5 Things to Consider Before Taking Insta Loan

An Insta loan is mostly the pre-approved loan, which is given to the customer on the basis of credit limit. The Insta loan is the different and one of the most popular features provided by the loans these days. With the usage of Insta loan, the customer can get an access to the liquid cash faster in case of any emergency, need or requirement. There are number of banks, NBFC and Financial service providers available who are providing this unique feature in terms of Insta loan to the customers. The Insta loan provides the instant money to the customer, just like the name describes and hence, the customers are quite attracted to the same. However, there are certain things; those are to be considered before you opt for the Insta loan.

  1. The Offered Interest Rates:-

As Insta loan is a very lucrative feature which has been designed to attract the pool of customers and hence, the person often ignores the part as far as the interest rate is concerned. Ignoring the same can be proven pretty dangerous in a longer run, as the same may consist of the higher interest rate. Also, another important thing which is to be considered is that whether you are applying for the fixed interest rates or variable interest rates. The variable interest rates are risky in nature as it depends on the market fluctuations. But, the fixed rate is relatively safe; hence the customer should carefully chose as to which option he or she would want to opt for. According to our advice, the customer should certainly opt for the fixed interest rates.

  1. Penalty Charges:-

If the customer is not able to pay the dues off, there is a penalty amount which is been charged for the same. Usually, the penalty amount, which is being charged, is hefty. Hence, the client should be aware about all the charges be it penalty charges or hidden charges. You should be always ready to face the various circumstances as the future is uncertain. By doing so, you are checking the affordability of the loan in advance.

  1. Chase the best:-

There are number of options and financial service providers who are offering the various types of loans in the market. You should never miss the best opportunity in the hurry. Always have a habit of conducting the assessment of various loan providers in terms of interest rate, repayment schedule and tenure of the loan along with terms and conditions. The customers often make the mistake by opting for the insta loan in hurry because of its various attractive features and hence, they miss out the best deal. We strongly recommend to do the market study and research carefully and closely evaluate the factors and after that only apply for the loan.

  1. Differentiate between “Need” and “Greed”:-

This refers to the main motive or objective behind applying for the online loans. The insta loan can be availed for various purposes such as wedding, education, medical emergency, business, investments etc. However, at the same time, one has to check whether the Insta loan is really required or not. If the loan is being taken for the purpose such as hospitalization or wedding or any medical emergency, then it is advisable to go ahead. However, if the loan is applied for the sake of investment such as equity market or stock market or commodity business, then the same is not recommended. Also, it is important to keep a close watch on the amount for which the loan has been applied. One should always apply for the amount which Is affordable by the person. The need should not be converted into the greed, as the greed can invite a lot of troubles in the future.

  1. Credit History:-

The credit history, credit ratings and CIBIL scores are very important for the banking and financial transactions. If the client holds a good CIBIL score and good credit ratings, then the prospects of the sanctioning of the loan amount is higher, where in if the CIBIL score and credit ratings are lower, then the loan rejection chances are high. Hence, the customer should always pay off the dues before he or she applies for the loan, which can improvise the rating. Even after the client obtains the loan, he or she should never miss a monthly instalment. Also, the client should focus on paying off the loan as soon as he/she can, which can be proven beneficial, if the client wants to apply for the loan in future.

We strongly advise you to keep above mentioned points in mind before you take an Insta loan.


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