3 Things to do If You Want a Small Cash Loan

Many a time you may find yourself in a financial emergency where you’re running short of funds, but with a twist. You don’t require a huge amount of money for something major (like medical bills), but on the contrary, it’s the opposite – you require only a small amount, but cannot get it from your family or close friends.  Being stuck in such a situation can only be doubly frustrating – imagine not being able to take care of a small yet important expense just because you don’t have the money! And my small amount, I mean amounts ranging from Rs. 2,000 – Rs. 8,000. Many people may have a variety of needs to be met, like paying for their rent, paying insurance premiums/loan EMIs, or making a necessary purchase.  If you can’t borrow from friends (because they’re in the same boat as you) or your family (for obvious reasons), then what do you do? Take out a cash loan, of course! Here are three things to do in case you need one:


1. Find a Good Lender

Anybody who wants a small personal loan will have to first go through the process of finding themselves a suitable lender who is ready to meet their requirements. You should find a lender (this could be a bank, NBFC, or other financial institution) who is able to give you the small cash you want at a good rate of interest, reasonable repayment tenure, and with a choice of good repayment options. If you are able to find such a lender, whose terms and conditions are favourable to you, then you can choose to go with them, or also continue searching for a better lender.

2. Submit Necessary Documents and Information 

After finding your lender, you then need to submit all the necessary documents and information that they require as a part of your loan application process. Typically, your lender will have a website, or will be connected to a mobile app (on which you may have to carry out the entire loan application process). In either case, you will have to first fill out a loan application form, where you need to enter basic details like your name, address, and references. Your employer information, net monthly salary and PAN details will also be necessary.  Coming to documentation, your Address Proof and photograph would also be needed.

3.Check Your Eligibility

The next step involves waiting for your lender to get back to you with regard to the status of your loan application. Depending on the authenticity of the documents and your credit score, you will be informed if you are eligible for a loan or not. If you are, you will also be told about the maximum amount that you’d be able to borrow from your lender. If you are satisfied with the amount (when eligible), you may then choose your loan amount and provide your bank account details. If not, you may try your luck with another lender.

In Conclusion 

The above three points are steps that anyone looking for a small amount loan should comply with. Just make sure to read up on customer reviews about your lender before going ahead with them.

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