Piyush Gupta 21 Jan, 2025
How do I qualify for a instant loan?
To qualify for an instant loan, follow these key steps:
- Good Credit Score: A score of 650+ improves approval chances, but some lenders offer loans to lower scores with higher interest rates.
- Stable Income: Provide proof of regular income through payslips or bank statements.
- Low Debt-to-Income Ratio: Keep existing debt below 40% of your monthly income.
- Choose a Reliable Lender: Opt for trusted, fintech apps, or salary advance platforms.
- Healthy Bank History: Avoid overdrafts and maintain a steady cash flow.
- Minimal Documentation: Have your ID, income proof, and address verification ready.
- Pre-approved Offers: Check with your bank for pre-approved, no-documentation instant loan.
- Request a Lower Amount: Smaller loan amounts get quicker approvals.
- Accurate Application: Ensure all details are correct to avoid rejection.
