Be it the end-of-month cash crunch or that little gap between the amount you have saved up for your big purchase and its actual price or even a serious medical emergency, you can consider a mini cash loan to be your perfect solution! A mini cash loan can help you meet your monetary requirements when the amount needed is small. A mini cash loan can be availed online by applying for the same with your trusted bank or loan provider or by using a loan-providing website like Loaney. If you are new to the concept of mini cash loans and are wondering whether a mini cash loan online without income proof can be borrowed or if there will be a credit score check, this article is the right place for you. This article will answer all your questions about a mini cash loan and introduce you to a reliable online platform for borrowing a mini cash loan.
Table Of Contents
In this article about instant mini cash loans in India, we will share all the details that you will need to apply for a mini cash loan. We will be discussing in detail the following topics related to a mini cash loan that can be availed of online in India.
- What is Loaney?
- What is a mini cash loan?
- Types of mini cash loans
- Mini Cash Loan: Features and Benefits
- Mini Cash Loan: Eligibility
- How to apply for mini cash loans at Loaney?
- Fees and charges
- Why do people choose Loaney for mini cash loans?
- Frequently Asked Questions about mini cash loans online
What Is Loaney?
Before we look at what mini cash loans are or how to apply for this type of this loan, let us look at an online platform, where you can avail of a mini cash loan with no credit check requirement. Loaney is one of the best platforms you can choose to avail of all types of unsecured debts. Unsecured debt is a loan that is offered to the borrower without the need of pledging collateral. Loaney offers mini cash loans to its clients for low-interest rates. This loan can be repaid within a short repayment tenure and can be availed of without presenting a guarantor. The paperwork required is minimal. The applicant does not need a CIBIL score check or a salary slip to avail of this loan. Loaney is a trustworthy platform for instant mini cash loans in India of up to Rs. 15,000 and the repayment tenures are about 2 months.
What Is A Mini Cash Loan?
To begin with, we will first understand what a mini cash loan is. Further, we will take a look at its types, the features of this loan, and the benefits of choosing a mini cash loan over other types of loans.
A mini cash loan is a type of loan offered by most banks and moneylenders for when you require a small amount. This loan is offered across various online loan-providing websites and apps. A mini cash loan online can be availed of by registering on the website where you wish to borrow the loan from and submitting the necessary details and documents. This type of loan is generally offered for a very short duration and at low-interest rates. A mini cash loan is an unsecured debt, this implies that you will not need to submit collateral for borrowing the amount as a mini cash loan. You might also not have to specify the reason for borrowing the amount, to your moneylender or loan provider.
In the upcoming sections of this article, we will guide you about how to avail of mini loans in minutes, the paperwork requirements, and the eligibility criteria for qualifying for this type of loan.
Types Of Mini Cash Loans
To understand mini cash loans in more detail, let us discuss a few types of mini cash loans online. The following are the various mini cash loans that you can avail of:
- Fast Cash Loan: a fast cash loan is a type of mini cash loan that is preferred by the borrowed for its speedy disbursal. This loan is often opted for by those clients who are in immediate need of funds as the entire application and approval procedure of this loan is faster. If you are looking for mini loans in minutes, this is the best type of loan.
- Same Day Loan: as the name suggests, the same day loan is a type of mini cash loan, that can be applied for, get approved and be disbursed within the same day. This is another great option if you are not in urgent need of funds and can manage to wait to get a loan within 2 hours.
- Quick Loan: this is the type of mini cash loan to apply for when you need a quick loan application and approval process. This loan is faster as the documentation required is not much and eligibility criteria are simple to meet. A quick loan can be availed of within a few hours of applying for the same.
- Emergency Loan: surely, we all set out a budget for the month and make plans on how to spend the funds we have, but an emergency can arise at any time and bring the need for some extra cash. In such situations, an emergency loan can be applied to meet the cash requirements and complete any payments that might need attention.
Mini Cash Loans: Features And Benefits
No matter how well we have defined a mini cash loan, you would definitely like to know the features of this loan and the advantages that this loan has over any other type of loan. This section will enlighten you about the same.
Now that we know what a mini cash loan is and what its types are, let us take a look at the key features of a mini cash loan:
- One of the main features of a mini cash loan is the quick disbursal of this loan.
- Mini cash loans are unsecured debts and so the borrower does not have to pledge collateral.
- The repayment plans are flexible and you can easily repay the amount that you have borrowed.
- The repayment tenure is short and the interest rate charged on this type of loan is low.
- Not much documentation is required for applying for a mini cash loan online.
A few benefits that will make you choose this type of loan are:
- You can avail of a mini cash loan without income proof on Loaney. Loaney does not ask for your salary slips or proof of income while applying for this loan.
- A CIBIL score or credit report check is also not done while you apply for the loan.
- You will not be asked to specify the reason for borrowing the loan, and you can use the funds depending upon your requirement.
- The application procedure is easy and within a few clicks, you can apply for and get your mini cash loan approved online, from the comfort of your homes.
Before you go ahead and apply for a mini cash loan, let us look at the general eligibility criteria for qualifying for this loan and the documents you will have to present.
Mini Cash Loan: Eligibility
No matter which type of loan you choose and apply for, there is a certain minimum requirement of the moneylender, loan provider, or bank before they can let you apply for and avail of the loan. If you are looking forward to applying for a mini cash loan online on Loaney, you must meet the following criteria to qualify for the loan:
- The person applying for the mini cash loan must be an Indian citizen. Their age must be at least 18 years.
- This applicant must have a PAN Card.
- Their Aadhar Card must be linked with the mobile number they will be registering with.
- They must have a bank account that offers an internet banking facility.
- For a mini cash loan, no credit check is required on Loaney.
The paperwork needed for a mini cash loan is not much. You can submit the following to get your mini cash loan approved on Loaney:
- A passport size picture of yourself
- Your PAN Card
- Your Aadhar Card that your mobile number is linked with
- Your bank account details.
Once you have checked your eligibility and have the required documents, you can apply for your mini cash loan.
How To Apply For A Mini Cash Loan On Loaney?
Applying for an instant mini cash loan in India is a hassle-free and simple task using Loaney. Within a few steps, you can complete the application form and get your mini loan approved within a few minutes. The following are the steps to apply for a mini cash loan on Loaney:
- Step 1: Visit the official website of Loaney. https://loaney.in/
- Step 2: Fill up the application form, providing your basic personal details like name, mobile number, date of birth, etc. Along with this, you will also be required to provide your bank account details.
- Step 3: Upload the documents as asked for after filling the application form. You will be asked to upload your PAN Card, Aadhar Card and picture in this step.
- Step 4: After uploading the documents, you must click on the option to submit the duly filled application form, along with these documents.
- Step 5: Your mini cash loan application will then be reviewed and verified by Loaney. This procedure usually takes only a few minutes. For a faster approval process, you must make sure to give the platform genuine details and information.
- Step 6: Once your mini cash loan application form has been verified, Loaney will approve your loan.
- Step 7: The amount that you would have applied for will be disbursed to the bank account provided by you in Step 1.
Loaney is one of the best ways to get your mini loan in minutes. The loan application procedure on Loaney is seamless and can be done from the comfort of your home. You can get the desired amount without specifying the reason for borrowing.
Fees And Charges
Like every other loan, interest is charged on the mini cash loan as well. The interest rate varies from one loan provider to the other and also depends on certain other factors like CIBIL score, relations with the moneylender, etc. Along with this, a few online platforms charge a processing fee and convenience fee.
The interest rate charged by Loaney for a mini cash loan is 36% per annum.
Why Do People Choose Loaney For Mini Cash Loans?
Loaney is very popular among clients for borrowing mini cash loans due to the following features of the platform:
- Low interest rates.
- Shorter repayment tenures
- Pre-generated repayment plans
- Client confidentiality
- Small amount loans offered
- No hidden charges and complete transparency
Before we conclude, we have answered a few common questions regarding mini cash loans online to help clear any doubts you might have.
Frequently Asked Questions
1. Is there a credit check for mini cash loans?
No, there is no credit check for mini cash loans when applying on Loaney.
2. Can I get a mini cash loan online?
Yes, you can easily get a mini cash loan online on Loaney.