The fundamental characteristic of emergencies, perhaps the most unpleasant one, is that they come unannounced, almost always when least expected. Emergencies, especially pertaining to medical or finance, require a good deal of funds to deal with. If you think of it, you’d agree that the availability of funds during these times almost always depends on the extent and comprehensiveness of your financial planning.
It certainly is true that there are several people out there who are smart with managing their money. Old-timers consider saving as the most important aspect to money management and have often saved for troubled and unforgiving times. Times have changed, however, and new trends have surfaced. The old-school thought that you should save big just for an emergency, has faded away.
Smart people in the present day have started doing things differently. This so-called “smart section” of the populace have been ruminating the aspect of saving and gone on to deduce how futile it is to waste several years of savings to fund a financial emergency.
Going by this, it has been ascertained that emergency loans are the real answer to tackling present-day financial contingencies.
What are emergency loans and how do you avail them?
Emergency loans are personal loans that are available almost instantly after you apply for them, subject of course to you meeting eligibility parameters. Emergency loans also commonly go by alternate names such as instant loans and online loans.
Most lenders that offer instant loans for emergencies allow you to complete the application process online and disburse the loan amount on the same day. More importantly, while traditional banks follow the procedure of collecting physical documents and doing physical verification checks for online loans, lenders who offer instant online loans for emergencies have adopted a paperless approach.
Coming to the question of how you can avail online loans for emergencies, well, there are specific lenders in the market popularly referred to as Fintechs that offer emergency loans. Traditional lenders like private banks also offer these products, but technically, their procedure defeats the purpose of getting urgent funds to tide over an emergency, as personal loans from traditional lenders take at least 7 business days to reach your bank account.
Choosing the right lender for an emergency loan – How Fintechs are the real champions
If you are looking for emergency funds to trounce a financial or medical emergency, approaching a Fintech company for an online loan is indubitably the best idea – and this, for a number of, we must say obvious reasons.
Qbera is a leading Fintech company offering instant loans online to salaried individuals to help them avail loans for emergencies. Let’s look at some attributes that make Qbera the foremost lender for online emergency loans.
Features that have made Qbera stand out in the instant loan space
Let’s observe some important traits that have made Fintech companies like Qbera so popular in the personal loan market:
Wide range of loan amounts
Qbera allows you to choose loan amounts starting from as low as INR 25,000 to (as high as) INR 25 Lakhs. Depending on the extent of your requirement, you can choose a loan amount within this range. Note that your approved amount will, however, depend on your income, repayment capacity and your credit score (obtained from your credit profile).
Same-day disbursal of loan amounts
When you apply for an online personal loan with Qbera, once you complete your application, you will receive the loan amount on the very same day. All you’ve got to do is fill out your personal and professional details, and choose the amount and the purpose of your loan.
Flexible tenure choices
You can choose from tenures ranging from 6 months to 60 months. You can also pre-close your personal loan and apply for another loan whenever you need it. Minimal pre-closure charges hold applicable in this case.
Paperless Application Process
Qbera has adopted a paperless application process, allowing you to fill out your information and submit your supporting documents online. You can apply for an online personal loan from your smartphone or your desktop, at home or anywhere else, at any time that you find convenient.
Qbera representatives can be contacted on weekdays as well as weekends through telephone, email, and even through Whatsapp, for any assistance.
This is one aspect that traditional lenders will reject you for – forget taking 7 days to complete processing your loan application (defeating the purpose of accessing urgent funds). Qbera, however, does not reject applications on the premise that a consumer is residing in a shared accommodation.
Loans for employees of companies that aren’t listed
Doesn’t matter if your employer hasn’t gained enough market recognition or reputation to be listed in the database of top private lending institutions – Qbera offers loans to employees of a staggering 7 LAKH companies in India, not rejecting applicants on the basis of employer reputation or a limited market presence.
“Saving” for an emergency and building your savings for such an event has always been the traditional approach to money management and planning for the future. Times change, technologies advance, habits transform, cultures expand, and traditional practices evolve! So? Have an emergency? Choose a Fintech!