What are instant cash loans?

An instant cash loan also referred to as a quick cash loan, provides immediate access to funds, as the name implies. Typically, individuals applying for instant cash loans with Renmoney can receive approval on the same day, even if their credit score isn’t perfect. You might wonder, how is this possible? We’ll delve into the numerous benefits of an instant cash loan and why you should apply for one today.

Why should you apply for an instant cash loan?

Many people think the only benefit of an instant cash loan is speed and while that’s true, there’s so much more. Here are a few reasons why you should apply for an instant cash loan with Renmoney today.

1. Instant cash loans are great for unemployed people

A lot of times, unemployed people are unable to access credit from typical banks. This is as a result of a lack of steady cash flow and therefore a stable bank statement. With no credit check instant cash loans, the application process rules out credit score checks which would usually determine a person’s eligibility for a loan and DTI (Debt to Income Ratio). The system recognizes economic imbalances that might cause a person to be employed and as such, doesn’t discriminate where providing access to credit is concerned.

2. To manage unexpected expenses

You can apply for a Renmoney instant cash loan when an unexpected expense arises that requires you to borrow money fast. Imagine driving down the road and a random shard of glass deflates your tires, or you have a medical or dental examination that now requires an expensive procedure. It could even be as simple as an important textbook a lecturer just suggested that you want to buy urgently. Whatever the case, an instant cash loan helps you avoid any long application process or verifications – and by just opening the app or visiting renmoney.com, you can borrow the money online instantly.

3. Convenience and Accessibility

Money lending companies, like ours, offer instant cash loans because it’s easier to access compared to traditional loans (personal, business or SME loans). They are usually available through online money lending sites and mobile apps to borrowers.  The application process is typically streamlined, allowing individuals to apply for loans from the comfort of their homes without visiting a physical bank branch.

4. To avoid long-term debt

Compared to personal or business loans which have extended repayment periods, instant loans are usually short term instant cash loans. This means that you can quickly repay the loans within a few weeks or months. This is especially beneficial if you’re facing some sort of financial difficulty which could make it hard for you to repay a large sum plus interest rates over a long period and, therefore,  prevents debt accumulation. Our instant loans start from as low as ₦2,000 and go up to ₦100,000 and are highly convenient to repay.

5. Maintaining financial stability

Instant cash loans can help you manage your temporary gaps in finances like groceries or covering essential expenses between paychecks. If you have an immediate financial need, you can borrow money online instantly by applying for quick cash loans today to maintain your financial stability.

How do instant cash loans work?

Getting an instant loan is a lot simpler than getting any other type of loan. Applying is quick and disbursal is instant once you’re approved and you accept your offer. We’ll explain. 

1. Online Application

Instant cash loans online vary from bank to bank but on Renmoney, it’s pretty simple. You can go to the Renmoney app, scroll to the loan tab and follow the prompts till you’ve filled the short application form and gotten to the “apply” button. Once you click the button, your application will be completed and sent automatically.

2. Instant Approval

We go over your application details smoothly and swiftly by using an automated algorithm to access your creditworthiness.

3. Immediate disbursal

Once you’re approved, we’ll deposit the lump sum straight into your Renmoney account. This usually takes only minutes which is why we encourage people who need to borrow money fast to take advantage of an instant loan.

4.  Timely repayment

The repayment term when you take a loan online differs from lender to lender depending on the loan agreement but usually, it goes up to 2 weeks. However, we understand that you may need instant money and not have the ability to pay back almost immediately. Which is why we give a repayment period from 1 month to up to 3 months so you can prepare your repayment ahead of time and pay back conveniently.

Do you need to borrow money online instantly? Do any of the benefits of an instant loan at the top of the article speak to a similar experience you have?  If yes, we’d love to help you. Apply for our instant loans by downloading the Renmoney app today and you can get your instant cash loan in a matter of minutes.