Get Short Term Personal Loan Online

As it is obvious by the name Short term personal loan is for a short duration of time. Loans that run for a short period such as 120 Days,60 Days, or a maximum of 12 months are known as Short term personal loans. Loans for more than 1 year of tenure are Long term loans. Home loans or Loans against property fall under this category. Short-term loans generally have lower principal amounts, shorter tenure, and quite high-interest rates. A major advantage of short-term loans is it helps individuals who aren’t able to get loans from banks because of lower salaries and lots of documentation. Short-term loans are also called short-term finance and application-based loans. Majorly there are numerous applications available that provide short term personal loan online.

Characteristics of Short term personal loan 

• Tenure: Tenures range from 1 month to 1 year (12 months). Short-term loans are approved fast as compared to Normal personal loans.
• Loan Amount: Short term personal Loan taken by the person for short-term needs such as any medical emergency, unplanned expenses, sudden tragedies, etc. 
• Minimum documentation: Because these loans are for a shorter period and have a lower principal amount the documentation process of this isn’t that lengthy.
• Quick disbursal: As you do not need to go through a long documentation process disbursal becomes easier. They just check some basic things and you will get your loan amount.
• Foreclosure is easier: Compared to other long-term loans, closing a short-term loan is less hassle-free. They do charge a fee for foreclosure but that is nominal when the borrower tries to close the loan.
• Unlisted companies: Banks consider a person more financially stable when he is working with a listed company. But people working in Unlisted companies can take advantage of short-term loan facilities because they avail loans to unlisted companies also.

How can you compare the best loan application for yourself?

There are 15+ loan-providing applications available online. But there is no need to apply on all applications. The Best you can do is compare them according to your preferences. Also, Multiple credit inquiries aren’t good for your credit report or CIBIL. Below we have sorted factors you can consider while choosing an application for short-term loans.

• Interest rates: It’s a credit So, always have to look at their interest rates first. Pick low-interest rates providing applications and applications offering reduced rates.
• Minimum documentation: Short-term loans are instant loans. Lengthy documentation can make the process lengthy.
• Process speed: Again, some applications can take upto 3days in KYC verification. Always opt for a paperless application because that is hassle-free for you.
• Fees: Avoid applications that have hidden terms and conditions and quite an unreasonable foreclosure and pre-payment charges.
• Interface: Ensure applications have a speedy and easy-to-use interface. Because that will directly impact your disbursal process.

You have numerous options for instant loan-taking applications. Like Paysesne, MoneyTap, Home Credit, India lends, Dhani, and the list goes on. Without any further delay let’s talk about MoneyTap specifications.

All about MoneyTap

MoneyTap registered in 2015 October. Its headquarter is located in Banglore, India. It offers 100% paperless processes to its customers. MoneyTap is one of the applications that offer reducing rates. From the very start, it is a customer-focused application. Despite all the challenges MOnettap operates in 60 cities. The organization is planning to expand its footprints to 200 cities in near future.

MoneyTap Low-Interest Instant loan 

MoneyTap is India’s one of the leading and fastest instant short-term loan-providing applications. It has 4.3/5 ratings on the App Store and 4.2/5 customer ratings on the Playstore. MoneyTap requires an applicant’s KYC ( Know Your Customer). As it is the most important document for final approval. After that, your CIBIL score application will show your loan amount eligibility. The maximum amount you can get from MoneyTap is INR 5lac. 

Best features of MoneyTap

• You just need to complete KYC only.
• The mobile application is user-friendly and they have built a beautiful UI\UX. Customers have not faced any sort of sag while using it.
• Its Interest rates are affordable compared to other application-based loans. It usually falls under 1.08 to 2.3 percent only.
• By this, you can get a minimum 3,000 INR loan amount and the maximum amount is 5,00,000 INR.
• MoneyTap has a complete 100% paperless process and they have a 4 minutes approval feature (conditions apply).
• The mobile application is user-friendly and they have built a beautiful UI\UX. Customers have not faced any sort of sag while using it.
• The mobile application is user-friendly and they have built a beautiful UI\UX. Customers have not faced any sort of sag while using it.
• MoneyTap has been the customer-focused application.

Getting a Personal loan was never this much easy earlier. Technology made this possible for us. Hopefully, you have got enough idea of comparing best deals. Get your instant short-term loan and also have a  look at the MoneyTap mobile application. They have got amazing offers for their customers. 

Read more: Why is it Beneficial to Apply for an Education Loan?