The Difference Between Instant & Regular Personal Loan

Loans are simply the money to take from a financial institution or a lender in situations of emergency. Instant Loans are a completely online personal loan product that helps you overcome a difficult financial situation when the need for money is urgent. Whereas a regular personal loan is the conventional one which takes time to be processed & approved.

Though both types of loans are easily available, the instant loan has some advantages over the conventional personal loan. But the best one for you always depends on your requirements and the urgency.

Here are some differences between the two:

Loan Disbursal: Instant Loans and Regular Personal loans are both unsecured loans offered by lending organizations but their loan disbursement time differs from each other. While Instant loans can be disbursed in a matter of minutes to hours, a personal loan disbursement can take a couple of days to a week.

Credit Profile: Your instant personal loan eligibility might take a hit if you’ve never taken a loan previously. This is because you don’t have a credit history and you don’t have established trustworthiness. Instant personal loans, as opposed to a normal personal loan, does not have any such conditions. Even if you don’t have a credit history or if you receive your salary in cash, you can still opt for an instant loan easily.

Loan Amount: If you want a larger amount, you should choose a regular personal loan instead of an instant loan. Your loan amount gets restricted in an instant loan which is not the case with normal personal loans.

Do your research and choose what is best for you!

Must Read: How to Plan Your Retirement by Taking a Personal Loan?