1 – Quick turn-around time: One of the major advantages for people who need money in a hurry is that the best online pay day loans take less than 5 minutes to complete. The name of the loan ‘Instant Loan’ is a fitting description of how quickly you get the funds.
2 – Virtually no documentation: Banks most commonly process the best online pay day loans online or via their mobile app. Additionally, they only require your PAN and mobile number to retrieve your credit report and assess your eligibility. Therefore, no lengthy forms need to be filled out or photocopies of any documents have to be submitted.
3 – Amount of the loan based on your needs: These loans range in size from Rs. 10,000 to Rs. 10 lakhs. You can borrow how much you need and repay it conveniently. In addition, you do not need to provide any proof of your intention to use the loan amount or the amount you need to borrow. The application assesses your eligibility by looking at your salary and credit score. If your salary and credit score support the loan amount, you are eligible.
4 – Tenure of repayment: The loan has a short tenure of between 7 days and 60 days. Also, there is no regular repayment. There is only one repayment that includes both the principal amount and interest at the end of the loan tenure. The lender will likely require you to provide a PDC with a fixed date for the final amount or create a standing order at the end of the loan. This will ensure that the loan will be repaid on schedule.