determining your repayment potential, which in turn helps you land the best interest rate right away. In addition to this credit scoring algorithm, we also use an alternative risk assessment algorithm that takes your economic and social leanings into consideration. So, while we do consider your credit health, we do not deem it to be the sole determinant to land a good offer on our platform. Contrary to banks and other digital lending platforms, we give credence to your social presence along with your credit health and employment stability. Owing to this reason, securing an instant loan on our platform is relatively easier.

Now, get an Instant Online Loan in Three Simple Steps:

At Qbera, your loan will be approved in three simple steps.

Step 1– The first step involves filling up our application form where you’re required to key-in your basic details along with some information about your current employment, salary and expenses. This process will not take you any more than 10 minutes.

Step 2 – Once you’re done filling up the instant cash loan application form, you can move on to the second step where you’re required to connect your bank account. As a part of this step, you will be asked to send in your bank statements. For this, you can either attach the physical copies of your bank statements or the PDF versions of the same. The latter is easily available on the net banking platform of your respective bank.

Step 3 – For the third and final step, all you have to do is choose your loan term. Since we use a proprietary credit scoring algorithm, we easily determine your eligibility helping you land the best rates right away!

What makes us different from banks and other alternative lending platforms is our digital process. Unlike these platforms, our entire process is conducted online which doesn’t just simplify your hassles but also helps you secure the instant personal loan more easily. Both the application and the approval won’t take you much time, and by the end of the day, you’ll have the amount you need within (or even before) your required timeline!

Documents Required for Instant Loans

At Qbera, we believe in simplifying your hassles during loan applications. Due to this reason, we seek absolutely minimum documents. Yes, unlike banks that require thousands of irrelevant documents, we ask for the documents that are ‘actually’ necessary. Here’s what you’ll need to secure an instant loan from Qbera:

Salary statements of the last three months.

Four cheques from your salary account.

Current Address Proof.

Permanent Address Proof (If the permanent address is not the same as the address on your adhaar card).

Once you fill up your basic details and attach these necessary documents, your loan will be approved in as less as 24 hours.

Eligibility for Instant Loans from Fintech lending companies

When it comes to eligibility patterns, instant loans perhaps come with the most relaxed eligibility criteria. Unlike personal loans that require you to have a minimum monthly income of Rs 30,000; these loans are available to people who earn Rs 18,000 or more every month. In addition to the monthly salary, you are also required to fall under the 21 to 57 years’ age category, and further ensure that you do not have any defaults over the last 24 months. While the eligibility pattern for instant loans might vary from one platform to another, at Qbera, this is the basic eligibility structure that we require:

Net monthly income of Rs 18,000 or more.

Age ranging from 21 to 57 years.

No defaults over the last 12 months.

Credit score of 600 or higher.

If you tick all the categories other than the credit score, try improving your score to land a loan on our platform. At Qbera, we seek a credit score of 600, which is better than many banks that have a minimum credit score requirement of 700. So, if you’re stuck with the application just because of your credit score, browse through our guidelines over the next few sections and improve your score to secure the best instant loan offer!

Do Banks Offer Instant Loans in India?

Since the instant loan is a relatively new credit product in the market, most banks do not offer them. In India, banks will only offer personal loans that doesn’t just involve a tedious process but also comes with stringent timelines. To start off, most banks require you to visit their physical branch to get started with the application process. The process takes plenty of time and involves cumbersome paperwork. Unlike digital lending platforms like Qbera, banks require plenty of irrelevant documents which simply increases the overall time taken to complete the process.

Their approvals too are equally time-consuming. Usually, a bank will take around 3-4 days to merely approve the loan. The disbursal will then take place after 5 to 6 days. So, the overall process is likely to cost you at least two weeks or more. While some banks do claim to offer instant loans, they are definitely not as fast as digital lending platforms like Qbera.

At Qbera, you’ll barely need 15 minutes to complete the documentation, and wait for just 24-48 hours to get your instant loan disbursed. Also, since our representatives are always looking to assist you, you can reach out to them at any time to check the status of your application/disbursal.

How Important is Your Credit Score for Instant Personal Loans in India?

Your credit score is a determinant of your creditworthiness. Due to this reason, it is often the first thing that lenders consider when you apply for a personal loan in Bangalore or any other Indian city for that matter. Since this score is based on your credit report, your lenders get an idea of whether or not you’d be able to clear off the amount you borrow. As this score is directly interlinked with your instant loan approval chances, it is really important to work on it and keep it on the higher side.

In India, your credit or CIBIL score ranges from 300 to 900. While lenders usually seek credit score of 700 or higher, digital lending platforms like Qbera offer instant loans with a minimum credit score of 600. But how exactly is this score calculated and what are the parameters that affect it? Let’s find out!

Credit History – Your credit history has the highest weightage (around 30%) in the calculation of your CIBIL score. But what is this history all about? In the simplest terms, your credit history carries the records of your existing or past dues. It also has the exact time when you cleared your dues. So, if you missed out clearing a certain due, it is likely to have a negative impact on your credit score.

Credit Utilization – Credit utilization refers to the amount of money you owe against the amount of loan you are eligible for. Usually, it is said to have a 25% weightage while calculating your credit score. So, if you’ve taken plenty of high-amount loans there is a high possibility for your credit score to be negatively affected. In order to secure a good credit score, you should only borrow up to 30% of your available credit limit.

Length and Type of Credit – If you have a long credit history, it inadvertently suggests that you have the necessary experience in dealing with credit. In the simplest sense, credit history indicates the number of years that have passed after you opened a credit account for the first time. So, if you don’t yet have a credit account, start building one right away. In addition to having a long credit history, you should also apply for multiple lines of credit because this too helps you pull up your credit score.

So Why Should You Work on Your Credit Score if you have to improve your chances of approval for instant personal loans?

Having a high credit score doesn’t just help you secure an instant loan, but it also makes the entire process a lot easier. In case you’re still skeptical about it, here’s what you need to know:

Low Interest Rate – One of the biggest benefits of having a high credit score is the fact that it makes you eligible for loans at a relatively lower interest rate. Since higher credit score goes hand-in-hand with better creditworthiness, your potential lenders are likely to trust you more, opening the lowest possible rates for you.

Higher Limits on Personal Loans – High credit score won’t just get you low interest loans, but your loan amount too is likely to increase. When you have a good credit score, it automatically suggests that you are capable of handling credit in a viable way. Due to this reason, banks and lending platforms can consider offering higher amounts to you.

Quicker Approvals on Cash Loans – Various lenders offer pre-approved instant loans to individuals who have a good credit score. So, if you are really looking for a super-fast instant loan in India, start working on your credit score right away.

Tips to Improve your Approval Chances for Instant Loans in India

If you’re struggling to secure a good instant loan offer in India and can’t yet figure out how to go about it, here are a couple of guidelines that’ll surely help you improve your chances-

Choose the Right Lender

When it comes to instant loans, many borrowers prefer closing the deal with the lender offering the lowest interest rate. But guess what? This is one of the biggest mistakes that you’ll ever make. Your chosen lender can offer a low-interest instant loan and still make your life difficult by having hidden charges and high processing fees. Due to this reason, it is really important to do your research, so that your monthly EMIs are something that you can ‘actually’ afford. Instead of merely considering the interest rate, also check the processing fee and other additional charges. Once you consider each of these aspects and have complete clarity regarding the application process, securing a good offer will become much easier.

Opt for Alternative Lenders

As you already know, nationalized banks do not offer instant loans. While some private banks do offer them, their rates are higher, and the application process is relatively cumbersome. So instead of blindly choosing banks, it is always better to choose alternative lenders. Lending platforms like Qbera don’t just offer instant loans at the lowest interest rates, but their application process is simple and hassle-free. So always do your research before finally zeroing in on your preferred lender.

Choose a Shorter Tenure

Although shorter tenure translates to higher monthly installments, it is always better to choose it if you are looking to pay less interest. But how does this work? Well, the idea is quite simple. Since shorter tenure means the lender will get their money fast, there is way less risk involved for them. Due to this reason, most lending platforms offer their best rates to people choosing the shortest tenure. However, before zeroing in on a term, do consider your monthly salary and expenses. If there’s no way you can afford the EMI, don’t go for a shorter term just for the sake of it.

Consider the APR

While browsing through instant loan offers from multiple lenders, also make it a point to consider the annual percentage rate (APR). The APR of your loan includes all the relevant fees including the interest. So, it is one of the best ways to assess the true cost of your loan.

Work on your Credit Score

Like we already told you, you are likely to get a better rate of interest if your credit score is on the higher side. While banks and other lending platforms look for a credit score of 700 or higher, at Qbera, we offer loans to low credit individuals who have a score of at least 600. So, if your score is relatively lower, start consolidating your debts, clear your previous dues and make timely payments. You can also check your credit report and dispute it for erroneous calculation. In almost every case, these disputed issues are resolved in 7 to 14 working days.

Once you consider each of these factors, securing an instant loan in India won’t be that big of a hassle.

Interest Rates on Instant Loans – What interest can you expect when you apply for Cash Loans?

While instant loans seem to be relatively simple for most consumers, there’s one thing that confuses many. Yes, in case you haven’t already guessed, we are talking about interest rates. Almost every borrower has one pertinent question before applying for an instant loan: why interest rates against instant loans are different for different customers.

The answer to this question lies in the lending model used by most lending platforms. In case you don’t yet know, most lending platforms use a risk-based pricing model. But what is this model all about and how does it work? Well, risk-based pricing is a method for lenders to assign prices based on the degree of risk involved in the process. So, if a borrower appears to be risky, this model causes them to pay more (usually in the form of high interest rates).

So, while most loans determine your interest according to your repayment ability, under the risk-based pricing model, you pay the interest rate according to the risk you bring for the lender. If you have a good credit history, a steady salary and a high credit score, you’re usually deemed to be a safe bet. In this instance, your lender is completely certain that you will repay the funds owing to which you qualify for the lowest interest rates.

However, if you’re known to have some financial discrepancies over the past couple of years, there’s a high possibility that you will not qualify for the best interest rate available. These financial red flags can range from bankruptcy, foreclosure or even charge-offs, and if you’re guilty of any (or multiple), it is better to improve your credit history before applying for a loan in the first place.

What Factors do Lenders Consider Under the Risk-Based Pricing Model?

Lenders consider many factors while assessing your risk. While your credit history is definitely an important factor, it is not the only factor that is taken into consideration. In addition to your credit history, loan-to-value ratio, your debt-to-income ratio and other additional (often unrelated) factors will be calculated to assess your risk.

One of the most pertinent examples here would be the amount of time you’ve worked at a specific job. If you’ve worked for a relatively longer period of time and have a stable income, you will be deemed as less risky. Similarly, certain lenders even consider the length of time you’ve lived in a home before offering an interest rate. Here, individuals who’ve lived at a place for les than three years or have a habit of moving from one home to another will be deemed risky.

At Qbera, we offer loans according to the risk-based pricing model as it helps us shuffle through the potential borrowers more easily and conveniently. So, if your credit history is slightly dodgy, we’d suggest you to improve it before applying for an instant loan on our platform.

Interest Rates on Personal Loans

Like we already mentioned, Indian banks only offer personal loans. They do not have any option for instant loan application. Below, you can find a list of personal loan offers from leading banks.

How can I get a payday loans Australia with instant approval?

The time that a loan application can take will vary significantly as some borrowers will have more complex applications than others.

Lenders who offer a lower interest rate are often slower as they receive more applications.

Other lenders are completely incompetent!

We’ll warn you if any of the lenders we’re recommending are known to have poor service levels.

To give you some idea, it usually takes a customer 48 hours to send their documents to us.

It will then take 24 hours for us to confirm our recommendation.

When the lender receives the loan, it can take anywhere from four hours to two weeks .

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